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Borrowers in default could see their tax refunds or other federal benefits withheld once collections resume. J. David Ake/Getty Images The Education Department will resume collecting on defaulted student loans early next month, restarting a system that’s been on hold since spring 2020, the agency announced Monday. Starting May 5, the department will withhold tax refunds

A day after White House officials said the Education Department would administer the student loan program, President Donald Trump announced that the Small Business Administration would be taking over the $1.7 trillion portfolio. He told White House reporters that the move would happen “immediately,” though he didn’t say how that process would work. Currently, federal law