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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 34 - Education |
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Subtitle A - Office of the Secretary, Department of Education |
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Part 34 - Administrative Wage Garnishment |
§ 34.30 - Application of payments and accrual of interest.
Latest version.
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§ 34.30 Application of payments and accrual of interest.
We apply payments received through a garnishment in the following order -
(a) To costs incurred to collect the debt;
(b) To interest accrued on the debt at the rate established by -
(1) The terms of the obligation under which it arises; or
(2) Applicable law; and
(c) To outstanding principal of the debt.