Search the internet for “student debt stories,” and you’ll easily find dozens of anxiety-ridden tales of student loan borrowers struggling to keep up with enormous debt balances that have swelled out of control due to compounding interest.
Eliason had her debt discharged through the Public Service Loan Forgiveness program, or PSLF. The federal program has a waiver in effect that counts previously ineligible past payments. Most borrowers who apply to Public Service Loan Forgiveness are rejected. The approval rate since the program’s inception in 2007 hovered around 2.4%, according to an analysis of federal data.
She finished law school in 2009 with $180,000 in debt. She then took out an additional private loan to help pay for her expenses while she studied for the bar exam. In September 2012, she began working as a legal services attorney earning $43,000 each year. Her payments were $600 a month. “It was unmanageable in the D.C. area,” she says.
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