Many senior citizens struggle financially even with the help of Social Security. Unfortunately, senior citizens are seeing their Social Security checks lowered in order to repay outstanding federal student loan debt. Most seniors who rely on Social Security checks simply cannot afford to live with this reduction.
Student Loan Law Group recognizes that many senior citizens, much like their younger counterparts, simply cannot afford to make their monthly student loan payments. In the event that a person who receives Social Security benefits has defaulted on his or her federal student loans, the government may automatically seize or withhold a portion of their Social Security check in order to pay the outstanding debt. This penalty is known as Social Security offset or garnishment.
Socially Security garnishment may only apply to those loans in default that were taken out through federal student loan programs. This tactic is generally not applicable to debt collectors attempting to collect on private student loans. However, most people who have private student loans also have federal student loans. Student Loan Law Group recommends borrowers who have received notice of a potential Social Security garnishment, other any other garnishment, contact their office immediately for assistance.
The sooner a borrower acts to stop an impending garnishment, the better off they are. Once a garnishment occurs, it is extremely difficult to end and borrower are unlikely to end any garnishment sooner than a period of nine months from the garnishment’s commencement. Borrowers are encouraged to contact Student Loan Law Group for help immediately if they are struggling to maintain their student loan payments or have already been sent a notice of default or a notice of garnishment. In certain cases, Student Loan Law Group can prevent garnishment from occurring or can help end garnishment as swiftly as possible. Student Loan Law Group wants to help and realizes that seniors have special needs and cannot afford to have their Social Security checks reduced.
