Skip to comments.In Obama’s War on Seniors: some losing part of their SS check to repay defaulted student loans
Posted on 08/24/2012 8:29:29 AM PDT by jmaroneps37
Barack Obamas war on Americas seniors knows no limits. The Treasury Department is withholding part of the Social Security monthly payments of about 115,000 seniors because they have fallen behind on student loan payments. There was a time when Social Security benefit payments were untouchable, but that is a thing of the past.
Obamas War on Seniors is growing at such a rate that the number of effected seniors has almost doubled in just the last year. These size of the payments being withheld are not insignificant.
Depending on the circumstances some run up to as high as 15%. With the average retirees benefit payment at about $1,234, the monthly bite could be nearly $190.00.
Whats worse is that many seniors dont realize that they are still liable for their student loan payments even though they have been pushed out of the working mainstream by Barack Obamas fiscal policies.
Thanks to younger relatives, often grandchilderen, who are out of work and unable to repay these loans (for the same reasons their elders are either retired or working as Walmart greeters), people who never set foot in a college classroom are having to suffer these reductions in their small Social Security benefits.
New Jersey attorney reports he has represented six clients in last two years who have fallen into this repayment trap because they co-signed a student loan application for a grandchild.
Still others have gotten into trouble because, in an attempt to improve a personal resume, they took out a student loan for Graduate school degrees that ultimately came to naught.
attorney tells of working with 83 year old veteran co-signed to cover the tuition of his son in e 1990s only to find that because both of them have fallen behind
(Excerpt) Read more at coachisright.com ...
They’re being held responsible for their debts, what a concept.
If you take out a loan and fail to pay, your wages/social security are attached to pay for those loans - good.
If you co-sign on a loan and fail to pay, your wages/social security are attached to pay for those loans - good.
Don’t take out loans you can’t afford to pay back, and never co-sign for loans you can’t afford to pay back.
Just ginning up support amongst Senior Citizens for Obama’s upcoming Student Loan Forgiveness proposal.
good. i’m paying off my school loans again. first time 1990 i paid the minimum because the interest rate was higher on my savings than the loan. now (another stint at school in 2000s) it may be more cost effective to just lump sum pay off the rest. only a couple grand left.
What a novel concept, having to repay your loans. An what is more amazing is Freepers backing an Obama action.
This is a tough one.
That Generation believed in paying their debts
so this must hur them
and slide them into poverty.
NEVER co sign a loan for a relative or actually anyone Ever
and FYI our walmarts did away with greeters
but kroger still hire plenty of seniors.
War on Seniors... I get the idea of illustrating the left’s abuse of language by using it against them, but I think it is ineffective, immature and equally moronic as anything they say. Play tit for tat with a boob and you’ll always be the tat.
The "education mafia" has been escalating the costs for decades now. They have bankrupted families who were gullible enough to fall for the scam. Salaries of college and university employees have likewise skyrocketed, while the quality of education has plummeted. We now have "McStudy" degrees of every political boot camp stripe. Obama is robbing Social Security the same way his Treasury raided Federal retirement pensions during the budget crisis of last year.
The "Occupy" vermin who majored in "Gay-Bisexual-Transgendered-Feminst-Greivances" want someone else to pay their ten ton loan bills.
Yeah, but it's not necessarily "their" debt.
Back when the "seniors" were old enough to be in college, few people needed to take out college loans. The easy availability of government-subsidized student loans today has been matched by exponential increases in college costs, so that's not the case so much anymore.
I'd expect that these seniors are getting their SS payments cut because they co-signed for their kids' student loans, not because of student loans of their own.
I have a sister and brother-in-law caught in that trap, and neither of them went to college, but their kid ran up $100 grand in debt at Loyola of Chicago, and now she can't make the payments, so they are struggling.
Sounds like a conservative thing to do. Do we support deadbeats now on Free Republic?
Exactly - I despite Obama and his Klan of racist America-haters... but these “Seniors” have a debt they are responsible for. I see this as no different than garnishing wages...
If you don’t pay your income taxes the SS deduction doesn’t go into SS so you don’t get credit for those quarters to qualify either. You aren’t going to get away with not paying in and still taking out just because you are old and poor.
Hmmm...sounds to me like OBozo’s team is actually doing something right. ‘If you made the debt, you owe the debt...now pay up.’
“This is a tough one.
That Generation believed in paying their debts”
...time has passed by quickly. These “65” year olds were in school in the mid to late 60’s. “Great Society” entitlement mentality. I’ll bet if they took a closer look at these loafers they’d find left wing, wirey white haired Subaru driving hippies.
How about also deducting from paychecks to any and all government employees with outstanding student loans?
I know, I'm probably seeking some kind of equality that will never, ever exist but as I paid for those loans with my taxes, I'd like to see those deadbeats forced to repay the U.S. taxpayers.
I know that will never happen but I'm still hoping.
Hoping for Change in November,
“I’d expect that these seniors are getting their SS payments cut because they co-signed for their kids’ student loans, not because of student loans of their own.”
If you co-signed for it, it’s your debt.
I’m at that point where my life can best serve as a bad example for many things, but I knew to never co-sign a loan.
I agree. They signed, they owe. Period.
So if Romney wins, she is looking at a six figure salary once she has a couple years of experience under her belt. Of course, if Obama wins, she may be tried as a criminal and sent to reeducation camp to get her degree in Alternative Energy with minor in Pixy Dust.
Well, I'll double down on that, I certainly know better. I feel bad for the people who got caught in that trap because most of them were motivated by a desire to help their kids get a college education.
Up until about 2008, most people were confident that the economy would just keep chuggin' along like it had been, and that the kids would get good jobs after they graduated and pay off their own damn loans. But then we elected Obama, and you know how that's gone...
And now, four years later the loans are coming due.
Obama sez, “You old folks Can go pound sand!”
The point of this article is NOT - “Oh gee whiz people who co-signed a loan shouldn’t have to repay it.” The point is because of Obama some seniors and their grandchildren CAN’T repay the loans! The dopey kids that voted for Obama kept themselves from getting work when they graduated put their parents out of work AND put their grandparents BACK to work or kept them from retiring. The War on Seniors is Obama’s economic war on all of us, but it hurts those on fixed incomes the most.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.