Social Security Withheld From Over 100,000 Older Americans Due to Student Loan Debt
“This number is expected to continue to grow”
Pay attention, college students. The debt you accrue obtaining your degree never goes away.
The Daily Caller reports:
Social Security Withheld From 114,000 Seniors Because Of Student Loans
Social Security benefits were withheld from an estimated 114,000 individuals of at least 50 years in age as of 2015 in order to repay their student loan debts, a congressional watchdog reported Tuesday.
“An increasing number of older Americans have defaulted on their federal student loan debt,” the Government Accountability Office (GAO) wrote in a blog post. “To recover this debt, the federal government can withhold a portion of Social Security payments — a process known as offsetting.”
The 114,000 total borrowers assessed marks a fourfold increase since 2002.
“This number is expected to continue to grow given the increasing number of older borrowers and their high rates of default,” the blog post said.
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It’s so funny! Politicians BUY our votes by giving us “free” stuff, that they then insist we pay back.
It’s like the medicaid for nursing homes; at first they paid and didn’t ask for repayment. Then they decided they had to be repaid. So people started deeding their homes to their kids, so we taxpayers could foot the bill…. Then Congress increased the look-back period, to make it harder to do this.
So in order to get re-elected, politicians buy our votes, then they stick naive young people with the bill. How immoral can you get? Term limits is the cure.
In the interest in fairness and uniformity make the owners of corporations personally liable for the debts of their bankrupt corporations, even retroactively.