Chase stops consolidating school loans

monthly payments on your student loan: The garnishment amount taken from your pay, and the payment required from you under the rehabilitation program (the garnishment is counted separately).

On the bright side, it’s possible that your rehabilitation payment will be relatively small.

Other collection tools: Beyond taking your earnings, the Department of Education has additional methods to collect on student debt, including withholding tax refunds, reducing benefits such as Social Security, and taking assets from your bank accounts.

Lenders usually only garnish wages after they try to collect using other approaches.

You should receive plenty of mail (electronic and old-fashioned) informing you that you’re behind on payments.

Even when you can’t send money right away, it’s best to communicate with lenders.

Still, it’s always possible that your circumstances have changed or your lender is willing to work with you.

You need to provide documentation, including details about your finances, to prove that you’re facing a hardship.

Show that your income and necessary expenses make your student loan payments unrealistic.

With loan rehabilitation, you keep your existing loans.

But you remove them from default by getting back on track with payments.

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If you decide to consolidate, be careful about switching out of federal student loans and into private loans.

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