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The www.FedPrimeRate.com Personal Finance Blog and Magazine

Tuesday, May 03, 2005

Student Loan Default: Pay Back Those Student Loans or Else The Government Will Come After Your Social Security Benefits!

If you ever needed a good reason to start making payments on those student loans you've been neglecting, here it is:

James Lockhart has been told that he must repay the over $80,000 he owes in student loans, even though Lockhart is now past retirement age and his student loan debt is over 10 years old.

Student loan deadbeats: get out your checkbooks, fast!

Looks like Lockhart should have consolidated his student loans a long time ago. Now he has to contend with the most powerful government on the planet coming after his social security benefits. Yikes!

I sympathize with Lockhart but the bottom line is he should have made at least some effort to make payments on his student loans, just like the rest of us. If you want a free graduate school education, you'll have to move to England (and become a British citizen!)

I really wasn't surprised about this story. After the whole bankruptcy bill nonsense, I think the federal government is on a "get all the deadbeats" run this year. And the banks, credit card companies and other major lending institutions are all smiles about it.

Don't get me wrong: I'm not trying to come off as self-righteous here. In fact, I was the quintessential student loan deadbeat about decade ago. But I cleaned up my act, and I think Mr. Lockhart should as well. A part-time job for Lockhart? Maybe. He's old, has a heart condition and diabetes. But he was unemployed after 1981 and didn't work much after that. Hmmmm...All that education and not working for decades? Not a strong case, Mr. Lockhart!

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