In an announcement this week, the department warned that millions of borrowers could be referred to debt collectors and see deductions from their paychecks.

The U.S. Department of Education announced on Monday that it will begin collecting on defaulted student loan payments starting in two weeks.

The Department of Education says it will resume collections on May 5 and send wage garnishment notices "later this summer." Here's how to know — and what to do — if you'll be affected.