Trump team weighs fines and wage garnishment for nearly 10 million US student loan defaulters, but only AFTER the midterms

The student loan portfolio, worth $1.7 trillion, was transferred to Treasury's control in late September.

Treasury officials reportedly shut down a similar seizure push a year ago over fears about the economic impact.

Treasury Secretary Scott Bessent has promised defaulters 'a clearer path back to repayment'.

One insider admitted it would be 'politically insane' to unveil the crackdown before November's vote, suggesting 2027 instead. Treasury could start hiring private debt collectors as soon as November. Some officials reportedly want tax refunds, wages and benefits seized for the current tax year, with an April 15, 2027 deadline. Nothing has been formally announced.