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Seniors Face Reduced Social Security Payments Because They’re Late on… Student Loans
Good News: More and More Seniors Face Reduced Social Security Payments Because They’re Late on… Student Loans
Seniors are rightfully concerned about the horrific damage that Obamacare does to Medicare.
Well, the hits just keep on coming.
It turns out that the government’s incessant meddling with the student loan business has not only spiked college tuition prices, but those loans are now slamming seniors in addition to kids.
According to government data, compiled by the Treasury Department at the request of SmartMoney.com, the federal government is withholding money from a rapidly growing number of Social Security recipients who have fallen behind on federal student loans. From January through August 6, the government reduced the size of roughly 115,000 retirees’ Social Security checks on those grounds. That’s nearly double the pace of the department’s enforcement in 2011; it’s up from around 60,000 cases in all of 2007 and just 6 cases in 2000.
Many of these retirees aren’t even in hock for their own educations. Consumer advocates say that in the majority of the cases they’ve seen, the borrowers went into debt later in life to help defray education costs for their children or other dependents.
BILL
August 14th, 2012
of course the msm will plaster this all over the evening news tonight won’t they?
jwm
August 14th, 2012
Massive protests against BIG ED ripping us off?
Demonstrations against EEEEvil professors, and university administrators taking tuition money from poor minorities, and sending them out with worthless degrees?
Yeah, call code pink on that one.
JWM
TN Tuxedo
August 14th, 2012
BTW: Happy Social Security Day. Signed into law by FDR on this day, 1935.
Celebrating 77 of the Federal Government forcing us to throw our hard-earned money down a bottomless rat hole.
Frosteetoes
August 14th, 2012
These aren’t safety net benefits, this is money laundering. Take it from a worker, hold it in a trust fund then distribute it into other ventures and screw the original people who had their money taken from them for it. It’s robbery made to look legit. Every facet of government spending needs to be audited to see how much from SSI has been funneled into other government spending themes. I recall when Clinton was running the idea around of playing the stock market with the SSI funds. They treat this fund as if it were theirs to do what they want with. It’s just too bad that the ‘greatest generation’ who was there when all this was made into law are dying or too old to fight about this. What’s happening is not the guarantee they were given.
CRYOJOHN
August 14th, 2012
I must be missing something. I just can’t get upset about garnishing seniors’ SS payments when they co-signed student loans for kids or grandkids and then don’t pay the debt. Sure, the same kids/grandkids should be paying the loans back themselves, but they are typically poor enough risks to necessitate co-signers (me for my my 18-year-old included). At least SS Admin is trying to recoup some of the loss. Now if they could only be as aggressive with the illegals, deadbeats, and con-artists scamming the system…
Noodengr
August 14th, 2012
Huge student loans just make my blood boil. There is no justifiable reason that college cost should have drastically outpaced inflation for years on end. If the rampant waste and inepituude of colleges where brought under control tuition would not be the roof so loan amounts would be compariable to wages that new grads will get when they get out.
It also does not help the kids today get degreesin fields that have no hope of getting jobs that will pay the bills. We need tech savy
young folks to fill the shoes of us retiring baby boomers, not another women’s studies major with a minor in eskimo art.
fxdwg
August 14th, 2012
Fuck ‘em. They took the loans, they should pay the loans. Why aren’t the little bastards/bitches they signed the loans for paying them?
Czar of Defenestration
August 14th, 2012
WHAT fxdwg SAID! They took the loan, agreed to the terms, THEY OWE IT. If for their kids, the kids could decide if they want to/can help their parents. But that’s their choice.
Waaahhh!!! I borrowed money I haven’t paid back and can’t without cutting back on my retirement drinkies!!! WAAAAAHHH!
martin hessler
August 14th, 2012
Hey, I had to co-sign for my son’s law school loans.
Knew what I was getting into.
I also told him if he didn’t repay them, Luca Brasi would visit him.
You gotta keep it within the family.
Lowell
August 14th, 2012
They signed a contract and assumed a debt. Then, they didn’t service the debt. I see nothing to be outraged over.
The assumption was voluntary.