Posted on 02/16/2024 11:36:08 AM PST by frogjerk
The U.S. Department of Education has been reviewing the accounts of borrowers who have been in repayment for decades to see if they are eligible for forgiveness.
Marlon Fox, a chiropractor in North Charleston, South Carolina, is one person to benefit.
In August, he learned that his more than $100,000 student debt balance had been canceled. He’d carried the debt for 35 years.
Shortly after Fox heard that his student loans were forgiven, he received a payment from the government for $56,801.
A $60,000 debt that only grew In the 1980s,Fox borrowed roughly $60,000 to attend the Palmer College of Chiropractic. Shortly after he graduated, his monthly student loan bill was around $1,000. Early in his career and just starting a family, he struggled to come up with that sum.
... After his father had a stroke, Fox became his main caregiver and was forced to pick up his expenses and debts. Things got even harder.
... At times, Fox enrolled in forbearances, which caused his balance to mushroom. This option for struggling borrowers can keep loans on hold for up to three years, but interest continues accruing. The interest rate on his federal student loans was over 8%.
...
Fox lived frugally and made payments on his student debt whenever he could. ...
Since 1988, Marlon Fox has been paying down his federal student debt.
He didn’t see an end in sight. Then, on Aug. 25, 2023, an email popped up in his inbox with the subject line: “Your student loans have been forgiven!”
... His $119,500 balance was reset to zero.
... “I couldn’t believe it,” said Fox, 65, a chiropractor in North Charleston, South Carolina. “I’d been battling this for so long. I’ve been on cloud nine ever since.”
(Excerpt) Read more at cnbc.com ...
This guy couldn't come up with lets say $5k a year in payments?
average income for a chiropractor in SC is around 84k. He should have been able to pay his debt.
Printed, fiat money, issued by a central authority.
Fix that, and you destroy the left and its 10,000 social engineering schemes
That’s a lot of our tax money to buy one vote.
“Everything that’s up is down;
All that is down is up.”
ERF!
We’re In The Money by Ginger Rogers in Gold Diggers of 1933
We’re in the money
The sky is sunny
Old man depression, you are through you done us wrong, oh
We never see a headline
‘Bout a breadline today
And when we see the landlord
We can look that guy right in the eye
Oh, we’re in the money
Come, on my honey
Let’s lend it, spend it, send it rolling around
Just another sign that NESARA/GESARA are underway
I sold my house to go to graduate school instead of borrowing money . Biden should buy me a replacement house!
>> Fox lived frugally and made payments on his student debt whenever he could.
What a load of BS
do you recall the student loan rates at the time?
Why should he? The government doesn’t pay theirs…
Back in the 80’s, the law was that he could have declared bankruptcy five years after leaving his university. From memory, that changed to seven years under Bush, Sr., and then disappeared under Clinton. People here think that it is unfair that his debt was forgiven. It’s a fair point that the government should not change the rules on people after signing a contract to which the government is a party. The legality of all of this may be disputed in the next administration. This was done under the Biden Regime expansive interpretation of congressionally authorized student loan repayment plans. It may not get upheld in court.
I’m in the wrong business.
All of this in violation of a Supreme Court ruling.
He strategically chose to hold the debt. Many Dr do this. No loan forgiveness for anyone. I worked my tail off to get my daughter through college debt free. I really resent this. She is now helping her husband get through graduate school with zero debt. We are a very middle class family. It seriously ticks me off.
There are many examples of people just being stupid about their loans and crying about it, but there are not a few where there is predatory lending and over-the-top results.
Chiropractors make a ton of money. I looked up his bio. He is an avid runner. So he has a dozen hours per week to jog but no time to work off his debt.
Forgiven debt. Any comments, IRS?
Another reason to kill the Fed Dep of Ed.
“What a load of BS“
He didn’t pay it off because he didn’t HAVE to pay it off. There was no pressure anyone could bring to make him prioritize it.
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