Earlier this year, the Trump administration ended programs that gave a break to people who had fallen behind on their student loans. Now, those borrowers have to start paying again — and the government can take money directly from paychecks, tax refunds, or Social Security checks to collect what’s owed.
These changes don’t just impact a small minority. As of July, 5.8 million Americans of all ages could be in technical default, according to TransUnion. That’s one in every three people who have outstanding federal student loans.
If you’ve ever attended college, there’s a significant chance this impacts you. Here’s what you need to know.
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