The Trump administration has threatened, then revoked threats, to resume collections on federal student loans. A higher education expert, Mark Kantrowitz, told CNBC that if the administration proceeded with their initial plans, borrowers in default could see their Social Security benefits docked by as much as 15%.

During his campaign, Trump promised to eliminate federal taxes on Social Security benefits. While that measure was cut from the final bill, the majority of seniors are still set to receive a tax break.