The Student Loan Debt Forum | The College Investor

Student Loans => Ask a Question => : Terry101 17, 2019, 07:32:21

: Social Security offset garnishing
: Terry101 17, 2019, 07:32:21
I owe 200K Parent Plus Loans and am in default  15% of my SS income is being taken out each month.     Is that the maximum the govt can take out?  If I consolidate the payments would be 1000 more per month. Am I better off just letting the offset (439.00) per month be taken out? 
: Re: Social Security offset garnishing
: TheCollegeInvestor 17, 2019, 09:02:37
Yes, 15% is the most they can take of your Social Security, but other government payments are free game. For example, they can take 100% of your tax refund.

The offset will never make much impact on your loan debt, so you're usually worse off with the offset than rehabilitating your loans and getting on an income-driven repayment plan.

If Social Security is your only income, getting on ICR for your PLUS loan should make a big difference.  Read this:

Then read this: