Student loan borrowers will expect garnishment of Social Security benefits following the student loan payments resumption after a three-year hiatus.
Student Loan Borrowers to Expect Garnishment of Social Security Benefits Following Student Loan Payments Resumption
Some student loan borrowers would expect garnishment of Social Security benefits after the resumption of student loan payments following a three-year hiatus due to the pandemic as the resumption would trigger the federal government to reapply for garnishment of Social Security benefits to previous loan borrowers.
According to a report published in GO Banking Rates, the garnishment of Social Security benefits would reportedly reduce the monthly checks of student loan borrowers already struggling with the payment resumption, making it worse for them due to the possible garnishment of Social Security benefits.
With the garnishment of Social Security benefits, several student loan borrowers would expect lower monthly checks as the increasing interest rates would increase more with the garnishment of Social Security benefits.
Debt Relief Options to Protect Student Loan Borrowers Following Possible Garnishment of Social Security Benefits
Following the possible garnishment of Social Security benefits, lawmakers introduced bills and other debt-relief options to protect student loan borrowers and their eligible benefits, CNBC reported.
Student loan borrowers should also find other loan repayment options that would help them increase their monthly payments despite the garnishment of Social Security benefits and the increasing interest rates.
READ ALSO: 27 Million Borrowers Face Resumption Of Student Loan Repayments Amid Calls For Boycott
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