SSI & Student Loan Borrowers
From the National Consumer Law Center’s Student Loan Borrower Assistance, a condensation of several recent reports on how student loans affect those on SSI:
In case you missed it, there has been a flurry of interest in issues that impact older student loan borrowers. Right before the holidays, the Government Accountability Office (“GAO”) released a report documenting the harsh consequences that the Department of the Treasury’s practice of garnishing Americans’ social security payments has on vulnerable student loan borrowers in default. Then earlier this month, the Consumer Financial Protection Bureau (“CFPB”) released a Snapshot report describing the increasing student loan debt that older consumers are carrying, as well as how the increased debt burden is impacting borrowers’ later life financial security. The takeaway from both of these reports is that student loans are threatening the financial security of an increasing number of older Americans.
To read the complete post, click here.