A Gen Xer with $47,000 in student debt just got word his loans will finally be wiped out after nearly 3 decades of payments
Jason Harmon, 54, has been paying off his federal student-loan balance for nearly three decades. That might soon end., he had been paying off his $47,000 student-debt load for 27 years. After graduating from the University of Arkansas in 1995 with $26,000 in debt, he said he enrolled in an income-driven repayment plan that promised loan forgiveness after 25 years.
But that nightmare might soon be over. On July 14, President Joe Biden's Education Department sent an email to Harmon with the subject line:"You're eligible to have your student loan forgiven!" "It just means this great load from the last 30 years of my life is off my shoulders. And that's really the most important feeling that I'm going to get out of this," he said."My wife and I are in a position where things are tight, and that forgiveness isn't going to change our lives. It's just going to take another number off the long list of numbers we're paying on, and I don't think that's an unusual situation for Americans right now.
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