Commentary: Students beware: Income-based loan repayment can cost you

FILE- In this June 15, 2018, file photo, twenty dollar bills are counted in North Andover, Mass. Default on your federal student loans and the government can take up to 15 percent of each paycheck to satisfy your debt. The Education Department can also withhold federal benefits like tax returns and Social Security payments. Garnishment is an effective tool to recoup unpaid loans, private collection agencies enlisted by the Education Department took in over $841.6 million via wage garnishment in the 2018 fiscal year, but it inflicts serious financial strain on borrowers who are already struggling. (AP Photo/Elise Amendola, File) America’s colleges welcomed nearly 20 million people to campus last fall. College enrollment has shot up 30 percent in roughly two decades. Given that college graduates earn 56 percent more than high school graduates, that’s great news.

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