The U.S. Department of Education is resuming the collection of federal student loans in default, affecting over 5 million borrowers who have been delinquent for 270 days or more. As a result, the Treasury Offset Program will restart, garnishing federal and state payments to recover debts, while borrowers fear significant financial strain. President Trump's plan to dismantle the Department of Education and delegate responsibilities to the Small Business Administration raises concerns about the future management of student loans. Concurrently, the Met Gala returns, the Vatican prepares for a papal election, and the Federal Reserve concludes its interest rate meeting amidst Trump's criticisms. Internationally, Russia announces a temporary ceasefire in Ukraine, which is viewed skeptically by Ukrainian officials who demand more substantial truce agreements.

The collection of federal student loans in default will resume, impacting over 5 million borrowers who have not made payments for 270 days, raising concerns about financial distress as borrowers prepare to manage large monthly payments amidst basic living expenses.

The Treasury Offset Program will recommence, enabling the government to collect debts by garnishing federal and state payments, such as tax returns and Social Security benefits, and possibly dipping into wages, increasing financial pressure on borrowers.

President Trump's dismantling of the Department of Education and plans to transfer student loan management to the Small Business Administration have stirred uncertainty about the future handling of student loans and related policies.

The Met Gala, a major fashion event, returns to New York, while Columbia University is set to announce the 2025 Pulitzer Prize winners, and Cinco de Mayo celebrations highlight the start of the week.

A papal election is underway as Roman Catholic cardinals gather at the Vatican to elect a successor to Pope Francis, with only cardinals under 80 eligible to vote, and the tradition of white smoke signaling a new pope remains anticipated.

The Federal Reserve's meeting on interest rates concludes amidst President Trump's renewed attacks on Chairman Jerome Powell, with Trump claiming inflation and interest rates have decreased despite Powell's performance.

Russia declares a unilateral three-day ceasefire in Ukraine, citing humanitarian considerations, though Ukrainian officials remain skeptical and call for more substantial truce agreements, reflecting ongoing tensions between the two nations.