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Resumption of Past-Due Student Debt May Impact Many Retirees
As if the continuing rise in the cost of living isn’t enough, nearly half a million Social Security beneficiaries carrying past-due student debt are facing the potential of “harsh consequences.” As explained in a money.com post by Pete Grieve, the Consumer Financial Protection Bureau (CFPB) indicates “(a)s many as 452,000 Social Security recipients who’ve defaulted on federal student loans could be at risk of losing some of their benefits to garnishment by the Department of Education” following lifting of the pause in debt collection enacted during the COVID-era. Click here to read the full Grieve post, which discusses options available to borrowers not in default to sidestep some of the harsh consequences of late payments.
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