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May 5 is Approaching Rapidly…Here’s an Update on the Student Loan Outstanding Debt Collection Process
For more than 5 million student loan borrowers in default, and another 4 million late in their payments, the May 5 resumption of forced collections is likely to cause a massive financial upheaval. Newsweek’s Aliss Higham, in a post today on their website, discusses the impact of the change in policy, and highlights the consequences of the default position under the Treasury Offset Program (TOP) and its “acceleration” provision. Ms. Higham’s post also touches on the impact Social Security beneficiaries holding overdue student loans could see, specifically a reduction of up to 15%. Most importantly, Ms. Higham outlines the repayment options available to loan holders in arrears. Read the article here.