They got up to $70K in student-loan debt erased. Now they can save for retirement.

"A vacation might finally be on the horizon for Tammy Stinson. That's because after nearly 25 years of payments, Stinson's $70,000 student-loan balance has finally been wiped out. "I feel like I might be free now," Stinson, 52, told Business Insider. "I can actually live my life and hopefully retire before I'm 90." Stinson's student-loan forgiveness is a result of meeting her qualifying payments on an income-based repayment plan."

"IBR plans offer borrowers monthly payments based on their income, with forgiveness after 20 or 25 years, depending on when they first took out the loan. President Donald Trump's Department of Education paused IBR processing over the summer, citing ongoing litigation regarding repayment plans, which delayed relief for borrowers. In late September, however, borrowers who met the payment threshold began receiving emails from the department notifying them that they qualified for relief, and servicers began zeroing out borrowers' balances in mid-October."

"Stinson, who now works in consulting in Pennsylvania, said that after graduating with her bachelor's degree in economics in 2001 from St. Ambrose University, she struggled to find a well-paying job while raising her children. Her income fluctuated, and while she made her student-loan payments, they largely went toward the accumulating interest on her balance. She postponed buying a house with her husband until two years ago because she did not want to take on more debt."

The Department of Education resumed processing forgiveness for borrowers on income-based repayment (IBR) plans after pausing action over the summer due to litigation concerns. IBR plans set monthly payments by income and provide forgiveness after 20 or 25 years. In late September, borrowers who met payment thresholds began receiving notifications, and servicers started zeroing out balances in mid-October. Some borrowers had been uncertain whether relief would arrive. One borrower, Tammy Stinson, saw a $70,000 balance wiped out after nearly 25 years of payments and said the forgiveness enables greater retirement savings and financial freedom.

Read at Business Insider