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A Government Accountability Office (GAO) report indicates that at least 114,000 Americans have had their Social Security benefits garnished because they could not make their student loan repayments.
Falling behind on your student loan debt can lead to significant financial consequences, including losing Social Security money. Learn More: America's Retirement Crisis: How Social Security ...
Consolidation loans combine two or more student and/or parent loans into one loan. They are an option for those who find themselves struggling with multiple student loan payments. Consolidation loans are available for most federal loan types, and some private lenders offer private consolidation loans for private education loans. [10]
High-interest debts — credit cards, private student loans and personal loans, especially payday loans — should generally be prioritized over extra payments toward student loans. Saving to Buy ...
According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15] The government combats this large outstanding balance with student loan forgiveness which come in several forms, the two most popular being Public Service Loan Forgiveness and Teacher Loan Forgiveness ...
The Social Security Advisory Board commissioned a study of the Social Security Administration's representative payee program and held a policy forum in 2020 on the topic. The study noted the difficulty SSA field staff face in determining the need for representative payees and finding suitable payees particularly when family members are not ...
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