The Trump administration is clamping down on federal student loan defaults; at the same time, Republican lawmakers in Congress just took a major step to narrow affordable repayment plan options. Taken together, this could mean that millions of borrowers will see substantial cuts to their paychecks in the coming months.
Despite an unexpected collections reprieve for Social Security benefits recipients announced by the Department of Education earlier this week, the broader collections crackdown against student loan borrowers appears to be moving forward. More than five million borrowers are currently in default on their federal student loans…
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