In Obama’s War on Seniors: some losing part of their SS check to repay defaulted student loans

coachisright.com ^ | AUGUST 24TH, 2012 | Derrick Hollenbeck, staff writer

[jmaroneps37]

Barack Obama’s war on America’s 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.

Obama’s 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 retiree’s benefit payment at about $1,234, the monthly bite could be nearly $190.00.

What’s worse is that many seniors don’t realize that they are still liable for their student loan payments even though they have been pushed out of the working mainstream by Barack Obama’s 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…

[zerosix]

Hey Obama

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,

U.S. Taxpayer

[PLMerite]

“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.

[ataDude]

I agree. They signed, they owe. Period.

[PA Engineer]

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.

I agree and it is much worse than this. During my Daughters orientation they sent all the parents off to an auditorium for a presentation. They laid the BS on thick.

First, they told the parents (who are paying the tuition) that it is their child's decision as an adult on what to major in. Really?

Second, they explained that college is really expensive and the students may have to take out loans. Again, I'm shaking my head. Why?

Finally, they flat out promoted fraud. They explained that parents and grandparents could cosign the loans. They further explained the parents could default legally on them by becoming disabled. This was stated by the assistant dean of general studies.

At that point the back two rows, including myself walked out of the auditorium. I was furious.

I have mentioned previously about my wife being a Neurologist. When I told her about this she went ballistic. It seems she has been asked repeatedly to fill out disability forms for this very reason. We saved and pay cash for our daughters major on the condition that the major be employable and she maintains a 3.5 or above. Happily she has chosen Petroleum and Gas Engineering with a Math minor as Her course of study.

I do not have sympathy for those caught up in this now.

[douginthearmy]

Happily she has chosen Petroleum and Gas Engineering with a Math minor

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.

[Kenton]

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.

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.

[PA Engineer]

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.

True. They are grabbing these students strait from graduation at 90K+. In western pa we are sitting on top of a new saudi arabia. If Romney gets in, then she will be working and staying close to home. If not, I'm afraid the Russians or the Chinese will be demanding her services. Sadly, that will be the only option for her. We are just happy she decided not to go into premed.

[vpintheak]

Obama sez, “You old folks Can go pound sand!”

[jmaroneps37]

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.