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The disturbing trend of people losing Social Security benefits to student debt

To recoup student-loan debt, the government is leaving people who rely on Social Security with benefits that

fall below federal poverty guidelines, the Government Accountability Office said Tuesday.

The number of older Americans defaulting on education loans has steadily increased in recent decades, as many

have returned to college or co-signed loans for family members. Unpaid debt has resulted in the government

garnishing the benefits of 114,000 people age 50 and older in the past year, more than half of whom were

HauntedbyStudent Debt Past Age50

The experience of being crushed by student debt is no longer limited to the young. New federal data shows millions of Americans who are retired or nearing retirement face this burden, as well as the possibility of having their Social Security benefits garnished to make payments.

Why paying for college tuition can destroy your retirement

Over the years I have seen many retirement plans ruined, simply because substantial amounts of investment dollars, originally allocated for retirement, were used to pay for college education.

Why Senior Student Loan Debt Is More Complicated

With more sources of debt and fewer repayment options, seniors are nowthe fastest-growing age group for student

loan debt.

We’ve all heard about the dire straits today’s college students face

upon graduation: tens of thousands of dollars in student loan debt that

they may never be able to fully repay. But what about senior citizens?

The truth is, Americans aged 60 and over are in a financial situation

just as alarming.

According to the Federal Reserve Bank of New York, by the end of

My son's student loans are killing my retirement. What can I do?

Q. To assist our son in fulling his dream of becoming an Air Force pilot, we took out a Parent Plus loan to cover his tuition. We borrowed $90,000 over four years. Is there any write-off we can take? It's tough paying $1,200 per month and almost $1,100 goes to interest. It's killing my retirement.

-- Retirement-poor

A. You son is very lucky that you took out loans on his behalf.

Hopefully the day will come when he can help you with the payments.

Student loan debt crushes senior citizens

Americans older than 60 are saddled by student loan debt worth a whopping $86 billion — a figure that rose 161% between 2010 and 2017, the largest increase out of any age group, the WSJ reports.

The road to success is always under construction
– Lily Tomlin
"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
"If we don't change direction soon, we'll end up where we're going."
– Irwin "Professor" Corey
“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich
“What I would like to do... once I take care of all my kids' student loans, is buy a red 1965 Mustang and fully restore it.”
– Mike Quigley
"Nothing in life is to be feared. It is only to be understood."
– Marie Curie