Social Security benefits can be taken to pay student loans in default

Many individuals are not aware that Social Security benefits can be used to pay student loans that are in default. The Social Security Administration (SSA) can take up to 15% of a persons benefits to pay off defaulted student loans; however, it cannot take more than $750 a month or $9,000 a year to pay for defaulted student loans.For further details see the Fox Business article at https://www.foxbusiness.com/personal-finance/student-loans-default-diminish-social-security-benefitsRegrettably these defaults often impact retired parents who have taken out student loans for their children or Parent Plus Loans.
Jim Shenwick Esq.   212 541 6224   [email protected]