Are you at risk of a smaller benefit due to defaulted student loan? - CNBC
The U.S. Department of Education announced its Office of Federal Student Aid (FSA) will resume collections of its defaulted federal student loan portfolio in May. The Department has not collected loans in default status since March 2020. Out of the 42.7 million borrowers, more than 450,000 federal student loan borrowers aged 62 and older are in default. According to Nancy Nierman, assistant director of the Education Debt Consumer Assistance Program in New York, “The good news is there are multiple options for borrowers to stop those payment offsets.” Annie Nova, reporting for CNBC, outlines the different options available to seniors facing student loan garnishments. Read Ms. Nova’s article here…
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