Trump administration to stop debt collection, refund $1.8B that was seized
Trump administration will stop debt collection and wage garnishment for the next 60 days, as well as refund $1.8 billion to students and families. Yahoo Finance’s Adam Shapiro breaks down the news.
Video Transcript
ADAM SHAPIRO: The Dow is now up more than 550 points. S&P 500 is up about 22 points. NASDAQ, by the way, is also up now, just barely-- about three points. There is breaking news regarding student loans. This is coming from [INAUDIBLE] our reporter at Yahoo Finance who covers student loans. The Trump administration and the Education Department will stop-- I want to repeat-- will stop debt collection, wage garnishment on defaulted federal loans, and they will refund approximately $1.8 billion that was seized beginning in March 13th to the students and families for at least 60 days.
So it looks as if we're going to have a 60-day stop on the government collecting and wage garnishment on defaulted student loans. And they're going to refund $1.8 billion, which was seized from people going back to about March 13th.
