Democratic lawmakers warn that millions of older Americans may lose some of their Social Security benefits if they default on student loan payments. Approximately 3.5 million Americans aged 60 and older hold over $125 billion in student loans, with nearly 40% of borrowers aged 65 and older having defaulted.
Millions of older Americans at risk of defaulting on student loan payments may lose some of their Social Security benefits, Democratic lawmakers said in a letter urging President Joe Biden's administration to act.Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., were among several lawmakers who wrote to President Joe Biden about the risk student loan borrowers aged 65 or older faced when they defaulted on payments. Roughly 3.
As much as $5 billion of student debt will be forgiven under the latest announcement, bringing the total number of people who have gotten their debt erased to over 3.7 million Americans. Starting in February, borrowers with as few as 10 years of payments who initially took out $12,000 or less for college had their remaining debts zeroed as long as they were enrolled in the SAVE plan. As of early January, as many as 6.9 million borrowers had already enrolled in the SAVE Plan, with more than 3.
Older Americans Social Security Benefits Student Loan Defaults Democratic Lawmakers Risk
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