The Post-Holiday Crash

Well, I just received some less than exciting news. I just learned that as of 1/15/07, my wages will be garnished by the Department of Education for my student loans. I did have a heads up on this but did not know things would be happening quite this quickly. I am not thrilled that this is happening, of course, and I will fight it if I can...since according to the letter I received, the garnishment will continue until the balance is paid in full, while the principal will continue to accrue interest as I go. To the tune of 15% of my take home, with a total balance of probably about $26,000...that's one hell of a long time before I see my entire check again. I am not looking forward to the big lump that will be missing on that 1/15 check. Of course I blame myself for just letting things skirt by for so long. I have no idea what this will do to me financially just yet...and I'm most certainly not in a hurry to find out.