Social Security benefits can be taken to pay student loans in default

[Northeast Agent]

[EXTERNAL LINK] - Social Security benefits can be taken to pay student loans in default

 

[adjusterjack]

SPAM.

That article has a link to lenders offering to refinance student loans.

A cheap and blatant advertisement clickbait by Fox29 of Philadelphia.

 

[Northeast Agent]

adjusterjack said:

A cheap and blatant advertisement clickbait by Fox29 of Philadelphia.

This is an actual story. I'm certainly not advertising or "clickbaiting." Not my fault there are links below the article.

 

[goillini52]

SPAM.

That article has a link to lenders offering to refinance student loans.

A cheap and blatant advertisement clickbait by Fox29 of Philadelphia.

Made you look.

 

[DHK]

It is a 'sponsored' article.

Here's a non-sponsored article:
[EXTERNAL LINK] - Falling behind on student loans can reduce Social Security benefits by $2,500 a year

 

[adjusterjack]

I'm certainly not advertising or "clickbaiting."

Of course not.

Just a warning to others about the article.

 

[Allen Trent]

Aside from SS disability, the thought of someone still having student loan debt at FRA of age 67/68 is mind boggling. Anyone still carrying student loan debt nearly 50 years later made some poor choices on where they went to college, what they studied & maybe even didn't use the money to complete a degree.

I get bad life circumstances could have happened & this is why student loans should be able to be involved in bankruptcy. If this was allowed, predatory current educational systems & the government backed loans would never be issued or would a bit more difficult & worthwhile

 

[WinoBlues]

Aside from SS disability, the thought of someone still having student loan debt at FRA of age 67/68 is mind boggling.

I did not read the article.

Does this include loan co signers?

 

[Allen Trent]

I did not read the article.

Does this include loan co signers?

It didn't give that impression, it only talked about borrowers & said it only impacts about 5% of current Social Security beneficiaries. Didnt seem to indicate if that 5% of all it 5% of SS DI or SS Survivors. Can't definitely see it impacting Disability & Survivors beneficiaries as that can be widow's & even current college students, etc.......if only someone would come up with a financial concept that could create a lump sum of funds at untimely death or disability for pennies per month & pool the risk with others paying into the plan. Maybe, similar to how banks require business loans to be supported with collateral assignment to life policies, college loans could do the same

 

[DHK]

Per this link:

Only federal student loans can result in garnishment, or offset, of Social Security benefits. Federal student loans do not require a co-signer.

https://www.consumerfinance.gov/ask...ishment,,loan to help a child pay for college.