Garnishment for private Student Loans

Asked over 1 year ago - Salem, OR

We only have Social Security income & disability from work injury. Can these monies be garnished for default private student loans. We are 76 & 79 yes of age & co-signed for kids student loan. We do have limited investments with Morgan Stanley. We have been paying payments but will soon no longer be able to pay them.

Attorney answers (1)

  1. Reid A Seino

    Contributor Level 15

    Answered . There is a certain amount that can be garnished in terms of income from disability/ssi but it is a question best addressed with an attorney. Any sort of legal help you will need has to be based on knowing what the specific financial information entails (amount owed, interest assessed, who is the carrier of the loan, etc) that you should not disclose in a public forum like this. You should contact the Oregon State Bar Lawyer Referral Service for a referral to an attorney in your local area who can sit down and discuss these matters with you. Although there is no low-income option available (through the Modest Means program), an attorney may be willing to work out some arrangement with you to help you on this matter.

    Since you co-signed the loan, you bear a bit of responsibility so the sooner you can get in touch with an attorney, the better off you will be.

    This answer is provided as a general opinion to a question posted on an internet forum. This does not create in... more

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