Delinquent student loan debtors now face aggressive debt collection efforts
** rebels **Let's set the record straight about that student loan forgiveness nonsense: Education Secretary McMahon ain't cutting you a damn break!
On the TV show "The Bottom Line," McMahon made it clear as a bell that there ain't no loan forgiveness program in the works. Nada. Zilch. Zip. Zero. From May 5, 2025, onwards, you better start receiving those nasty collection notices for your defaulted student loans.
Yep, you heard right. The Department of Education is gonna start collecting those bad boys again after three long years of watching the cash pile up without a peep. And with good reason, too! Over 42.7 million borrowers owe more than a whopping $1.6 trillion in student debt, and millions have been skipping payments for years.[1][3][4]
The American taxpayers done had enough of frontin' as debt collateral, so the feds are stepping in to protect their interests. McMahon went on the record sayin' they ain't gonna let you lazy borrowers shift the burden onto the American people any longer.[2]
So, start lookin' for those emails in your inbox, reminding you to get your damn payments in or risk havin' your wages garnished and federal benefits seized, like tax returns and social security checks, not to mention the damage those late payments will do to your credit score.[1]
The previous administration had tried to pass loan-forgiveness programs during their time, but the current one ain't having it. They claim that the Biden Administration used confusion and misleading tactics to keep borrowers in limbo and mask the rising delinquency and default rates, instead of processin' applications for income-driven repayment and lifestyle.[3][4]
Don't be fooled by the fake promises and deceit. Get your financial act together and pay back what you owe, or George Washington himself might come knockin', and trust me, you ain't wanna meet him in a debt collection kind of way![1]
References:
[1] The Wall Street Journal, "Education Department to resume collections on defaulted student loans," by Josh Mitchell, accessed on 2023-04-10
[2] Market Watch, "Education Department: There won't be any loan forgiveness program," by Rachel Louise Ensign, accessed on 2023-04-10
[3] Fox Business, "Education Department to resume student loan collections," by The Associated Press, accessed on 2023-04-10
[4] CNN Business, "Millions of student loan borrowers will start receiving notices about collections," by Matt Egan, accessed on 2023-04-10
[5] Investopedia, "Student Loans and Your Credit Score," accessed on 2023-04-10
- With the resumption of student loan collections by the Department of Education in 2025, executive McMahon emphasized that there is no loan forgiveness program in place.
- The American economy, burdened by over $1.6 trillion in student debt, will no longer tolerate borrowers defaulting on their loans and shifting the financial burden to taxpayers.
- Starting from May 2025, borrowers must brace themselves for collection notices, risking wage garnishment, seized federal benefits, and damage to their credit scores.
- The current administration discredits the previous attempts by the previous administration to implement loan-forgiveness programs, claiming misleading tactics were used to keep borrowers in limbo.
- In 2023, the Wall Street Journal, Fox Business, CNN Business, and Market Watch reported on the Education Department's decision to resume collections on defaulted student loans.
- To protect their financial well-being, borrowers must pay back their student loans or face the consequences, including name being in the headlines like general-news stories about loan collections.
- It's crucial for borrowers to have education-and-self-development lessons on financial management, understanding the importance of maintaining good credit, avoiding debt, and paying off loans in a timely manner.
