Since the pandemic, federal student loan borrowers have been mostly protected from the harshest consequences of defaulting. That's about to change.

The resumption will impact more than 5 million borrowers who are in default, the Education Department said in a statement, adding that another 4 million borrowers were late in making payments. Student loan collections were paused in 2020 as a way to provide relief during economic uncertainty stemming from the COVID-19 pandemic.