Monday, February 8, 2016

Student loan debt can be garnished from your social security money

I cannot pay my tuition and living expenses. Is there any way to lower or work off college debt? I am 58 years old.


Suze Orman: You have to understand that student loan debt does not go away. They have the legal authority to garnish your social security check. 

So, you have got to get the word "can't" out of your vocabulary. You might want to think about getting a job at a non-profit organization because if you do, you then can pay back your student loan debt under the IBR method and after 10 years, it's totally forgiven. Then, at 68, if you want, you can claim full social security. No student loan payment + extra income from social security should help you a lot! 


Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.