Member-only story
Thank You, President Biden!
His American Rescue Plan Act of 2021 saved my butt!
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I made the decision to go into debt back in the early 2000s to put my daughter through college. I was able to start paying the loan back once she graduated in 2009. But a few years later I was unable to. So, I went into forbearance for many years and then got on an income-driven (IDR) plan with monthly payments over several years of $0.
While the $0 monthly bill took some pressure off with respect to finding the money to start paying down the loan, this didn’t keep the interest from accumulating. The debt I undertook to make sure my daughter got a college education went from around $60,000 to $135,000 by the end of 2025.
I honestly didn’t know how I was going to get out of this debt. I’m 75, retired, and living on a somewhat fixed income. I figured my loan servicer would be hounding me right up to my transition into the great beyond.
HOWEVER (and that’s a BIG however),
… on February 12, I got an email from the Department of Education informing me that this debt had been partially or fully discharged and that I would hear from my loan servicer soon with the details.
