According to the CFPB, the number of borrowers age 65 or older who had their Social Security benefits seized — or «offset,» as it's called — because of defaulted student loans increased from 8,700 to 40,000 between 2005 and 2015. (traditionalira.com)
This is the latest in a series of regulation reversals since DeVos's appointment; last month, the Department of Education got rid of a rule barring debt collectors from charging huge fees on defaulted student loan debt. (studentloanhero.com)
In fiscal year 2015, Education collected about $ 4.5 billion on defaulted student loan debt, of which about $ 171 million — less than 10 percent — was collected through Social Security offsets. (gao.gov)