The big picture: Some 5.3 million borrowers who are in default could see their wages garnished if they don't resume payments. The move ends a five-year period of no penalties for those who did not ...

Should that happen, it would mean that almost 25% of the federal student loan portfolio will be in default. Only 38% of borrowers are in repayment and current on their student loans, according to ...

The Department of Education resumes collections on student loans in default and many borrowers are already struggling to make ends meet could soon lose some of their income or tax refunds.

When you default on your student loans, it means you've failed to pay them as agreed. With federal student loans, you're usually considered to be in default when you don't make payments for over ...

Currently, roughly 5.3 million borrowers are in default on their federal student loans. Referrals for collection had been put on hold since March 2020 because of the COVID-19 pandemic.

NEW YORK (AP) — Starting next month, the Education Department says student loans that are in default will be referred for collections. Roughly 5.3 million borrowers are in default on their ...

If you’re in default, take action now. You want to contain the damage as much as possible. Unlike other forms of consumer debt, there’s no statute of limitations on federal student loan debt ...

"Today, 42.7 million borrowers owe more than $1.6 trillion in student debt," according to the Department. "More than 5 million borrowers have not made a monthly payment in over 360 days and sit in ...

If you have multiple federal student loans, you can combine them into one with a fixed interest rate and a single monthly payment. The consolidation process typically takes around 60 days to complete.

What is loan rehabilitation and what are the benefits? Loan rehabilitation gives student loan borrowers the chance to get out of default by promising to make nine payments during a consecutive 10 ...