Many student loan borrowers are bracing for the resumption of payments after a long pause during the pandemic, with fears of default looming large. Individuals like James Southern, who carries a six-figure student debt, express their inability to meet the expected monthly payments of $1,500, fearing wage garnishment and loss of federal benefits. The situation is compounded by the disappointment over unfulfilled promises of student loan forgiveness from the Biden administration, which faced legal challenges that halted relief efforts. Borrowers like Holly Bechard and Matthew Green share similar sentiments, feeling overwhelmed by their financial burdens and the lack of transparency from the government. With over 10 million borrowers projected to default soon, the Department of Education is sending out notices urging borrowers to prepare for the financial implications of their default status. The impending wave of defaults poses a significant challenge for those already struggling to make ends meet.
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