CNN: Retirees’ Social Security garnished for student loans

CNN is reporting on a recent trend of retirees having their social security benefits garnished for stunt loans.  The article begins as follows:

What’s surprised Cohen lately is the increasing number of gray-haired people walking in his doors with a problem: A portion of their meager Social Security benefits are being taken by the government to pay for old student loans they had mostly forgotten about.

It’s a growing national trend. Last year, 156,000 Americans had their Social Security checks garnished because of student loans they had defaulted on. It’s tripled in number from 47,500 in 2006, before the Great Recession. That’s according to analysis done by the U.S. Treasury for CNNMoney.

via Retirees’ Social Security garnished for student loans – Aug. 24, 2014.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.