Student loan payments are due again for most borrowers soon, but some people who have been paying for years are having their loans forgiven.
WASHINGTON — Karin Engstrom thought she’d be paying off her federal student loans for the rest of her life. The 82-year-old was shocked when she logged on to check her balance ahead ofShe's one of 804,000 borrowers who will have a total of $39 billion forgiven under a one-time adjustment granted by the Biden administration. It's for people inwho have been paying back loans for 20 or 25 years but who never received credit for late or partial payments.
The letter listed two original federal loan amounts of $30,067.45 and $45,729.97 — now gone, along with accumulated interest that more than doubled her total. Engstrom worked until recently as a substitute teacher and teacher's aide, and had previously been a professional photographer.
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