You retired after years of low income work that left you with an unpaid student loan balance; what did our compassionate government do? Obama says your loan should be forgiven; his bureaucrats however, reduce your Social Security pension to repay your balance. Feds Garnish Social Security Pensions for Unpaid Student Loans will explain it all to you.
Student loans have become, seems to me, a sort of government-made trap that is helping to destroy the middle class. Government–local as well as Federal–has dumbed down the high schools so a diploma is now worth less on the job market. A high school grad used to know something. But in pursuit of promising everybody a college education (whether qualified or not) the college bachelor’s degree has replaced the diploma, except of course, it’s worth less than the diploma was in elder days. Too often, its’ worth nothing. A scam.
The lure used to be: higher wages for college grads. Still true for techies and such but most folks sucked into colleges are steered into useless subjects and even there, many never complete the courses but do run up debts. Colleges are left with money, students are left with debts and no jobs, a situation now increasing as the economy fails. Government is left with a chance to reduce your retirement, such as it will be. Thanks for the helping hand!
No shortage of irony here: Government reduces the value of your high school diploma and makes up for it by funding your college…with a loan that reduces either your earnings post- college (supposed to be more on account of the college education) or your retirement if you never made enough to repay it while working. And it does this in the worst economy since the Great Depression that has recent college grads among the most unemployed.
I’m from the government; I’m here to help you, right?