Lark Abelson would be already retired if it weren’t for her college loan debt.
The 63-year-old borrowed $5,000 in debt more than 20 years ago to attend Wor-Wic Community College in Maryland and earn an associate’s degree in computer technology to improve her and her younger daughter’s quality of life. However, she did not find employment in the field and continued to work in low-paying retail positions, which made it impossible for her to repay the loan. She repeatedly enrolled in income-driven repayment plans until defaulting a few years ago.
The student loan forgiveness by Biden’s administration will probably help many Americans like her.
Because the national govt has the right to deduct money from Abelson’s monthly checks to pay off the debt, the woman, who lives outside Ocean City, Maryland, was reluctant to quit her employment and rely solely on Social Security.
Millions Of American Parents Over 50 Will Benefit From Student Loan forgiveness:
Abelson now has renewed hope thanks to the government student loan debt relief program that President Joe Biden launched in late August. She hasn’t recently checked her balance, but she believes it will erase her debt. She has already expressed interest in being informed when she can request forgiveness and has begun applying for these Social Security benefits.
Like Abelson, approximately 9 million people with federal student loan debt are over 50. They make up approximately 20% of the roughly 43 million borrowers of federal student loans. So it is easily traceable how many American families will benefit from this student loan forgiveness.
Additionally, an increasing number of senior borrowers have student loan debt. Federal student loan data show that there are currently 1.6 million more borrowers over 50 in debt with federal student loans than in 2017.