Millions of borrowers of US student loans who are behind on their payments face collections for the first time since 2020, creating a potential drag on consumer spending at a time when the American economy is already stumbling.
Nearly one in four borrowers with payments due were behind on their student loans in the three months to March, according to calculations by the New York Fed Consumer Credit Panel and credit bureau Equifax, published on Tuesday.
The Trump administration has restarted involuntary collections on defaulted federal student loans, and has said it will begin garnishing [or deducting] wages and confiscating tax refunds and social security benefits “later this summer”.
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