{"id":142933,"date":"2020-03-26T10:20:33","date_gmt":"2020-03-26T10:20:33","guid":{"rendered":"https:\/\/www.bnreport.com\/trump-admin-to-pause-collection-of-defaulted-federal-student-loans-refund-1-8-billion\/"},"modified":"2020-03-26T10:20:33","modified_gmt":"2020-03-26T10:20:33","slug":"trump-admin-to-pause-collection-of-defaulted-federal-student-loans-refund-1-8-billion","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/trump-admin-to-pause-collection-of-defaulted-federal-student-loans-refund-1-8-billion\/","title":{"rendered":"Trump Admin to Pause Collection of Defaulted Federal Student Loans, Refund $1.8 Billion"},"content":{"rendered":"

Borrowers who fall behind on federal student loan debt payments will receive temporary relief, as the Trump administration is putting a stop to its collection efforts amid the ongoing national emergency.<\/p>\n

According to a new directory released on Wednesday<\/a>, the U.S. Department of Education will stop referring defaulted student loan borrowers to the U.S. Department of Treasury, which has the authority of seizing the borrowers federal income tax refunds and Social Security payments, and applying those witholdings toward loan repayments. The pause on collection will last for at least 60 days from March 13, when President Donald Trump declared a national emergency<\/a>.<\/p>\n

For more than 830,000 borrowers whose federal tax refunds were in the process of being seized on March 13, they will receive a refund totalling $1.8 billion.<\/p>\n

In addition, private collection agencies working for the federal government have been instructed to pause their \u201cproactive collection activities,\u201d such as making phone calls and sending collection letters to borrowers.<\/p>\n

\u201cThese are difficult times for many Americans, and we dont want to do anything that will make it harder for them to make ends meet or create additional stress,\u201d said U.S. Secretary of Education Betsy DeVos in a press release<\/a>. \u201cAmericans counting on their tax refund or Social Security check to make ends meet during this national emergency should receive those funds, and our actions today will make sure they do.\u201d<\/p>\n

\nDuring this #COVID19<\/a> national emergency, Ive put a stop to all collections actions & wage garnishments for student loan borrowers in default and have asked @usedgov<\/a> to refund $1.8B to 830,000 borrowers who had wages\/tax refunds garnished since March 13: https:\/\/t.co\/UasAEfFdaw<\/a><\/p>\n

\u2014 Secretary Betsy DeVos (@BetsyDeVosED) Read More \u2013 Source<\/a>
\n[contf]
\n[contfnew]
\n <\/p>\n

The Epoch Times<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]\n<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Borrowers who fall behind on federal student loan debt payments will receive temporary relief, as th..<\/p>\n","protected":false},"author":1,"featured_media":142934,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-142933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"\nTrump Admin to Pause Collection of Defaulted Federal Student Loans, Refund $1.8 Billion - Business News Report<\/title>\n<meta name=\"description\" content=\"Borrowers who fall behind on federal student loan debt payments will receive temporary relief, as th..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/trump-admin-to-pause-collection-of-defaulted-federal-student-loans-refund-1-8-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump Admin to Pause Collection of Defaulted Federal Student Loans, Refund $1.8 Billion - 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