After a five-year moratorium on student loan repayments initiated during the pandemic, millions of Americans will be required to repay their federal student loans starting May 5. The situation especially affects over 5 million borrowers currently in default, a number projected to rise towards 10 million shortly. This renewed pressure on borrowers could lead to severe financial consequences such as wage garnishment and significant declines in credit scores, prompting NPR to seek personal accounts from those impacted by these changes.
As of Monday, May 5, millions of Americans who took advantage of the student loan pause during the pandemic will be required to begin repaying their loans, with consequences for those in default.
With over 5 million borrowers in default prior to the resumption of payments, projections indicate that this figure could potentially reach almost 10 million, leading to severe financial repercussions.
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