Student Loan Default Threatens Wages

This is a news story, published by CBS News, that relates primarily to the Department of Education news.

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student debt

CBS News

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US Politics

Behind on your student loan? Here's what to know about wage garnishment.

Summary

Nutrition label

78% Informative

Nearly 43 million borrowers owe a total of more than $1.6 trillion in student debt.

More than 5 million are in default on their loans, the Department of Education says.

There is no statute of limitations on collections, meaning the government can pursue punitive actions for defaulted loans indefinitely.

For example, consider requesting loan rehabilitation to get out of default by making nine on-time payments in full over a 10-month period. You can also avoid entering default and having wages garnished through loan consolidation. Essentially, this process replaces your old debt with a new loan that's in good standing and on which you can start making payments. If you're able to repay your loans in full, that's another way to exit default..

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful