Your rich Uncle Sam is calling in his chips.
The U.S. government stepped up collections on delinquent student debt to $2.9 billion last year — or an average of $1,000 from 2.9 million former students and their cosigners, according to the Treasury Department. And the trend continues. In the first six months of fiscal 2019, which started Oct. 1, collections totaled $3.3 billion.Graduating students are usually granted a six-month grace period before making loan payments.
The Consumer Financial Protection Bureau said it has received 2,475 complaints from borrowers about the government’s collection efforts since the start of 2018, including: • “Called my wife — five times in three minutes — son, brother- and sister-in-law — not even same last name — to tell me to pay.”
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