US EditionWhat to know if you're at risk of having your wages garnished over student loan debt
MICHIGAN, UNITED STATES, AUG 2 – Up to 3 million borrowers face wage garnishment of up to 15% due to federal student loan defaults, with notices and options to contest garnishment available, officials said.
- Millions of student borrowers could start facing wage garnishments over student loan debt this summer, according to estimates from TransUnion.
- TransUnion predicts that by August, about 3 million borrowers may be in default, being 270 days past due on payments.
- Borrowers can have 15% of their pay withheld by the government for loans in default, according to the terms outlined by Taylor.
- The Department of Education must give a 30-day notice before sending a garnishment order, as stated by Taylor.
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Summer slump: What to do if you’re at risk of student loan wage garnishment
Summer tends to provide a respite from school. However, due to a couple of recent changes at the Education Department, thoughts of school this summer have weighed heavily not necessarily on current students, but on those who have graduated. That’s because on Friday, student loan interest relief officially ended for more than 8 million borrowers. What’s more, an increasing number of borrowers are entering default status, meaning the Department of…
Millions of student loan borrowers could face wage garnishments as early as this summer, according to estimates from the credit agency TransUnion.
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Total News Sources121
Leaning Left13Leaning Right7Center88Last UpdatedBias Distribution81% Center
Bias Distribution
- 81% of the sources are Center
81% Center
12%
C 81%
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