Read, Watch or Listen

The U.S. Department of Education announced the resumption of involuntary federal student loan repayments starting May 5th. This follows a pandemic-related pause and a Supreme Court rejection of President Biden's debt relief plan. Approximately 5.3 million borrowers are currently in default, a number potentially doubling soon. The Treasury Department will collect payments through wage garnishment after a 30-day notice. Affected borrowers will receive notifications within two weeks.

Prepared by Emily Rhodes and reviewed by editorial team.