Student Loan Nightmare: Trump Administration's New Plan Starts May 5th

Student Loan Nightmare: Trump Administration's New Plan Starts May 5th

Beginning May 5th, if you have student loan debt and have been taking advantage of government programs allowing you to temporarily stop payments, get ready for a rude awakening. The Trump administration is set to kickstart involuntary collections on your loans.

Here’s what’s about to happen:

Involuntary collection notices will start going out.

Thirty days later, wages, federal tax returns, and federal benefits will be garnished until the debt is paid off.

This is a big deal because 5.3 million borrowers are currently in default on federal student loans. While the Department of Education authorized this default, the person pulling the strings here is none other than Linda McMahon, the Secretary of Education, who insists that American taxpayers should no longer “service collateral” for what she calls "irresponsible student loan policies."

Funny thing is, those irresponsible policies? They were created by her boss, Donald Trump. And now, because of them, millions of Americans are about to be hit with unnecessary financial pressure that could further destabilize an already struggling economy.

Let’s put this into perspective: The government has no problem bailing out businesses, farmers, and banks—but when it comes to helping struggling citizens who are drowning in student debt? Silence.

If we’re going to help anyone, shouldn’t it be the people, not the corporations?