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Social security checks may get smaller


Posted on Mar 09, 2010


The U.S. can collect on defaulted loans by offsetting or withholding portions of Social Security or Disability checks. However, until recently, the federal government could not collect on debts more than 10 years old, except for student loans, which has no statute of limitations. Currently, the Treasury withholds benefits of 3.1 million Social Security recipients in order to pay off debts from student loans, farm and small business loans, unpaid taxes and similar debts to the federal government.

Under the 2008 Farm Bill, the U.S. can now collect on defaulted loans older than 10 years. The Treasury can withhold up to 15% of benefits, but cannot decrease benefits lower than $750 in order to repay debts. The Treasury expects up to $10 million increase in recovered debts annually from implementing the change.

The change does come at a difficult time for many Social Security and disability recipients. And while the legislation affects all ages, Social Security recipients make up a large and growing number of people from whom debt to the federal government is recovered.

Debtors can challenge their debt, but this is often difficult to do, especially when many do not have the funds to acquire legal help. However, the new legislation does require that debtors have access to review and make copies of their files, and have the ability to file for disability and hardship waivers.


























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