Are You Among the Estimated 452,000 Americans Losing Part of Your Social Security Check?
As of this year, Americans 60 and older carry an estimated $125 billion in student loans. Therefore, it may come as no surprise that around 452,000 of those borrowers who are 62 and older find themselves in default. Starting in June, the Trump administration will begin aggressive collection efforts paused during the COVID-19 pandemic. Whether they took out a loan for their education or a parent loan to help a child, hundreds of thousands could soon receive smaller Social Security checks.Image source: Getty Images.If you're among those who've been unable to repay student loans and currently receive Social Security, there's a chance some of your benefits will be seized to repay the amount owed.Continue reading
As of this year, Americans 60 and older carry an estimated $125 billion in student loans. Therefore, it may come as no surprise that around 452,000 of those borrowers who are 62 and older find themselves in default. Starting in June, the Trump administration will begin aggressive collection efforts paused during the COVID-19 pandemic. Whether they took out a loan for their education or a parent loan to help a child, hundreds of thousands could soon receive smaller Social Security checks.
Image source: Getty Images.
If you're among those who've been unable to repay student loans and currently receive Social Security, there's a chance some of your benefits will be seized to repay the amount owed.
