WASHINGTON, D.C. – Student loan payments are set to resume Monday after being suspended during the pandemic. If borrowers fail to make payments, they may face paycheck deductions.
Americans owe more than $1.6 trillion in student loans, and only 38% are current on their repayments. Starting Monday, the Treasury Offset Program will begin, potentially leading to wage garnishment notices by late summer.
“At the moment I’m looking for scholarships, jobs, anything that will help me pay back my loans,” said Ayana Armstrong, a college freshman.
A new website offers options for borrowers, including enrolling in an income-driven repayment plan, which caps monthly payments based on income for those who qualify. Loan rehabilitation is also available.
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