Financial Musings of a Burbank CPA: Social Security check disappears because of old student loan

If  you have an old student loan you defaulted on, don’t be surprised if  The Department of Education starts taking part of your social security check to pay it off.  Look at this article by Jillian Berman in MarketWatch for more details on this:

www.marketwatch.com/story/when-your-social-security-check-disappears-because-of-an-old-student-loan-2015-06-25

As unfair as this might be, just remember that you took out a loan for college and it is fair to expect the government to want that loan to be paid back.  There may be some remedies as the article says, but a debt is a debt and this may be the best way to get rid of it unless you can make a better deal with the Department of Education.

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