“Nearly 40% of federal student loan borrowers aged 65 and older are in default.”
Student debt went from about $250 billion in 2003 to more than $1.7 trillion. Only 41% of students graduate in four years, and the college faces no consequence either way. Congress made the loans almost impossible to discharge, so the government garnishes Social Security instead, from 114,000 older Americans as of 2015. The school gets paid upfront. The borrower pays into retirement.