Political Quotes

“Mr. President, today Senator Nelson and I are introducing legislation to limit the amount the Federal Government can garnish from Social Security benefits for unpaid student loan debt. Our bill would adjust the current $750 garnishment floor for inflation and index it going forward, to make sure that garnishments do not force seniors into poverty. According to a recent study by the Government Accountability Office, GAO, the number of borrowers who have experienced garnishments to Social Security retirement, survivor, or disability benefits to repay student loans has increased over time. In 2001, about 31,000 Social Security beneficiaries had part of their benefits garnished to pay defaulted student loans. In 2013, this number had grown to approximately 155,000 beneficiaries, an increase of 400 percent. The Debt Collection Improvement Act limits the amount the federal government can garnish from monthly Federal benefits. In 1998, this amount was set at $750 per month, and since then, it has not been raised or adjusted for inflation. This means that the federal government can garnish Social Security benefits so long as the beneficiary is not left with less than $750 per month. Fifteen years ago, this was above the poverty line, but as a result of inflation, the $750 limit now represents just 81 percent of the poverty threshold for a single adult 65 or older.…”