Older people in crosshairs as government restarts Social Security garnishment on student loans
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Student loan debt among older people has grown at a staggering rate, in part due to rising tuitions that have forced more people to borrow greater sums. People 60 and older hold an estimated $125 billion in student loans, according to the National Consumer Law Center, a six-fold increase from 20 years ago.
That has led Social Security beneficiaries who have had their payments garnished to balloon by 3,000% — from approximately 6,200 beneficiaries to 192,300 — between 2001 and 2019, according to the Consumer Financial Protection Bureau.
This year, an estimated 452,000 people aged 62 and older had student loans in default and are likely to experience the Department of Education’s renewed forced collections, according to the January report from CFPB.
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Collections on defaulted loans may have restarted no matter who was president, though the Biden administration had sought to limit the amount of income that could be garnished. Federal law protects just $750 of Social Security benefits from garnishment, an amount that would put a debtor far below the poverty line.
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https://www.yahoo.com/finance/news/older-people-crosshairs-government-restarts-022001754.html
= new reply since forum marked as read
my student loan was paid off by 1990. Of course my loan was 2% interest, funded by the government. I'm sorry for the younger recipients who are getting screwed over because of GREED. 
What kind of child would stand by and let their parents Social Security be garnished for a loan that benefited them? 