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kckoala48

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Fixed Income--SSA & SSD
I was told through a Debt Settlement group that credit debt could not be taken out of the elderly's fixed income because they will not be getting cost of living raises anymore. It is illegal to take money from Social Security programs used by the elderly as income. Kathleen Conner

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Partially correct.

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My cost of living increases for VA pension are tied to the same index as Social Security.  So far, I have not heard anything saying there will be no cost of living increases forever.  We usually find out what the COLA will be in October, so I don't sweat it until after then, maybe. 

Social Security CAN be taken for repayment of any federal debts and for child support.  This federal debt includes student loans that may not have been paid off before then.  All of the money can't be taken but it is still not totally exempt from being taken for federal debts since it is a federal program.

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Disability Discharge

For Federal Student Loans, there is a program where if you are on SSDI, you can apply for a Disability Discharge.  Any Federal Student Lender can explain the program,  the requirements and can tell you how to apply.  If approved for the Disability Discharge and you continue to meet the federal requirements for the next three years, Federal Student Loans are forgiven.  The same is not true for Private Student Loans.

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