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Ray, Lawyer
Category: Legal
Satisfied Customers: 42909
Experience:  30 years in civil, probate, real estate, elder law
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I cosigned a student loan daughter. She refuses to pay. I

Customer Question

I cosigned a student loan for my daughter. She refuses to pay. I have been paying on the loan for 5 years now. I retired last month and receive a small pension from work and receive a social security retirement benefit. My question is this: If I quit making the payments and the loan goes into default, can they garnish my retirement money?
Submitted: 1 year ago.
Category: Legal
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you today.Unfortunately you can have this garnished from your social security.

Social Security benefits can be garnished to repay Federal debts, but never below $750 per month. A garnishment can take 15%, or the amount over $750, whichever is less. You're right that Social Security benefits are generally protected against garnishments.

It is the social security here, a government payment, the government can garnish only for a federal debt so if this was federal guaranteed loan then they can garnish it.


You can refinance it into a regular loan or credit card or loan and then default and they cannot get at it .You may want to consider doing so otherwise these guys will take it out of your social security check..I wish I had better news but I know yopu want honest information here.

I appreciate the chance to help you today.Please let me know if you have more follow up. Thanks again.