The U.S. Department of Education plans to resume collecting defaulted student loans on May 5 after a yearslong pause that began with the pandemic.

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

About 25 percent of all borrowers have or will default on their student loans in the next few months, and another 35 percent are at least 60 days past due.