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Social Security Reduced For Student Loan Payments
Student loan debt has become a major issue in today’s society, as more and more students are taking on loans to pay for their education. However, those who are unable to pay off their student loans in a timely manner now run the risk of having their Social Security benefits reduced.
The government has introduced a new law that allows them to take money from borrowers’ Social Security checks if they fall behind on their student loan payments. This law has already affected many retired Americans who are struggling to make ends meet. According to the Government Accountability Office, the number of Americans whose Social Security benefits were reduced due to student loan debt increased from 31,000 in 2002 to 109,000 in 2017.
This issue has sparked a debate, with some people arguing that the government is making it more difficult for those who are already struggling financially. Others believe that it’s not the government’s responsibility to pay for student loans, and those who took out the loans should be responsible for paying them back.
While it’s true that borrowers are responsible for making their loan payments, the current system is flawed. Many students are taking out loans that they can’t afford to pay back, as the cost of tuition and other expenses continues to rise. Additionally, many borrowers are struggling to make their payments due to unforeseen circumstances like illness, job loss, or disability.
The fact that retired Americans are affected by this law is particularly concerning. These individuals have already contributed to society and paid their dues throughout their working lives. They shouldn’t have to worry about their Social Security benefits being reduced due to student loan debt.
As the student loan crisis continues to grow, it’s important for the government to find a solution that’s fair to everyone. This may involve finding ways to reduce the amount of debt students are taking on or offering more support to those who are struggling to make payments. Whatever the solution may be, it’s clear that something needs to change to ensure that Americans aren’t penalized for seeking higher education.
In conclusion, the new law that allows the government to reduce Social Security benefits for those who fall behind on student loan payments is a concerning issue. The current system is flawed, and it’s important for the government to find a fair solution that doesn’t penalize those who are already struggling financially. Hopefully, action will be taken to address this issue in a way that benefits all Americans, not just those with student loans.
Don't get loans you can't afford it's pretty simple. Do the math! People get caught up in "opportunity" you can win big by playing the lottery but you are way more likely to win going to a casino and putting your money on black.
Don’t know how legal that is but proof social security is a slush fund in more ways then people think
Good for you to consider the state CC system. It's a great benefit/cost ratio. Then transfer to a 4 yr state university. My wife went this route and the 4-yr degree sheepskin does NOT say * 'went to a CC for first 2 yrs'. What I saw (and my kids saw ) and my same age friends saw is the 'shaming' of state or CC colleges by too many (albiet not all) HS teachers, HS counselors and HS students. Therefore, got to get $ money via loans if can't cash flow to go out of state or to private colleges. If can cash flow, no issue with me to go to school anywhere, any state. What kids eventually learn after graduating college is 'the field you study' >>> name of the university on the sheep skin. The former can be achieved inexpensively if one is careful.
It's time for people to take responsibility for their own actions. It's not student loan forgiveness, it's student loan transfer. I shouldn't have to pay off someone else's student loans anymore than they should have to pay off my car loan, I took out the loan and put my signature on the paper. If they lose 15% of their SS that's on them.
Make student loan debt bankruptable, government stop backing student loans. Treat it as unsecured debt. Watch how fast banks and colleges reform their loans for future students. That’s the ultimate way to lower college cost for all.
Yup yup. 14 yrs of tuition for 3 kids. Loans loans. Took an extra 5 yrs to pay um off. Cost of kids
Irresponsible teenagers shouldn't be allowed to borrow money for college that won't even help them. Especially after being told they are a piece of chit if they don't go to college……but those of us that didn't go to college shouldnt have to pay for it. Even though we managed to do well without a college degree, people who went to college feel superior……cause that's the lie they were told while colleges were Making a fortune off their stupidity
The problem is the 529 are down right now because of the market. It’s kind of hard to do the right thing and when you need to pay the market crushes the 529 stocks . The rates should be set at like 2% max for students loans . Not 5% or more like it is today because of the fed rate increases. Hard for people to get ahead.
They borrowed the money they should have to pay it back. I payed cash for my to go to college. Worked 2 jobs. Got no sympathy for people trying to get out of paying their debts. To many people looking to the government for a handout.
Great advice Dustin keep it coming.
Great information Dustin!
Education is extremely expensive these days. When I went to Berkeley, it was $750 per year for tuition, but now, when my daughter went to Berkeley, it was up to $14,000 per year. Getting quality education at a reputable school is going to cost, but I can't say enough how important it is to get the best education you can afford. Just don't try to go to Standard on a shoestring budget without scholarships or serious financial aid package.
It’s Sept 28th now…
Thats the problem. New yorkers are gonna ruin fla
First. Belee dat!
Typical government bullshit take money with retirees and put in for retirement and give it to kids who can’t pay their own debtAnd have no responsibility