June 30, 2017

Government taking from Social Security to pay for student loans

John Gear Law Office   According to a new National Consumer Law Center report, Pushed into Poverty: How Student Loan Collections Threaten the Financial Security of Older Americans, the federal government's draconian student loan collection policies increasingly force older adults into poverty by seizing Social Security benefits to repay defaulted student loans.

According to the Consumer Financial Protection Bureau, the number of consumers age 60 and older with student loan debt has quadrupled over the last decade. Sadly, nearly half of all older borrowers aged 65 and over have already defaulted on their federal student loans and now risk having their Social Security benefits seized.

Many of these older borrowers already struggle with affording basic living needs and are forced to forgo essential healthcare needs, such as prescription drugs and doctor's visits, in order to satisfy outstanding loan payments. Furthermore, there is no statute of limitations on student loan collection and very few bankruptcy options exist, which means older borrowers could have their Social Security benefits seized for the rest of their lives.


Anonymous said...

This here ar,tickle is jest more commonist propaganda.

Throw them there defaulting beggars in the street and save capitalism.

Anonymous said...

Can't you control these ignoramuses like 9:27 AM, Sam?

I thought this was at least a semi-literate family website.

What's next, punk and rap "music" videos?

NRA ads for machine guns in every home?

Trump in blackface doing the soft-shoe?