Is the interest rate legal? Posted on April 01, 2011

I am in default of my student loans. I want to pay them off. I was with Sallie Mae but my loan was sold to General Revenue Corporation. $350 is debited from my checking account each month for the past 4 months as payment. $180 of the amount is interest. I am told by GRC that I am registered in their rehabilitation program and after 8 months I will be able to receive a lower interest rate from another company. Is the interest rate legal? Can they garnish my wages or is this just a scare tactic

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