Borrowers who are roughly a year behind on their loans could face harsh consequences such as having their Social Security benefits taken and their wages garnished.

Trump is resuming collections on defaulted student loans. "I'm going paycheck to paycheck and this is going to kill me," one said.

A student loan becomes delinquent when a borrower doesn't make a payment 90 days after its due date. If you continue to be delinquent on your loan for 270 days — or roughly nine months — then your loan goes into default. While being delinquent affects your credit score, going into default has more serious consequences such as wage garnishment.