Recently a mind boggling General Account Office (GAO) study revealed that 105,000 Americans had their Social Security benefits garnisheed due to unpaid student loan debt. The New York Federal Reserve reveals that two million US Americans over sixty are still paying off $36.5 billion in student loan debt. Over eleven percent of this debt is in default.
According to banking reform advocate Ellen Brown, some seniors incurred this debt by co-signing student loans for children or grandchildren. However a lot was incurred by middle-aged workers going back to school in the hope of finding employment in a bad job market. What they have wound up with is something much worse: no job, an exponentially mounting debt that cannot be discharged in bankruptcy, and the prospect of old age without a social security check adequate to survive on.
John F Kennedy’s Vision
It took me twenty years to repay the…
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