It was bound to happen. Just as the lax attitude of the Law School Cartel steadily marched towards mutually-assured destruction due to increasing cost and terrible prospects, so has the student loan system begun to turn full-circle and prey upon those least able to pay:
The government has collected about $1.1 billion from Social Security recipients of all ages to go toward unpaid student loans since 2001, including $171 million last year, the Government Accountability Office said Tuesday. Most affected recipients in fiscal year 2015—114,000—were age 50 or older and receiving disability benefits, with the typical borrower losing about $140 a month. About 38,000 were above age 64.
The report highlights the sharp growth in baby boomers entering retirement with student debt, most of it borrowed years ago to cover their own educations but some used to pay for their children’s schooling. Overall, about seven million Americans age 50 and older owed about $205 billion in federal student debt last year. About 1 in 3 were in default, raising the likelihood that garnishments will increase as more boomers retire.
“I believe this is the tip of the iceberg of what may be to come if we don’t work harder on this problem,” said Sen. Claire McCaskill of Missouri, the top Democrat on the Senate Special Committee on Aging.
Wait, I thought it was only lazy, stupid Gen-Xers and Millennials who didn't want to work hard, were entitled, were deadbeats, wanted a trophy just for showing up, etc. Maybe these Boomers should show some initiative, go get a damn job, and pay their bills.
Except I can't really bring myself to say this with the venom I might like. While I and many. many others have had to deal with this sort of dismissive verbal abuse for decades, and it has taken some time for the truth to bear fruit, two wrongs do not make a right. Maybe the actual truth, a truth that the scamblogs have diligently proclaimed for some time now, is (1) that the last ten years (and more) have been hard on most everyone, and (2) that the cost of higher education has been a cost that has rapidly and disproportionately risen compared to the value actually received.
Further, I believe once you start garnishing social security checks, the ridiculousness and moral depravity of non-dischargable student loans are apparent for all to see. These people are not doctors who declared bankruptcy after medical school and now have enjoyed million-dollar salaries for decades, scott free - they are people who worked, tried to make a living, tried to support others, have varying degrees of disability, and yet still have the yoke of student debt affecting their retirement.
A failed small-business owner can declare bankruptcy, learn from what worked and what didn't, and try again. A student-loan debtor apparently carries the albatross around her neck for life. Meanwhile, in the irony of all ironies, the ABA has had to sue to enforce PSLF for its own employees. IBR and PAYE are increasingly in the crosshairs due to angry legislators who feel mislead. Now, get out there and "network."
Friends - do not go to law school. Costs are only increasing, prospects only get worse, and the student-loan "safety-net" touted by ScamDeans and LawProfs is actually no safety-net at all to graduates. Find something actually in demand and hopefully less financially onerous regarding the requisite education. Perhaps we will all have garnished checks in "retirement", but at least you can act to minimize the damage, now.