Today President Biden unveiled the online application for student loan relief up to $20,000 if you have had a Pell Grant, and $10,000 otherwise within income limits. I know I am one of millions who are not high income and can benefit from cancellation of old, old, old federal student loans (I have three Stafford Loans).
I have previously written about my situation and how, after being illegally terminated back in 2008, was never able to get back on track financially and be able to pay off the entire loan, which ballooned some $4,000 over the years thanks to capitalization. All but about $2,500 will be forgiven, presumably, and I will be able to pay this off in a matter of months.
It is one thing if I were young and had decades to pay it off, but it is quite another to be pushing 70 and still having these old debts. Age discrimination is a bitch in the labor force even now with all the job openings. It is rampant, especially in the teaching field.
I might even be able to get my credit where it should be. I have had a history of lousy credit since the late 1990s.
Many others have worse stories. I am lucky in that I was very stubborn during most of my academic studies not to take out any student loans. I paid for everything until towards the end of my first licensure master's program in education, which meant I had to take all the graduate courses, plus all the undergraduate education courses, plus student teaching, the student teaching being the main reason I took out student loans. There were limitations on outside employment while doing it, and I had an apartment and bills to pay.
I don't think I really need to justify my applying for debt relief. I feel once this debt is out of the way, retirement may actually become a reality.
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