Search the internet for “student debt stories,” and you’ll easily find dozens of anxiety-ridden tales of student loan borrowers struggling to keep up with enormous debt balances that have swelled out of control due to compounding interest.
Very few of those stories, however, end in total debt forgiveness. But that’s exactly what happened with Kristin Eliason, legal director at Network for Victim Recovery of D.C., or NVRDC, a Washington, D.C., nonprofit; she saw her $413,000 in student loan debt disappear overnight.
Eliason had her debt discharged through the Public Service Loan Forgiveness program, or PSLF. The federal program has a waiver in effect that counts previously ineligible past payments.
The original amount she borrowed for public undergraduate school and private law school was around $180,000, and the interest grew too quickly to pay down any of her principal over the years, she says.
Eliason describes watching her debt balloon without any certainty it would ever be…
This article was written by Anna Helhoski and originally published on www.nerdwallet.com