Tag:
Subprime Borrower
Hartford, CT
Schools
Record Student Loan Borrowers Face Default As Collections Resume, Grads Enter Weak Job Market
A record number of federal student loan borrowers are seriously delinquent as debt collections resume after a five-year pause, while new college graduates face tough employment prospects. The Education Department restarted collecting defaulted federal student loan debt on Monday, May 5. Collections were paused at the beginning of the COVID-19 pandemic. The move threatens to seize tax refunds and garnish paychecks from millions of Americans in default on their loans. The Education Department said about 42.7 million people owe more than $1.6 trillion in student loan d…
