In the year through September 2015, about 114,000 Americans age 50 and older had their Social Security benefits reduced to offset defaulted student loans. That figure—which includes 38,000 people age 65 or older—has risen 440% since 2002.
The report highlights the growing number of baby boomers who are entering retirement with student debt, many of them in default on loans from decades ago. About 4 in 10 borrowers whose Social Security checks were garnished have held the debt for at least 20 years, the report said. Most of the borrowers took out the loans to pay for their own educations, though a big share borrowed to help pay for their children’s schooling.