Social security check can shrink for 450,000 older Americans in June over defaults of student loans; Payment dates to know | Today news

Nearly half a million Americans could see reduced payments in social security this month due to the overdue repayment of federal student loans, which raises concerns about the financial security of older adults on these benefits. Social security payments according to a report by Newsweek, 450,000 Americans of 62 years and older are currently failing to do their student loans. Many of these individuals depend on social security for their income. After a break on collections during the Coronavirus pandemic, the Trump administration began again on May 5 aggressive debt collection efforts, including automatic deductions of social security benefits under the Treasury OffSet program. The program enables the federal government to withhold up to 15 percent of the person’s payments for social security to recover default loans. For those who receive the average benefit of $ 1,976 monthly, it can mean a loss of almost $ 300 each month. Options to prevent them from worried about decoration have options to get back on track. Bethany Hubert, a financial assistance specialist at Earnest, told Newsweek: “First, reach out to your loan service. They can guide you through available options such as postponement, tolerance or setting up a flexible repayment plan.” Hubert also noted: “Programs such as revenue -driven refund can adjust your monthly payment to better match your budget.” Consequences of defaulting of the student loans have broader consequences beyond the decoration. Borrowers lose access to benefits such as postponement and tolerance, and they are not eligible for additional federal assistance, including Pell allowances and new loans. Credit results are suffering because defaults are reported to credit bureaus, which can damage the ability of lenders to finance large purchases or obtain credit. What is the following for student loans? Further changes can be on the horizon. The Trump administration is considering reports that delay the federal repayment of the student loan by reducing revenue-driven repayment options to just two plans. These proposals are part of the GOP’s One Big Beautiful Bill Act, which recently entered the House of Representatives. Social Security Payments: Here are when in June 2025, millions of Americans who rely on social security benefits can expect their monthly payments to come to a diverse schedule during June 2025, depending on their date of birth and the kinds of benefits they receive. Social Security Payment Dates for June 2025 The Social Security Administration (SSA) issues regular monthly payments for recipients of retirement, disability and surviving benefit, but the exact date varies when a person has received benefits and birth date. Here is an explanation of the payment time of this month: June 3: Beneficiaries who started receiving Social Security before May 11: Beneficiaries born between the 1st and 10th of any month June 18: Beneficiaries born between the 11th and 20th of any month: Beneficiaries who were put in one of the 21st and 31st of any month on 1 May 1997, Of the three of the three of the three of the three of the three of the three of the three of the three of the three of the three, are placed. their date of birth. SSI receivers received early supplementary security income (SSI) in June payments, which are issued to low-income seniors and people with disabilities, are usually paid on the 1st of each month. However, since June 1, on a Sunday this year, SSI payments have been paid out early on May 30, 2025.