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very old student loan , social security

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evafla
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very old student loan , social security  Reply with quote  

Please if someone knows......

I had student loan of about 6k in 1989 .
I did not pay it off . Stupid, but can not reverse it now .
Four months ago my ss started to be garnished , about 100 a month.

I even do not know/remember who was my lender .

Important for me question is ;

Are they done , or I still can expect attemps of going after my
another possesions , real estate in particular .

Thanks evafla
Post Mon Jan 23, 2017 9:03 pm
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oldguy
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Location: arizona
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quote:
Are they done , or I still can expect attempts of going after my
another possessions, real estate in particular .



As long as your SS garnishment stays current, they will not look further. If something interrupts the garnishments, their next step would be to confiscate your Tax refunds. But if your SS Check is less than $800/m they will lower the garnishment so that you don't go below $800.

The web site says that there about 3 million people over age 60 that are being garnished for defaulted Student Loans - I was surprised that there are so many. BTW, that's also why Student Loans cannot be included in a bankruptcy. Ie, 25 or 30 years ago kids would graduate with big Student Loans and then immediately file bankruptcy - (they were broke, they had nothing to lose).

The interest on your $6000 debt, for 28 years, is about $31,000. Fortunately your loan is fairly small, many kids today are running up $100,000 loans - and they are having to pay tremendous loan payments for 10, 15, or 20 years.
Post Tue Jan 24, 2017 12:41 am
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evafla
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oldguy , thank you very much

e
Post Wed Jan 25, 2017 4:09 am
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