Automatic collection of student loan repayments from borrowers’ paychecks isn’t being considered just yet as the Treasury Department takes over management of the $1.7 trillion federal student loan portfolio, Education Under Secretary Nicholas Kent said.
Treasury will soon have the power to collect on the debt of more than 9 million student loan borrowers in default following a new interagency agreement with the Education Department. Treasury already provides tax information to the Education Department to verify student and family incomes on the federal financial aid form and for income-driven student loan repayment plans.
The moves are part of the Trump ...