Sawin & Shea

NOVEMBER 30, 2022

Once this happens, you may face serious ramifications, including wage garnishment and the offset of your federal tax refund and Social Security benefits. If the lender sells the loan to a collection agency after you default, you’ll also face additional fees and higher interest rates. Additionally, this will hurt your credit report.

Student Loans 112

Student Loans Student loans Loans Garnishment 112

Titan Consulting

JUNE 7, 2020

Interest Holiday : Interest will not accrue during the payment suspension period. Stopped Involuntary Collection Activity : The Department of Education suspended wage garnishments, Social Security garnishments, and tax refund offsets on federally held student loans.

Student Loans 64

Student Loans Student loans Loans Accrued Interest 64

Credit Corp

JULY 9, 2024

Ignoring student loans can damage your credit score, lead to wage garnishment, and accrue interest and fees. Failing to make your monthly payments only prolongs the time it takes to pay off your debt, and your loan continues to accrue interest during this time.

Student Loans 52

Student Loans Student loans Loans Accrued Interest 52

Collection Industry News

JANUARY 10, 2025

Medical credit cards with deferred interest often end up hurting people with lower credit scores, according to the CFPB. In some cases, Wu says, that allows the credit-card company to garnish the customers wages or take money from their bank account. States have made attempts to more closely regulate medical credit cards.

Loans 40

Loans Financial Institution Accrued Interest Banks 40

Credit Corp

MARCH 9, 2021

If it does, you’ll receive a refund offset notice in the mail in advance of the proposed refund garnishment. If you pay your student loan balance before the IRS issues your tax refund, your refund won’t be garnished. To garnish—i.e., With interest and fees, his balance grew to $1,350 by January 2021.

Student Loans 98

Student Loans Student loans Loans Garnishment 98