For people struggling to pay back their student loans, debt forgiveness can be absolutely life-changing. This was the case for 65-year-old Marlon Fox, who has been making payments since 1988. He’d borrowed $60,000 so that he could complete his education at Palmer College of Chiropractic. Unfortunately, he had trouble paying off the loan after school, and the longer he remained in debt, the more damage his 8% interest rate incurred.
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Fast forward to the present, and Marlon Fox owed $119,500 in student loans. He’d been trying to pay them off for 35 years. He worked tirelessly as a chiropractor, but circumstances beyond his control made it difficult to put his earnings toward his debt. First, he had a family to provide for. Then, he had to take care of his father after the elderly man had a stroke. This included picking up the tab for his dad’s needs as well as those of his own wife and kids.
Marlon Fox had reached retirement age, and there was still no way he could pay off his debt. However, one day he received an email explaining that he now owed nothing due to student loan forgiveness. In fact, the government actually paid him back $56,801, according to CNBC! This was thanks to the Biden administration’s loan forgiveness initiative, which included investigating and canceling debts for individuals who had been making payments for a couple of decades or more. As it turns out, Marlon had actually paid $200,000 toward his loan over the years!
After 35 years, he got $119,500 in student debt forgiven. Then the government refunded him $56,801 https://t.co/O8To7wGz24 In August, Marlon Fox learned that his more than $100,000 student debt balance had been canceled. He’d carried the debt for 35 years.
— Jim Pavia (@jimpavia) February 17, 2024
While student loan forgiveness has certainly lifted a huge weight off Marlon Fox’s shoulders, his financial troubles are far from over. He told CNBC that retirement is most likely not in the cards for him.
“I’ll probably always work,” he said.
However, at least now he’s able to take a vacation for once. Marlon and his wife are heading to Maui for a week, where they’ll soak up the sun along with a newfound sense of freedom following his student loan forgiveness.
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