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As of 2023, Americans aged 60 and older hold approximately $125 billion in student loans, with around 452,000 borrowers aged 62 and older in default. Starting in June, the Trump administration will resume aggressive collection efforts that were paused during the COVID-19 pandemic, potentially impacting Social Security benefits for borrowers unable to repay their loans. Those receiving Social Security may face reductions in their benefits to cover outstanding loan amounts, whether they took out loans for their own education or to assist their children.
