US EditionOlder people in crosshairs as government restarts Social Security garnishment on student loans
- The Trump administration restarted student loan collections in 2023, targeting older Americans by garnishing Social Security benefits and paychecks.
- This restart followed the end of a grace period and responds to decades-old debts that ballooned due to missed payments and accrued interest.
- An estimated 450,000 borrowers who are at least 62 years old currently have student loans in default, while those aged 60 and above carry a total student debt burden of $125 billion, marking a sixfold increase over the past two decades.
- A representative from the Debt Collective highlights that many older borrowers, who should have had their loans forgiven, have instead been trapped in a deeply flawed and unlawful system, leading some to skip meals or reduce their medication to manage debt collections.
- Restarting collections poses financial hardship for older debtors but is described by Education Secretary Linda McMahon as necessary for both debtors and the economic outlook.
161 Articles
161 Articles
Older people in crosshairs as government restarts Social Security garnishment on student loans (copy)
As the Trump administration resumes collections on defaulted student loans, hundreds of thousands of older Americans with decades-old debts are now at risk of having their Social Security checks garnished.
Older people in crosshairs as government restarts Social Security garnishment
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3 options for student-loan borrowers in default to protect their wages and Social Security
Student-loan borrowers in default could face wage and benefits garnishment. Shutterstock This summer, millions of student-loan borrowers could lose some of their wages and federal benefits if they don’t start making payments. They have options to avoid those consequences — but it won’t be easy. After President Donald Trump’s administration restarted collections on defaulted student loans on May 5, his Education Department said it sent notices to…
3 ways student-loan borrowers in default can avoid wage, Social Security garnishment: rehabilitation, consolidation, bankruptcy
Student-loan borrowers in default could face wage and benefits garnishment.ShutterstockThis summer, millions of defaulted student-loan borrowers could face wage and federal benefits garnishment.They have options to avoid those consequences, but some routes can take longer than others.Options include loan consolidation, loan rehabilitation, and bankruptcy.This summer, millions of student-loan borrowers could lose some of their wages and federal b…
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