As millions of student borrowers prepare to make their first student loan payments in three years, some of those who’ve been making payments for decades may take a hit to their retirement benefits. Under current law, seniors can have their Social Security benefits garnished to repay student loans in default. Social Security beneficiaries could lose 15% of their monthly benefits, according to a post from the Legal Aid Society of Cleveland.
The Education Department announced an "on-ramp" program running from Oct. 1 to Sept. 30, 2024. According to a statement from the White House, "Financially vulnerable borrowers who miss monthly payments during this period are not considered delinquent, reported to credit bureaus, placed in default or referred to debt collection agencies." However, interest would continue to accrue during the passing of this temporary program.
Source: Education Headlines (educationheadlines.net)
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