Man in His 50s Gets Student Loan Forgiven After He’d Already Paid It Off

Despite making payments for more than twenty years, 58-year-old Steven Perry was surprised to learn that his school loan debts would be erased.

Perry continued his studies in graduate school to earn a teaching credential after graduating with a liberal arts degree in the early ’90s. He has spent the last three decades in education, both in the classroom and in administrative roles.

For both of his degrees, Perry took on student loan debt. Though he put his loans on deferment, he still couldn’t pay them off with his salary. Despite the fact that he was exempt from making payments during this period, interest was still building up, and his debt increased. Documents reveal that his account showed a balance of more than $110,000 in 2023. He asserted that this sum was more than what he had borrowed initially.

Perry has lately filed for the Public Service Loan Forgiveness program, continuing his job in the charity sector. Government and nonprofit workers who have paid their student loans on time for ten years are eligible for this program’s debt forgiveness benefits. However, Perry was unable to obtain any relief through PSLF owing to several bureaucratic issues; hence, he opted to give up hope of receiving debt relief.

He was taken aback on August 16, 2023, when his student-loan servicer, Aidvantage, sent him a note that read: “Congratulations!” Below is a list of federal student loans that the Biden-Harris administration has forgiven in full through Aidvantage.

The Education Department made one-time modifications to borrowers’ accounts to bring their payments on PSLF and income-driven repayment plans up to date, which is why they felt relief. Perry said that, prior to getting the letter, he was unaware of the modification. He went on to say that a lot has changed because of this relief and the PSLF relief his wife got not long ago.

Taking out student loans enabled him to seek a higher level of education and enjoy the benefits that came with it; hence, he does not regret doing so.

Perry shared his one regret regarding his financial selections as he reflected on his school career. Because of the escalating interest, his balance went down after he put his loans into forbearance.

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