This Debt Could Cause Millions to Lose Social Security Benefits

We don’t often think of seniors and student loans in the same conversation.

However, more older Americans than you might think have student loans. Specifically, over 3.5 million adults over 60 carry some amount of student debt.

In some cases, this debt was carried throughout life after deferred loans piled up with interest and fees. There’s also the fact that some people go back to school later in life, either to switch fields or pursue graduate programs.

As if the financial strain of these debts wasn’t enough, there’s an additional problem. The costs could cause the loan holders to have their Social Security benefits garnished or withheld. There’s a movement among legislators to act on this problem. What do you think the solution is? Should outstanding loan balances stand in the way of retirement? Share your thoughts.