Default Crisis and Treasury/Collections Pipeline

About 9.3M–9.5M borrowers are in default, representing roughly $233B, and approximately 9.2M accounts are moving toward Treasury management. Treasury and Education have launched an online support and resolution portal for rehabilitation, consolidation, payments, and documents, but it does not eliminate default consequences or guarantee timely processing. Tax-refund offsets remain a near-term risk; wage garnishment and Social Security offsets remain paused without a firm end date.