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My brother ( 51 years old) owes over 50K for past student loans which he does not plan to pay off. When I told him they will be deducted from his social security payments he did not believe me...but now I read this and KNOW for sure it will be the case although I had no idea it was so wide spread.
It happens: Seniors with student debt - and smaller Social Security checks
"It seems the student loan crisis isn’t just for young people. The GAO found that 706,000 of households headed by those aged 65 or older have outstanding student debts. That’s just 3 percent of all households, but the debt they hold has ballooned from $2.8 billion in 2005 to about $18.2 billion last year. Some 27 percent of those loans are in default."
It happens: Seniors with student debt - and smaller Social Security checks
"It seems the student loan crisis isn’t just for young people. The GAO found that 706,000 of households headed by those aged 65 or older have outstanding student debts. That’s just 3 percent of all households, but the debt they hold has ballooned from $2.8 billion in 2005 to about $18.2 billion last year. Some 27 percent of those loans are in default."