IF I BORROW $$$$$ 2 GO BACK 2 SCHOOL CAN THE GOVERNMENT ATTACH MY SS IF I GET BEHIND IN PAYMENTS?

Question

I'M BORED & NEARLY BROKE...I'M WORRIED IF I TAKE OUT A GOV BACKED LOAN THEY MIGHT MESS WITH WHAT LITTLE MONEY I AM DUE FROM SOCIAL SECURITY??  IDEAS?  ADVISE?????

Anonymous · Accepted Answer

No. They cannot take your social security away in old age, but they can take any tax refunds you might have coming.

LO · Answer

Yes, if the only way they can get the money is from social security then yes they will take it. 

Have you looked into more schools. There are some schools that give discounts to seniors that make going to school close to free. I would ask around and look into more schools. You may not even need a loan.

You can also apply for a gran or scholarships. Grants and scholarships do not need to be repaid and are a great resource for people who don't want to take out loans.

Achelios · Answer

Oh yes they can & will garnish your SS

They can & will take 15% of your benefit... and as long as they leave you with @ $750 per month, the you are stuck dealing with the reduction in your social security benefit

http://www.nolo.com/legal-encyclopedia/default-student-loan-29859.html
http://www.thenewamerican.com/culture/education/item/12556-student-loan-debt-trims-social-security-payments-for-retirees

EDIT TO ADD: I also know a couple of retired people who's benefits are reduced because they had student loan debt

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IF I BORROW $$$$$ 2 GO BACK 2 SCHOOL CAN THE GOVERNMENT ATTACH MY SS IF I GET BEHIND IN PAYMENTS?

3 Answers