00:00Breaking news, the Department of Education will restart collection on default student loan payments.
00:06On Monday, the department announced it will restart loan collections May 5th,
00:10a move that could impact millions of borrowers.
00:14The department said that there are more than 5 million borrowers who are in default
00:18because they haven't paid a payment in at least 360 days.
00:22In addition, there are another 4 million borrowers who are in late-stage delinquency,
00:28meaning they haven't paid in 91 to 180 days.
00:32The government has not collected defaulted loans since March 2020
00:36when President Donald Trump first halted referring loans to collections during the COVID-19 pandemic.
00:44For more information on loan repayments, go to Forbes.com.
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