Using Social Security to pay off student loan debt
In the midst of the debate about fixing Social Security’s financial issues comes a proposal by Rep. Tom Garrett (R-VA) which would use future Social Security benefits to forgive student loan debt. There’s no question that student loan debt has become a major issue affecting millions of young people who financed their education through Federal student loan programs. Rep. Garrett’s proposal would allow young people – on a totally voluntary basis – to choose to trade a dollar amount of loan forgiveness in return for a future increase in their Social Security full retirement age (the age at which they are eligible for full benefits). In essence, this means using one’s future Social Security benefits to reduce or eliminate their student loan debt, while at the same time providing some financial relief for Social Security’s financial woes, or so says this article by Representative Garrett appearing at FOXNews.com.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security.