Student loan delinquencies risk ‘spillovers’ to other debts, NY Fed

Student loan delinquencies risk ‘spillovers’ to other debts, NY Fed

The Trump administration’s resumption of collection efforts on defaulted federal student loans has far-reaching consequences for delinquent borrowers. For starters, borrowers who are in default may have wages, tax returns and Social Security payments garnished. But involuntary collections could also have a “spillover effect,” which puts consumers at risk of falling behind on other debt repayments, according…

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Mike Pence Qatari jet gift ‘a bad idea’ Trump should turn down

Mike Pence Qatari jet gift ‘a bad idea’ Trump should turn down

Former U.S. Vice President Mike Pence speaks in observance of Constitution Day at Middle Tennessee State University (MTSU) in Murfreesboro, Tennessee, U.S., September 17, 2024.  Seth Herald | Reuters Former Vice President Mike Pence said Sunday that President Donald Trump should turn down the gift of a $400 million jet from the royal family of Qatar, citing national…

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Credit score impact from student loan collections, default

Credit score impact from student loan collections, default

As of Monday, the U.S. Department of Education is restarting “involuntary collections” on federal student loans that are in default, which may seriously damage the credit scores of millions of borrowers. Student loan collections efforts have largely been on pause since the pandemic began in March 2020. A new analysis by TransUnion found that consumers who faced default in…

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