>>Dept. Of Education Resumes Federal Loan Payments For Over 42M Americans
(Undated) -- Virginians who have student loan debt need to get ready for payments to restart in two weeks. Katie Gray reports.Preview: SCRIPT:
The Department of Education says federal student loan payments are restarting next month, on May 5th.
Ending the 5 year pause likely impacting around 42-point-7 million Americans, with the average balance around $41-thousand-6-Hundred dollars, according to Education-Data-Dot-Org. With over 5 million borrowers in default, officials also warn that they are resumming the Treasury Offset Program, which collects debts by garnishing federal and state payments, like tax returns or social security benefits. CNN reports that to avoid complications, borrowers are enouraged to contact the student aid office’s Default Resolution Group for help on repayments.