topic Is there interest paid on student loans if paying through garnishment? in Education

Is there interest paid on student loans if paying through garnishment?

arehm23 — Wed, 15 Jul 2020 01:13:05 GMT

How do I know how much interest is paid if only paid through garnishment?

Re: Is there interest paid on student loans if paying through garnishment?

Opus 17 — Wed, 19 Aug 2020 17:52:51 GMT

Your lender will have to tell you that.

Re: Is there interest paid on student loans if paying through garnishment?

Carl — Thu, 20 Aug 2020 03:20:15 GMT

Generally speaking, if you don't receive a 1098-E, then you have nothing to deduct. It's common by the time it gets to something such as garnishment, things are so far in default that the lender just wants their money back. It's also true (in most cases) that when the defaulted loan is sold (generally to a collection agency) then it's no longer a "qualified" student loan; when means the interest just flat out is not deductible.