You Thought $10,000 was a Lot

3/6/23

In news to me over this weekend, I learned the cancelling of student debt is actually happening despite its illegality. Get this story told to us by an immediate family member.

The son-in-law of our friends has amassed nearly $1,000,000 in student debt. Yep, that is not an exaggeration. Between undergrad, dental school and then advanced education for a specialty (maxillofacial surgery), he has taken out loans totaling nearly 7 figures which he has been paying off $4000 a month at a time. We were told that he expected to be paying the loans off for some 20 years. He is now practicing medicine in Pennsylvania though we did not learn the nature of his practice.

Encouraged by a friend, he submitted a request for relief under the “Public Service Loan Forgiveness” program (PSLF). Again, according to the in-laws, the son was shocked when he got a form letter from the government telling him he no longer owes the balance of his loans totaling over $800,000.  Our friends were unaware of what “public service” work he had done to warrant the dismissal.

Our government working with our money.