From the
Texas Tribune:
If 69-year-old Lynda Sue Costley wants to shower, she has to go to a friend’s house. Her trailer, on a gravelly road outside Amarillo, hasn’t had running water since 2014 — when her husband died from cancer. She spent the little savings she had on his medical care, she said, and hasn’t repaired the burst pipe.
Costley works part time at a food bank, making $7.25 an hour, and said she stretches every dollar she has. But every month, she receives a letter in the mail saying the federal government is withholding $134 from her Social Security checks — the equivalent of 18 hours of work.
Like death and taxes, Costley may be facing another certainty in life: her student loans.
Although she attended college decades ago and made payments when she could, Costley’s debt has gone into default, swollen with accrued interest and been turned over to a collection company. She’s had her wages garnished and her income tax refunds withheld. Nearing 70, she still owes nearly $12,000 for classes she attended in the 1980s and 1990s — and her balance continues to be padded by interest and the debt collector’s costs. ...
Typically associated with millennials, the specter of student loan debt hangs over potentially thousands of retirement-age Texans, like Costley. Older Americans — ages 65 and over — were the fastest-growing demographic of student loan holders, according to a government report from 2016, and the most likely to be in default. ...
Student loan debts aren’t like other debts. They can’t be discharged in bankruptcy and Social Security benefits may be garnisheed to collect them. It’s time to change one or both of these.