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Trump voters with student loans are having 'buyer's remorse' over his latest debt collection moves
- Some Trump voters with student loans are expressing 'buyer's remorse' over his decision to restart collections on defaulted student loans.
- While these borrowers still support Trump's efforts to collect student loans, they feel the consequences for defaulting are unfolding too quickly.
- Negative credit reporting for defaulted loans has resumed, causing financial challenges for borrowers like Tracy Davis, who struggled to afford the increased payment after the pause was lifted.
- Borrowers like Davis are concerned with the swift actions taken, such as hitting credit reports, without considering individual circumstances.
- Ellen Keast from the Department of Education confirmed a pause on Social Security garnishment for defaulted borrowers to protect those relying on fixed incomes.
- Some borrowers, like Miranda Metheny, are reconsidering their support for Trump due to the student loan collections restart impacting their financial stability.
- The Department of Education estimates that 5 million borrowers are currently in default, with millions more at risk of defaulting.
- Despite challenges, some borrowers continue to support Trump's stance on loan repayment, while others, like Cheri, feel that the collections strategy is too drastic.
- The Trump administration is also advocating for Congress to pass a spending bill aiming to restructure income-driven repayment plans and prevent debt transfer to taxpayers.
- Former President Biden's SAVE plan for cheaper repayment options is stuck in legal proceedings, leaving borrowers with limited choices.
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