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That move signaled the end of pandemic-era relief that began with pauses on payments in March 2020.
After several extensions by the #Biden admin, payments resumed in October 2023, but borrowers weren’t penalized for defaulting until last year. About 5 million borrowers are in default, & millions more are expected to be close to missing payments.
#Trump #law #Education #StudentLoans #CostOfLiving #LivingWage #affordability #TheCrueltyIsThePoint
@Nonilex This is the opposite of pandering to the voters. Things like this is why 'i heard some people say' there won't be any election. Obviously 'they' don't understand states run the elections, but who do they think will vote for the GOP?
@Nonilex my daughter, on advice from several different people, paid hers off entirely four years ago. Smartest thing she's ever done. Cost her a couple of bonuses, and STILL worth it.
@Nonilex But Biden is old and senile. Sleepy Joe yeah we don’t want him to be President /s
Beginning the week of Jan 7, ~1,000 borrowers who are in default will receive notices informing them of their status, acc/to an email from the Dept of #Education. The number of notices will increase on a monthly basis.
The collection activities are “conducted only after #student & #parent borrowers have been provided sufficient notice & opportunity to repay their loans,” acc/to the email, which was unsigned.
#Trump #law #CostOfLiving #affordability #TheCrueltyIsThePoint
The email did not contain any details about the nature of the #garnishment, such as how much would be deducted from #wages.
The #Trump admin ended a 5-year reprieve on student loan repayments in May this year, with forced collections on federal #StudentLoans in default — which meant #tax #refunds & other federal payments could be withheld & applied toward #debt payments.
#law #Education #CostOfLiving #LivingWage #affordability #TheCrueltyIsThePoint
That move signaled the end of pandemic-era relief that began with pauses on payments in March 2020.
After several extensions by the #Biden admin, payments resumed in October 2023, but borrowers weren’t penalized for defaulting until last year. About 5 million borrowers are in default, & millions more are expected to be close to missing payments.
#Trump #law #Education #StudentLoans #CostOfLiving #LivingWage #affordability #TheCrueltyIsThePoint
The government had signaled earlier this year that it would send notices that would lead to a portion of a borrower’s paycheck being garnished. Being in collections & in default can damage #credit scores.
#Trump #law #Education #StudentLoans #CostOfLiving #LivingWage #affordability #TheCrueltyIsThePoint
@Nonilex Yeah, that’s the part a lot of people miss. Once loans hit default, wage garnishment isn’t hypothetical anymore, it’s an administrative process.
And the credit damage often lingers long after payments restart, even if you’re trying to get back on track.
This is a bonfire demo instance for testing purposes
