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Can Receiving A $20,000 Loan Affect My SSI benefits?
Can Receiving a $20,000 loan affect my SSI benefits?
Hi. Yes. Supplemental Security Income (SSI) is needs based, and you can't qualify for SSI payments if you have countable assets in excess of $2,000. The SSI rules are complex, though, and the actual effect that receiving a loan of $20,000 would have on your SSI eligibility would depend on what you do with the money. You should discuss your plans with Social Security to get a more personalized answer to your question.
By the way, Social Security benefits are not needs based, so receiving a loan of any amount wouldn't affect a person's Social Security benefits.
Best, Jerry
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May 1, 2021