Marketplace Morning Report An unwelcome surprise for some student loan borrowers
6 snips
Dec 31, 2025 Stephen Roach, a numismatist from the American Numismatic Association, dives deep into the fascinating world of the penny. He discusses the historical significance of the Coinage Act of 1792 and how minting technology has evolved over the centuries. Roach reveals that it currently costs 3.4 cents to produce a single penny, yet the coin is still suspended, not demonetized. Interestingly, despite the U.S. Mint halting production, he predicts the penny will linger in circulation for decades, much to the delight of collectors who are paying top dollar for the last minted coins.
AI Snips
Chapters
Transcript
Episode notes
Wage Garnishments Are Resuming
- Wage garnishments for federal student loan defaults will resume with 15% taken from paychecks starting after letters go out next week.
- Millions may be surprised because many missed notices during the COVID pause and addresses changed.
Federal Garnishment Power Is Unique
- The federal government can garnish wages without going to court, making it a uniquely powerful collection tool.
- About 5 million are in default now and could grow to 8–10 million soon as people realize the pause ended.
Many Borrowers Likely Unaware
- Many borrowers may be unaware the COVID payment pause ended and that their loans are delinquent.
- Old loans, changed addresses, and missed notifications mean garnishment notices could be an unwelcome surprise.