💨 Abstract

Millions of student borrowers could face wage garnishment this summer, with up to 3 million at risk of default by August. Once in default, the government can take 15% of their wages to repay loans. The pause on student loan payments ended in May, requiring borrowers to re-evaluate their finances. Experts advise checking loan statuses on studentaid.gov and taking steps to remove loans from default through rehabilitation or consolidation.

Courtesy: WTOP Staff