Garnishing SS

[CarlV]

Ouch!

Under federal law, benefits can be attached and seized to pay child support and alimony obligations, collection of overdue federal taxes and court-ordered restitution to victims of crimes. Benefits also can be attached for any federal non-tax debt, including student loans.

It seems the student loan crisis isn’t just for young people. The GAO found that 706,000 of households headed by those aged 65 or older have outstanding student debts. That’s just 3 percent of all households, but the debt they hold has ballooned from $2.8 billion in 2005 to about $18.2 billion last year. Some 27 percent of those loans are in default.

If you're among the 191,000 households that GAO estimates have defaulted, your Social Security benefits can be attached and seized.

Carl

[Dondilion]

Student loan has to be repaid.

[donquixote99]

Generally 15% per month is the amount taken for student loans, old tax debts, etc.

[Ike Bana]

Originally Posted by Dondilion

Student loan has to be repaid.

Of course, but the system is fucked. The whole educational system in this country is fucked sideways...but I suspect you and I might differ a smidgen regarding the primary causes.

[BlueStreak]

Originally Posted by Ike Bana

Of course, but the system is fucked. The whole educational system in this country is fucked sideways...but I suspect you and I might differ a smidgen regarding the primary causes.

Yes, it is.

Dave

[Rajoo]

Originally Posted by Ike Bana

Of course, but the system is fucked. The whole educational system in this country is fucked sideways...but I suspect you and I might differ a smidgen regarding the primary causes.

Agreed. Student loan rates are way higher than mortgage rates with no reliable mechanism in place for collections.

http://www.forbes.com/sites/maggiemc...5-school-year/

[merrylander]

And quite frankly even some professors are beginning to state that a university degree is not worth the cost. That is because they are simply turning out trained seals for business, not teaching people how to think.

[Ike Bana]

Originally Posted by BeamOn

Agreed. Student loan rates are way higher than mortgage rates with no reliable mechanism in place for collections.

One of the worst problems is that student loan paper is bought and sold like every other kind of loan paper. Sometimes the providers are decent, sometimes they're not. Sometimes they don't last in the business very long.

My niece is a PhD classics professor...classics in Latin and Greek. She's got a ton of loan debt from the years it took to get her PhD. When she got her state university job, she enrolled right away in the federal student loan forgiveness program and has spent 7 years working there to fulfill the 10 year requirement of employment in a state funded institution, for full loan forgiveness. Her paper has been sold and bought and sold 5 times in 7 years. This spring she received notice from the current lender that because she failed to fill out a renewal form three years ago, she is no longer enrolled in the forgiveness program. I believe her when she says she never received any paperwork from the lender at that time...the lender that allegedly send the form went belly up and there is no way to contest it. The lenders have paperwork obligations to the government to maintain their standing...some get it done, some don't. So she's screwed and stuck in her current position. She's had opportunities to move on to tier one classics programs in several private universities...and now she can't for another decade. And she can't afford the legal costs to take it to court.

The US student loan aid system is shit all the way around.

[nailer]

Originally Posted by merrylander

And quite frankly even some professors are beginning to state that a university degree is not worth the cost. That is because they are simply turning out trained seals for business, not teaching people how to think.

A thinking populace is dangerous to the powers that be. The student revolt of the late 60s/early 70s demonstrated this, and our public education system has been going downhill since.

[Dondilion]

Originally Posted by Ike Bana

One of the worst problems is that student loan paper is bought and sold like every other kind of loan paper. Sometimes the providers are decent, sometimes they're not. Sometimes they don't last in the business very long.

My niece is a PhD classics professor...classics in Latin and Greek. She's got a ton of loan debt from the years it took to get her PhD. When she got her state university job, she enrolled right away in the federal student loan forgiveness program and has spent 7 years working there to fulfill the 10 year requirement of employment in a state funded institution, for full loan forgiveness. Her paper has been sold and bought and sold 5 times in 7 years. This spring she received notice from the current lender that because she failed to fill out a renewal form three years ago, she is no longer enrolled in the forgiveness program. I believe her when she says she never received any paperwork from the lender at that time...the lender that allegedly send the form went belly up and there is no way to contest it. The lenders have paperwork obligations to the government to maintain their standing...some get it done, some don't. So she's screwed and stuck in her current position. She's had opportunities to move on to tier one classics programs in several private universities...and now she can't for another decade. And she can't afford the legal costs to take it to court.

The US student loan aid system is shit all the way around.

I am sorry about what happened to your niece. Apparently there are some
unscrupulous %^&*# hustling the student loan system.

I have great respect for people in the classics. Every now and then I read a
little Latin just to reconnect and keep the old brain active.