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New Rules for Student Loan and Social Security Garnishment
May 5 is the target date for the Treasury Offset Program to begin collecting on defaulted federal student loans. A Marketwatch.com article by assistant managing editor Jillian Berman reports “… the process that allows for borrowers who are in default on their student loans to have their Social Security benefits and tax refunds offset to repay the debt …” is scheduled to be activated on that date. There are notice periods and limits associated with the garnishment process that affected Social Security beneficiaries should be aware of, and these are explained in this brief video posted by wkyt.com. Check it out here…