804,000 long-term borrowers are having their student loans forgiven before payments resume this fall

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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