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  1. #1
    Join Date
    Dec 2008
    Posts
    3

    Default Student Loan - What Are the Actions I Can Expect for Non-Payment

    My question involves collection proceedings in the State of: California

    I have a large student load debt ($80K) which I have been repaying. However, because of forced retirement, my ability to pay will be significantly reduced.

    My monthly income will be approximately $2k per month before taxes.

    What actions can I expect when I can no longer make reasonable payments?

    Will they take all my retirement income (the $2K)?
    Will I have to sell my car?

    What will they do to me?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Student Loan - What Are the Actions I Can Expect for Non-Payment

    Your retirement savings (IRA's, etc.) and pensions should be exempt from garnishment.

    Your situation is very unusual. If you're young enough to still have $80K in college debt, perhaps you should think about not retiring - it's reasonable to assume that you felt that you would be working long enough to pay off that debt when you incurred it, and you are describing your retirement as involuntary.

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