Karin Engstrom, 82, poses for photos at home, Wednesday, Sept. 27, 2023, in Seattle. Engstrom recently had student loans forgiven. She'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. – Karin Engstrom thought she’d be paying off her federal student loans for the rest of her life.
“Info: Your student loans have been forgiven,” the letter read. “Congratulations! The Biden-Harris Administration has forgiven your federal student loan listed below with Edfinancial Services in full.” “I didn’t realize what a lift I would get,” Engstrom said, of the moment of realization. “I thought it would be forgiven when I died.”
She worries, though, about her nephew, who's looking to go to college part-time, which means he'll be taking out private loans, rather than public ones.Vener-Saavedra said her debt had made it difficult for her to build credit or get a loan to buy a car in recent years. Attempting to get a mortgage, she eventually turned to a “fly-by-night” company and asked her sister to act as a co-signer, which affected her sister's credit, she said.
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