Latest news with #TreasuryOffsetProgram
Time of India
3 days ago
- Business
- Time of India
SSA june payments: When are social security payments sent out for June? See full 2025 payment schedule
Will you get Social Security payments in June? ADVERTISEMENT ADVERTISEMENT ADVERTISEMENT The Social Security Administration (SSA) announced an early disbursement of Supplemental Security Income (SSI) payments due to a scheduling adjustment in May. Since June 1 falls on a Sunday, SSI beneficiaries received their June payments on Friday, May 30. This early payment ensures that recipients have access to funds without delay, as the SSA does not issue payments on weekends or is a federal program designed to assist individuals with limited income and resources, including those who are aged 65 or older, blind, or disabled. In 2025, the maximum monthly SSI benefit is $967 for individuals and $1,450 for eligible couples. Some states may provide additional supplemental payments, which can vary based on individual important to note that while SSI recipients received two payments in May—on May 1 and May 30—there will be no SSI payment issued in June. Beneficiaries should plan accordingly to manage their finances throughout the month. For those receiving other types of Social Security benefits, such as retirement or disability, payments are scheduled based on the beneficiary's birth date:June 3: Beneficiaries who began receiving payments before May 11: Birth dates between the 1st and 18: Birth dates between the 11th and 25: Birth dates between the 21st and the SSA has reactivated the Treasury Offset Program (TOP), which allows the government to withhold a portion of Social Security benefits to repay delinquent debts, such as unpaid student loans. Affected individuals may see up to a 15% reduction in their monthly benefits, with a protected minimum payment of $750. Beneficiaries facing such reductions are encouraged to explore options like hardship exemptions, loan rehabilitation, or income-driven repayment plans to mitigate the ahead, similar early SSI payments are scheduled for:August 29 (for September)October 31 (for November)December 31 (for January 2026)Beneficiaries are advised to stay informed about payment schedules and any changes that may affect their benefits. For the most accurate and up-to-date information, visit the official SSA website at
Time of India
3 days ago
- Business
- Time of India
When are social security payments sent out for June? See full 2025 payment schedule
The Social Security Administration (SSA) announced an early disbursement of Supplemental Security Income (SSI) payments due to a scheduling adjustment in May. Since June 1 falls on a Sunday, SSI beneficiaries received their June payments on Friday, May 30. This early payment ensures that recipients have access to funds without delay, as the SSA does not issue payments on weekends or holidays. SSI is a federal program designed to assist individuals with limited income and resources, including those who are aged 65 or older, blind, or disabled. In 2025, the maximum monthly SSI benefit is $967 for individuals and $1,450 for eligible couples. Some states may provide additional supplemental payments, which can vary based on individual circumstances. ALSO READ: Monica Crowley mocked as 'Trump's clone' with orange tan and glowing white hair. Who is she? by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dukung Orang Terkasih Menghadapi Limfoma: Mulai Di Sini Limfoma Klik Di Sini Will you get Social Security payments in June? It's important to note that while SSI recipients received two payments in May—on May 1 and May 30—there will be no SSI payment issued in June. Beneficiaries should plan accordingly to manage their finances throughout the month. For those receiving other types of Social Security benefits, such as retirement or disability, payments are scheduled based on the beneficiary's birth date: June 3: Beneficiaries who began receiving payments before May 1997. Live Events June 11: Birth dates between the 1st and 10th. June 18: Birth dates between the 11th and 20th. June 25: Birth dates between the 21st and 31st. Additionally, the SSA has reactivated the Treasury Offset Program (TOP), which allows the government to withhold a portion of Social Security benefits to repay delinquent debts, such as unpaid student loans. Affected individuals may see up to a 15% reduction in their monthly benefits, with a protected minimum payment of $750. Beneficiaries facing such reductions are encouraged to explore options like hardship exemptions, loan rehabilitation, or income-driven repayment plans to mitigate the impact. ALSO READ: Will you get a refund for Trump tariffs after federal court's ruling? Check details Looking ahead, similar early SSI payments are scheduled for: August 29 (for September) October 31 (for November) December 31 (for January 2026) Beneficiaries are advised to stay informed about payment schedules and any changes that may affect their benefits. For the most accurate and up-to-date information, visit the official SSA website at
Yahoo
6 days ago
- Business
- Yahoo
Are You Among the Estimated 452,000 Americans Losing Part of Your Social Security Check?
The federal government has vowed to force repayment of student loans in default. Many of those who will receive smaller checks are expected to suffer financially. If you're concerned that you may be impacted, there are steps you can take. The $23,760 Social Security bonus most retirees completely overlook › As of this year, Americans 60 and older carry an estimated $125 billion in student loans. Therefore, it may come as no surprise that around 452,000 of those borrowers who are 62 and older find themselves in default. Starting in June, the Trump administration will begin aggressive collection efforts paused during the COVID-19 pandemic. Whether they took out a loan for their education or a parent loan to help a child, hundreds of thousands could soon receive smaller Social Security checks. If you're among those who've been unable to repay student loans and currently receive Social Security, there's a chance some of your benefits will be seized to repay the amount owed. Thanks to the Treasury Offset Program (TOP), the government can reduce your monthly benefits by up to 15%, although it cannot reduce your check to below $750. To add insult to injury, anyone whose check falls to $750 will find themselves $400 below the poverty threshold, a figure that has not been adjusted for inflation in 29 years. Experts say taking funds from those least able to repay them will likely lead to hardship, such as food insecurity and problems paying for utilities and medication. Student loan debt among older Americans can be traced back to a dramatic rise in the cost of higher education, a trend that has been largely unchecked and has forced more people to borrow greater sums. While a borrower might believe student loan debt can be discharged through bankruptcy, that's not automatically true. Unlike most consumer debt, student loan lenders have a long-standing sweet protection deal with the U.S. government, making it far more challenging for a debtor to get out from under. Many borrowers have already repaid the principal on their loans (sometimes more than once) but still owe money in interest and fees. Within his first 100 days in office, President Donald Trump signed an executive order calling for the dismantling of the Department of Education, a move that led to mass layoffs. However, a federal judge in Massachusetts has issued an injunction blocking the Trump administration's actions and ordering that fired employees be reinstated. According to NBC News, the administration has already vowed to fight the order. The fact that the Trump administration is fighting the order makes it difficult to gauge how long it may take to get employees back into Department of Education offices if the administration loses its appeal. In the meantime, the lack of employees makes it far more difficult for borrowers seeking answers about their loans. Some borrowers have already received notices informing them that the government plans to take money from their Social Security checks. Others will have notices sent to their last known address. However, a spokesperson from the Department of Education informed CNBC that borrowers might not get new notifications if they had previously been warned before the COVID-19 pandemic. If you currently receive Social Security benefits and have defaulted on a student loan, your first step is to contact your loan servicer. If you don't know who your loan servicer is, you can find out by logging in to view your My Aid page on the Federal Student Aid website or by calling the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243. Once you reach your loan servicer, they can guide you through your potential options, such as deferment, forbearance, or creating a flexible repayment plan. According to the Department of Education, it is possible to rehabilitate a student loan. Once done, the default status is removed from your loan, and the Treasury offset of your checks will be stopped. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. Are You Among the Estimated 452,000 Americans Losing Part of Your Social Security Check? was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Trump admin announces certain Social Security beneficiaries will face 15% cuts in June
Starting next month, Social Security beneficiaries who have fallen behind on their student loan payments face up to 15% garnishment of their payments. Earlier this month, the Trump administration announced student loan borrowers in default will be once again subject to the long-halted Treasury Offset Program (TOP). TOP is a collections process which allows the federal government to withhold money from payments such as tax refunds, federal salaries, social security and other benefits to pay off debts owed. Read More: Debt collection will soon start for defaulted student loans. Here's when. TOP was suspended at the start of the COVID-19 pandemic for delinquent student loan borrowers, and was not reactivated throughout the Biden administration for this group. According to Newsweek, TOP can offset up to 15% of Social Security benefits to pay back defaulted federal student loans, though, the benefits check cannot go lower than $750. In its May 5 announcement, the Department of Education (DOE) said about 195,000 student loan borrowers in default have started receiving official 30-day notices from the Treasury Department about the use of TOP. Read More: Billboards from Berkshires to Cape Cod highlight 'crisis' at Mass. community colleges DOE indicated the first monthly benefit checks subject to the offset are scheduled for early June, once the 30 day notice window elapses. By the end of the summer, DOE added that 'all 5.3 million defaulted borrowers will receive a notice from the Treasury that their earnings will be subject to administrative wage garnishment.' There are about 2.9 million people nationwide who are 62 or older owing federal student loans as of early 2025, CNBC reported, citing DOE data. A Consumer Financial Protection Bureau report from early January noted an estimated 452,000 borrowers in this category are likely to experience forced collections on their Social Security benefits. That report also warned that forced collections 'can push older borrowers into poverty, undermining the purpose of the Social Security program.' Read More: Trump's budget calls for $163B in cuts, hitting health care, education CNBC reported that the 15% offset is calculated from the total benefit before any deductions and that it encompasses both retirement and disability Social Security benefits. Borrowers in default who receive a TOP notice from the DOE should also receive information about how to challenge the collections if they can prove they are experiencing financial hardship or have a pending loan discharge, CNBC added in its report. Red Sox' Alex Cora preaches patience with struggling reliever Sexual assaulters in ski masks reported near Harvard Square; Cambridge police up patrols Key takeaways from week 4 of the Karen Read retrial Can Karen Read's defense call key witnesses prosecutors may not? Yes, but there's a catch Billionaire speaker gives Mass. graduates unexpected gift at ceremony Read the original article on MassLive.
Time of India
15-05-2025
- Business
- Time of India
Big blow to nearly half a million American as social security benefits to be confiscated
In what could be seen as a big blow to millions of Americans, social security beneficiaries will see their payments arrive a little later than normal this month. Millions of Americans who rely on Social Security could see some of their monthly benefits seized, starting in June, if they have defaulted on their student loan debts, reported Newsweek. The US Department of Education said roughly 2.9 million Americans aged 62 or older hold federal student loan debt and this number has seen a steady rise by more than 70 percent since 2017. More than 450,000 elderly borrowers are currently in default and potentially subject to benefit reductions, the report said. Social security benefits to be confiscated? The Trump administration has reinstated aggressive debt collection efforts that were put on hold during the COVID-19 pandemic. One key tool in this effort is the Treasury Offset Program (TOP), which allows the federal government to withhold up to 15% of a person's Social Security benefits to repay defaulted federal student loans . However, monthly benefits cannot be reduced below $750. 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Quote Undo ALSO READ: Chris Brown arrested at five-star Manchester hotel for smashing tequila bottle over music producer's head As of May 5, the White House has resumed using Treasury offsets for borrowers in default, which includes automatic deductions from Social Security payments. Live Events "Before the offset begins, a notice of intent to offset will be sent to your last-known address to inform you that the offset and negative credit reporting are scheduled to begin in 65 days," the Federal Student Aid website explains. "The notice may only be sent once, and offsets will continue until your debt is paid or the default status is resolved." A Department of Education spokesperson told CNBC that borrowers may not receive new notices if they were already warned prior to the pandemic: "The notice may be sent only once, and borrowers may have received this notice before COVID." 'These recovery practices aren't new—they've been used for more than 20 years,' explained Tom O'Hare, a holistic college advisor at Get College Going, in an interview with Newsweek. 'They were temporarily halted to support struggling borrowers during the COVID-19 pandemic and the remainder of the previous administration's term.' ALSO READ: Canada economy in big trouble just weeks after Mark Carney's win? Job data shows worrying sign According to O'Hare, a borrower is considered in default when they fail to make a payment on their federal student loan for 270 days. At that point, the loan is typically transferred from a loan servicer to a collection agency working on behalf of the federal government. This agency may pursue aggressive recovery measures such as wage garnishment and Social Security offsets. Despite the resumption of collections, defaulted borrowers still have options to regain control of their loans. 'The first step is to contact your loan servicer,' said Bethany Hubert, a financial aid specialist at Earnest. 'They can help explore solutions such as deferment, forbearance, or income-driven repayment plans that align your payments with your current financial situation.' Collections resumed on May 5, and benefit payments for June may be impacted by potential seizures. The Department of Education has not yet stated whether it will reassess the process or release another round of warnings. ALSO READ: Is Qatar's $400 million gold-plated gifted jet to Trump illegal? Who said what? Education Secretary Linda McMahon said in a piece for the Wall Street Journal: "If you are a student borrower with a federal loan balance and haven't been making payments, you must restart payments now." Student Borrower Protection Center (SBPC) executive director Mike Pierce said in a statement: "For five million people in default, federal law gives borrowers a way out of default and the right to make loan payments they can afford. Since February, Donald Trump and Linda McMahon have blocked these borrowers' path out of default and are now feeding them into the maw of the government debt collection machine. This is cruel, unnecessary, and will further fan the flames of economic chaos for working families across this country."
