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Do student loan garnishments effect your credit score?*

My student loan is being garnished. Is this going to effect my credit report. I was just starting to fix it.? How can I fix this problem?

Answers:

1) - YES!!!! IT WILL !!! - PAY IT !!!!

2) you are being garnished as a result of default judgment. So yes you have seveal dings to your credit I have no idea as to how to change this at this time since it is in the hands of a court. you will just have to try to pay it off as sson as you can. so it can report satisfied

3) Student Loans remain on your credit even after bankruptcy, they will just put it back on there. It will prevent you from getting any type Federal funding in the future until paid off.Contact the lender or call the 800 number for the student loan and make arrangements to start paying them 10% or 50.00 which ever you can afford monthly. After they agree to the terms have them send you a letter. Send it to all three credit bureas to keep your good name and credit. A garnishment means you have time to work out something and if you don't the courts will do it for you, if you owe Federal Taxes the government will allow you to use it to pay back a STUDENT LOAN and clean the slate with them, but make sure you just don't sit and let/hope it work it self out. Good Luck

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