Student Loans Set For Big Credit Reporting And Collections Changes As Soon As This Week

Contributing sentiments towards policy:

60% : Administration officials now anticipate collections efforts resuming against defaulted student loan borrowers in early 2025 -- potentially as soon as January.
56% : This can allow borrowers to pursue programs like income-driven repayment, which can provide affordable payments and eventual student loan forgiveness; Public Service Loan Forgiveness, Teacher Loan Forgiveness, and other profession-based student loan forgiveness programs; and start the process of repairing their credit.
53% : Administrative collections include wage garnishment, which can siphon off 15% or more of your paycheck, and Treasury Offset, which allows the government to intercept federal tax refunds and other federal income streams and offset federal benefits such as a portion of Social Security.
44% : This typically occurs when administrative collections efforts are limited or not fruitful, and officials believe the borrower may have additional income or assets that go beyond what the government can collect through administrative wage garnishment or Treasury Offset.
33% : But President Trump, and subsequently President Biden, issued multiple short-term extension.

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