5 Years Of No Payments In New York—Get Ready For Bills To Restart

A payment that many New Yorkers haven't made since the pandemic is returning in a few days.

US officials will start collecting payments again on May 5.

Student Loan Payments To Restart For New Yorkers

Mark your calendars. May 5 is the day the Department of Education will resume collecting defaulted student loan debt.

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Federal student loan collections were paused in March 2020 due to the COVID-19 pandemic, giving millions of borrowers a much-needed break.

The Biden administration decided not to resume collections and attempted to forgive student loan debt. Sadly for many, that plan was struck down by the Supreme Court.

The Trump administration indicated it would start collecting after Trump took office.

Department of Education Not Holding Back

The U.S. Department of Education is restarting the process and not holding back.

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"American taxpayers will no longer be forced to serve as collateral for irresponsible student loan policies," U.S. Department of Education Secretary Linda McMahon said in a statement.

With more than 5 million Americans in default, the government’s ready to collect, by any means necessary.

Borrowers could be referred to debt collectors or have money deducted from their paychecks.

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If you still have student loans, look for emails from the Department of Education with details on how to avoid these harsh penalties.

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