After nearly 30 years of consistent payments, Larry finally received student-loan forgiveness, a pivotal moment that allowed him to save for retirement and obtain health insurance.
Larry's financial burden was compounded when interest accrued during a forbearance period, leaving him with a student loan balance of $182,000 despite years of consistent payments.
I had to use whatever savings I had to make sure the student loan was paid first because I didn't want to ding on my credit report, which hindered my ability to afford health insurance.
Ongoing struggles with payments forced Larry into tough financial choices, but receiving loan forgiveness has fundamentally changed his outlook on retirement and financial stability.
#student-loan-forgiveness #financial-struggle #retirement-savings #health-insurance #income-driven-repayment
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