What Happens If You Just Don't Pay Your Federal Student Loans?
HuffPost
The U.S. Department of Education will resume the collection of defaulted federal student loans in May, but lots of people just don't want to pay their loans.
As the cost of rent soars, layoffs and joblessness prevail and people quite literally cannot afford to retire, the U.S. Education Department has decided it’s a good time to take away even more of people’s money.
For the first time since the early days of the COVID-19 pandemic in March 2020, the U.S. Education Department will send federal student loans in default to collection, starting May 5.
“As of May 5, borrowers will be subjected to involuntary collections” of their Social Security benefits or tax returns, said Aissa Canchola Bañez, policy director at the Student Borrower Protection Center.
Meaning, money will be taken out of these funds to repay your defaulted student loans. “[Social Security and tax returns] are two of the biggest chunks of benefits right now that could be jeopardized once this process formally restarts,” added Canchola Bañez.
It’s currently unclear whether the May 5 date is when folks will get notices or the day their benefits will be seized by the government, said Canchola Bañez. “We have been pushing for the administration to put out those details because that’s a huge question,” she added.
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