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Student Loans will follow you, even with Social Security income

Posted by Laura Simon on Jan 9 2017

 

According to a new report from the Government Accountability Office, the federal government is increasingly cutting payments received by Social Security benefit recipients to help cover student loan debt.

“Most of the money collected, 70 percent, went to pay interests and fees, not to reduce the outstanding balance. Among those over 65, the number receiving Social Security Benefits below the poverty grew to 67,300 up from 8,300 in 2004, the GAO said.”

By adding interest and fees, and raising their loan balances every month, the situation will only get worse. Many of these benefit recipients rely solely on their Social Security payments, as their main source of income and according to the report, “hundreds of thousands of American seniors are living in poverty due to garnishes on their social security benefits”

Clearly seniors and those who receive disability are not immune to the student loan crisis, and clearly their main source of income, social security, barely pays their cost of living. If this is the case, should the government be allowed to strip these people of all they have, and force them into poverty?

“The GEO recommended that the government adjust its social security garnishments to reflect increase in the cost of living and make it easier for those on disability to get rid of their debt.”

If we don’t work harder on this situation, it will rise and in return could affect us all.

http://www.nj.com/politics/index.ssf/2016/12/still_owe_student_loans_your_social_security_payme.html

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Topics: Social Security Disability, bankruptcy attorneys, SSDI, NJ Foreclosure, NJ Foreclosure Attorney, Foreclosure Defense, SSI, Social Security Insurance, NJ Bankruptcy, NJ Foreclosure Lawyer

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