Feds Docking Social Security Checks for Unpaid College Loans
Adding insult to injury, most retirees are not even paying for their own educations. The financial crisis of the past few years had college students tapping their parents and grandparents for loans and that growing trend mirrors the increase in retirees whose retirement benefits checks have been docked for repayment, as seen in this chart:
According to government statistics, nearly 2.2 million student loan borrowers were over the age of 60 in the first quarter of 2012. The government was given the power to collect on unpaid student debt from Social Security benefits by the Debt Collection Improvement Act of 1996, and an earlier law gave them an unlimited time in which to do it.
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