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Another financial intestinal blow can be on the road to millions of older Americans who trust in a working social security system to pay their units – and it comes from themselves Student debt.
A Trump administration moves To restore collections related to federal student loans, Borrowers will soon receive 15% of social security benefits, Higher Education Specialist Mark Kantrowitz Spoke to CNBC.
This means that retirees living on fixed income may lose a large part of the monthly checks with little warning.
For hundreds of thousands of borrowers, 62 and larger student loans are larger – it can be a unhappy surprise in the mail.
The government has long been able to return some of their social security benefits to pay standard federal student loans. However, these collections are stopped during the Coven-19 pandemia. Break was extended under the leadership of Biden, but the President Trump has started again.
Recently, the education department will reconstruct mandatory collections in early June, and the borrowers who mean, may be subject to salary musical performances, tax returns and public safety inspections.
And there is a large population at risk. Recent federal information shows that 3 million people aged 62 are federal student loans. This Consumer Financial Protection Bureau He says that more than 450,000 borrowers in this age group are defaulted with federal student loans when buying social security benefits.
Most of these borrowers are parents who signed loans together or after the loan and credit-taking and business loss, medical expenses or other financial shocks National Consumer Legal Center.
According to CNBC, “Borrowers receiving these notifications,” Nancy Nierman, Assistant Education Assistance Program Assistant Nancy Nierman. “They must apply for help as soon as possible.”
Read more: American car dealers are Use the ‘4 square method’ to make a great profit from you – And how can you ensure how to provide a fair price for all your vehicles
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