But education loan financial obligation is just one of the worst forms of financial obligation to own on the student aid website, вЂњThe Proud Sponsor of the American Mind,вЂќ which, if you think about it too hard, makes no sense), delinquent borrowers can be subject to brutal collection practicesвЂ”including wage garnishment if you canвЂ™t payвЂ”it canвЂ™t be discharged in bankruptcy, and, as the primary lender of student loan money is the U.S. government (or, as it calls itself.
What exactly is wage garnishment?
Wage garnishment seems like it must be one thing nice, right? Just like a garnishвЂ”a pretty embellishment or adornment that, while incorporating no genuine value, makes something more aesthetically pleasing. It appears, on its face, like wage garnishment should imply that your hard earned money is sold with a sprig of festive holly.
But, alas, wage garnishment not just does not include value to your wages, it really takes value away, by deducting as much as 15 per cent of one’s disposable earnings from your own paycheck each pay duration. Continue reading