Trump Administration to Begin Wage Seizures for Defaulted Student Loans in January
According to CNBC, the U.S. government will start garnishing wages from borrowers who have defaulted on federal student loans early next year.
Summary
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Terms & Concepts
Wage Garnishment: A legal process where an employer withholds a portion of a debtor's earnings to repay outstanding debts, such as defaulted student loans.
Defaulted Student Loan: A federal student loan on which the borrower has failed to make payments for an extended period, resulting in legal and financial consequences.