I work for for a job and my employer is garnishing my paycheck for student loans that are 21 years old. President Obama passed law to cancel out student loans that are that old. How do I take advantage of this new law and stop the garnishment of my wages? What do I do to have loans cancelled out? Money that was taken after loans should have been cancelled out should be refunded back to me.
How do I use Obama's student loan forgiveness to cancel student loans?
This has not officially become a law.
There is talk about a government proposal to wipe out student loans over a certain age, such as by using taxpayer money to repay the student loans so students don't have to pay them. These proposals have been widely criticized. See http://www.freakonomics.com/2011/09/19/forgive-student-loans-worst-idea-ever/. These ideas have not become law. That is, there is no student loan forgiveness program merely for old loans. However, there are some student loan forgiveness programs for students who fulfill certain conditions:
- Perform volunteer work
- Perform military service
- Teach or practice medicine in certain types of communities
- Meet other criteria specified by a student loan forgiveness program