Feds Dock Social Security For Unpaid College Loans | SmartMoney.com | ANNAMARIA ANDRIOTIS | 8/7/12

Roosevelt Signs The : President Roosevelt sign...

Roosevelt Signs The : President Roosevelt signs Social Security Act, at approximately 3:30 pm EST on 14 August 1935. Standing with Roosevelt are Rep. (D-NC); unknown person in shadow; Sen. Robert Wagner (D-NY); Rep. John Dingell (D-MI); unknown man in bowtie; the Secretary of Labor, ; Sen. (D-MS); and Rep. David Lewis (D-MD). (Photo credit: Wikipedia)

More retirees are falling behind on student debt, and Uncle Sam is coming after their benefits.

Falling behind on student loan payments can squash a borrower’s hopes of building savings, buying a home or even finding work. Now, thousands of retirees are learning that defaulting on student-debt can threaten their Social Security benefits. Many of these retirees aren’t even on the hook for their own educations-  the borrowers went into debt later in life to help defray education costs for their children or other dependents.

The amount that the government withholds varies widely, though it runs up to 15%. From January through August 6, the government reduced the size of roughly 115,000 retirees’ Social Security checks on those grounds. This figure is up more than 55,000 in 2011’s enforcement.

For full article: For Unpaid College Loans,Feds Dock Social Security – SmartMoney.com.

Advertisements

About vinhsu

Center City Philadelphia General Practice Law Firm with emphasis on Criminal Defense, Family Law, Immigration, Real Property, and Wills/Trusts/ Estate Planning. Licensed in Pennsylvania and New Jersey.
This entry was posted in Employment, National News, WIlls/ Trusts/ Estate Planning and tagged , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s