The Department of the Treasury is off to a strong start after resuming collection efforts of defaulted fede📖ral s🀅tudent loans at the beginning of May.

Secretary of the Department of Education Linda McMahon said in a budget hearing with the House Appropriations Committee on Wednesday that since collection efforts resumed, they have collected almost $100 million in loans.

The Treasury has not collected on loans in almost five years since payments were paused during the COVID-19 pandemic. Now, about 10 million borrowers have defaulted or are in late-stage delinquency, the Department of Education said.

Earlier this month, the Department of Education started communicating with defaulted borrowers, offering them ways to 澳洲幸运5官方开奖结果体彩网:get back into good standing, such as lo🍰an consolida𝐆tion and loan rehabilitation.

McMahon said last week that the Treasury has begun garnishing the wages of defaulted borrowers, starting by 澳洲幸运5官方开奖结果体彩网:withholding tax refunds. Later in the summer, the department said it will begin 🔜withholding up to 15% of the defaulted borrowers' income.