Photo: Jared Brosnan/WBZ NewsRadio
BOSTON (WBZ NewsRadio) — For about five years now anyone carrying student loans in default has been receiving a break.
But that pandemic-era forbearance is coming to a close.
The government said it will resume collections on defaulted student loans starting May 5. Borrowers will receive emails notifying them of the changes and urging them to enroll in repayment plans. The Department of Education said the Office of Federal Student Aid will send notices about wage garnishment in the coming months.
Some local college students greeted the news with concern, some saying they're afraid of what's coming next. "In the back of my head I'm thinking what am I going to do with this new debt," asked one Emerson student.
Elyse, who is a junior also at Emerson College, said the news that loans are due is a real wake-up call, but she has a plan in place. "It's a little scary," she said. "Multiple jobs on top of school to make it work, just baseline."
Meanwhile, Tyler, a Suffolk University student, said everyone who takes out student loans knows that they have to be paid back. "It is your responsibility, you did take out the loans, so you should pay them back," he said.
Student loan experts said the worst thing someone in default can do is nothing.
They said people who have concerns about paying back their loans should contact their loan service providers and try to negotiate a payback plan.
WBZ NewsRadio's Jim MacKay (@JimMackayOnAir) reports.