Millions of Older Americans at Risk of Losing Social Security Benefits Due to Student Loan Defaults

Millions of older Americans at risk of defaulting on student loan payments may lose some of their Social Security benefits, Democratic lawmakers said in a letter urging President Joe Biden's administration to act.Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., were among several lawmakers who wrote to President Joe Biden about the risk student loan borrowers aged 65 or older faced when they defaulted on payments. Roughly 3.

As much as $5 billion of student debt will be forgiven under the latest announcement, bringing the total number of people who have gotten their debt erased to over 3.7 million Americans. Starting in February, borrowers with as few as 10 years of payments who initially took out $12,000 or less for college had their remaining debts zeroed as long as they were enrolled in the SAVE plan. As of early January, as many as 6.9 million borrowers had already enrolled in the SAVE Plan, with more than 3.

Source: Education Headlines (educationheadlines.net)

Older Americans Social Security Benefits Student Loan Defaults Democratic Lawmakers Risk

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Social Security Warning For Millions of Older AmericansTop lawmakers demand Social Security retirement, survivor and disability benefits be exempted from student loan-related offsets
Source: Newsweek - 🏆 468. / 52 Read more »

Retired Americans with student loan debt risk garnishment of Social Security benefitsDemocrat lawmakers want the Biden Administration to end the practice of Social Security garnishment to pay off outstanding student loan debt that impacts millions of older Americans.
Source: FOX10Phoenix - 🏆 83. / 68 Read more »

As Americans reach ‘peak 65,' here's what to know when planning for Medicare, Social SecurityA “silver tsunami” of baby boomers is expected to enter retirement, prompting big decisions with regard to Medicare coverage and Social Security…
Source: nbcsandiego - 🏆 524. / 51 Read more »

As Americans reach ‘peak 65,' here's what to know when planning for Medicare, Social SecurityA “silver tsunami” of baby boomers is expected to enter retirement, prompting big decisions with regard to Medicare coverage and Social Security…
Source: NBCLA - 🏆 319. / 59 Read more »

Taxpayers stuck with millions in legal bills for improper Social Security disability denialsThe U.S. Government Accountability Office reports approximately 10,000 disability applicants die each year while awaiting a decision on their disability application.
Source: WTHRcom - 🏆 329. / 59 Read more »

Social Security Changes Could Benefit MillionsThe Social Security Administration said it will change the way it calculates what recipients receive in supplemental security income.
Source: Newsweek - 🏆 468. / 52 Read more »