Student Loans – Lose Social Security Benefits If You Don’t Pay

college financial aid loans Being a student entails a challenging experience most especially if your parents are not able to provide you with your needs in school. For this reason, a lot of students nowadays are engaged in student loans in order for them to pay their tuition or buy the stuffs they need. This situation is rampant in most schools so the Supreme Court has decided to make social security benefits as a way of repaying student loans. There’s no reimbursement for you! More people today especially parents and guardians borrow money just to send their students to school. Usually, it takes place the most to college and graduate school students. Sad thing is the money they spent for schooling didn’t get back. Unfortunately, the failure to pay the borrowed money can eventually result to slow job market, health problems with the person involve or even failure to finish school. Last December 7, 2005 the US Supreme Court has decided to help out people especially those who are behind in paying their loans. The Supreme Court in Lockhart v. United States was requested to regulate on whether the federal government could take hold of the security benefits to cover up outstanding student loans. For instance the case of James Lockhart who is a disabled man, he takes a legal action to prevent the government from cutting his monthly allowance worth $874. Lockhart is just a simple man who lives in public housing in Seattle. He suffers from heart problem, diabetes and other health problem issues. He fought for his rights in part of his check but sadly he didn’t make it, that’s why he is not ale to continue buying his medication and food. Unfortunately, the justices deviated with Lockhart. Under the federal law, there is a 10 year limit to accumulate student loans. Take into account the federal government who barred from tracking down crooked payers after 10 years. Social Security Act has given a protection so that the benefits cannot be take off as part of debt actions. In this case, the Supreme Court has intended such protection to be given only to private individuals, but not with the federal government. In summary, social security benefits are not safe anymore. I myself don’t have a problem with this rule. It is a must for you to really pay the money that you borrowed. Failing to do so may lead to deprivation of others having the chances. college financial aid loans