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.