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Understanding the Student Loan Debacle and its Social Security Implications
“In Fiscal Year 2015, 860,000 individuals had their Social Security benefits reduced to pay for federal debts and the federal government collected a total of $382 million. … According to a September 2014 GAO report, the number of individuals whose Social Security benefits were offset to pay student loan debt increased significantly between 2002 and 2013, from about 31,000 to 155,000. For individuals 65 and older with student loan-related Social Security garnishments, the number grew from about 6,000 to about 36,000 over the same period.”
Both of these quotes, excerpted from a summary of “The Protection of Social Security Benefits Restoration Act,” point to a growing situation that seniors linked to student loan debt need to watch carefully. Bankrate’s Jill Cornfield provides key thoughts on what you need to know on this issue; her post includes helpful links to both the bill summary and the actual bill text. Read her post here…
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