Student Loans And Social Security

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Student Loans And Social Security

punlonnjack Rep Points: 170

Posted on May 2, 2009 at 1:24 pm

does anyone know if a person owes student loans if awared a settlement from ss will the goverment take it away from you to pay student loans?

Jim_Bob (Guest) Rep Points:

Posted on June 21, 2009 at 4:24 am

Definitely confirm this with a lawyer or legal aid, but my guess is: yes, if your student loan debt is in collections and the loan was federally secured.

Steven Rep Points:

Posted on June 21, 2009 at 7:36 am

The Debt Collection Imrovement Act of 1996 permits US government agencies to garnish social security to collect on social security debts. This is of course depending on whether or not the debt is federally secured (if so then yes they can). Prior to the passing of this act, social security benefits were entirely exempt. It is my understanding that now, the maximum yearly exemption for social security is $9,000.

Steven Rep Points:

Posted on June 21, 2009 at 7:36 am

I apologize for the double post. I meant to say allows them to collect on student loand debts of course.

wendypollman Rep Points:

Posted on August 30, 2009 at 9:47 pm

k (Guest) Rep Points:

Posted on September 8, 2009 at 4:42 pm

Lauren (Guest) Rep Points:

Posted on September 18, 2009 at 10:24 am

Hey there,I'm not really sure about the answer to that question but through a bitof research I found a helpful website that you may wanna look at:Wells Fargo Backstage - http://backstage.wellsfargo.com/. It's really well laid out and user-friendly. Not to mention, it covers all aspects of finances from a student standpoint, which makes all the info on there relevant and most importantly, pertinent to you. Hope it helps!Good luck