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The Imminent Student-Loan Disaster
Legal battles over President Biden’s various schemes to forgive student debt continue. In July, the Eighth Circuit Court of Appeals indefinitely blocked the administration’s ultra-generous new student-loan repayment plan, which … Continue reading "The Imminent Student-Loan Disaster We’re Not Talking About"
After the pandemic-induced student-loan payment pause ended last year, the Education Department implemented a one-year transition period to allow borrowers time to ease back into the habit of paying their loans. Another feature of the post-pause transition was a program to allow borrowers who had been in default prior to the pandemic a one-time chance to bring their loans back into good standing. The Education Department has the power to garnish wages, withhold tax refunds, and seize Social Security checks.A borrower who goes nine months without making a payment will enter default.
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