Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn | CNBC

Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn | CNBC

Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn | CNBC

In a recent development that has sparked concern among Democratic lawmakers, millions of older adults in the United States who are behind on their student loans could face a reduction in their Social Security benefits. Senators Elizabeth Warren and Ron Wyden have raised alarms over the potential financial strain this could impose on those who depend on Social Security as their primary source of income. The government possesses the authority to seize tax refunds, wages, and retirement benefits to recover federal debts, including defaulted student loans. This could lead to a reduction of up to 15% in Social Security benefits for some, pushing them closer to, or even into, poverty.

The issue has gained urgency following the expiration of the pandemic-era pause on student loan payments in October of the previous year. Although the U.S. Department of Education announced a 12-month hiatus on its collection practices, concerns are mounting over the repercussions for borrowers once this period ends in late 2024. Lawmakers are pressing the Biden administration for a briefing on its plans to mitigate the impact on vulnerable populations.

The practice of garnishing Social Security benefits to repay student debt has been criticized as “morally bankrupt” by consumer advocates and higher education experts. With the number of Americans aged 60 and older holding student debt increasing sixfold since 2004, the financial stability of many retirees is at risk. Social Security benefits, which are a critical source of income for a significant portion of the elderly population, are being compromised, forcing some to make dire choices between essential needs like food and medication.

This situation highlights the growing challenge of student loan debt across different age groups and the need for comprehensive solutions to address the financial well-being of all borrowers, especially the most vulnerable……….full-loaf-600x400-1-e1700879832480 Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn | CNBC[read more]

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Rising-Dough-e1700879911412 Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn | CNBCExplore the potential economic and social implications of the government’s practice of garnishing Social Security benefits to repay student loans, especially considering the increasing burden of student debt among older Americans.

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f6f904072b1d19080fd0d838e10f6e8a?s=56&d=mm&r=g Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn | CNBC

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c2b954fb03067dce5b7f3a87ce9624e9?s=64&d=mm&r=g Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn | CNBC
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Jason M
27 days ago

Garnishing Social Security benefits for student loan repayment strains finances, disrupts inter-generational wealth transfer, and jeopardizes retirement security, exacerbating inequalities and prompting calls for policy reforms.

fb07eefb42c05d944b7effe03f094bfc?s=64&d=mm&r=g Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn | CNBC
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Niya Spells
26 days ago

Social security is so important to our elders! Instead they should lower the cost of tuition rather than money towards the people.

ef3d410053e32c289b88df484cda29c8?s=64&d=mm&r=g Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn | CNBC
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Demetrius Jenkins
26 days ago

They should lower the cost especially if the person is an elder.

6dc78adf77cf24598d32dabc2b87409a?s=64&d=mm&r=g Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn | CNBC
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JGomez
26 days ago

Social security being garnished in place of covering student loans can cause potential strain in finances on those who rely on social security as their main or even only source of income

1c20033248a2d18d2ad1ae07bdfb22f9?s=64&d=mm&r=g Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn | CNBC
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Camari Bell
24 days ago

social security is important, they should lower the cost of student loans.

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stonestreetcoffee.com ☕️ **Discover Stone Street Coffee Company - Your Coffee Haven!** Today's Dough readers, if you're on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today's Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street's commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

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5 Comments
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Jason M
Guest
Jason M
27 days ago

Garnishing Social Security benefits for student loan repayment strains finances, disrupts inter-generational wealth transfer, and jeopardizes retirement security, exacerbating inequalities and prompting calls for policy reforms.

Niya Spells
Guest
Niya Spells
26 days ago

Social security is so important to our elders! Instead they should lower the cost of tuition rather than money towards the people.

Demetrius Jenkins
Guest
Demetrius Jenkins
26 days ago

They should lower the cost especially if the person is an elder.

JGomez
Guest
JGomez
26 days ago

Social security being garnished in place of covering student loans can cause potential strain in finances on those who rely on social security as their main or even only source of income

Camari Bell
Guest
Camari Bell
24 days ago

social security is important, they should lower the cost of student loans.

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