Steven Eads borrowed around $25,000 in his 30s and 40s to get his bachelor’s degree in geology and then his master’s degree in environmental science. During the financial crisis, he lost his house and filed for bankruptcy. However, student debt is one of the few debts that are close to impossible to discharge in the proceeding.
When Eads’ son was diagnosed with cancer, he retired earlier than he expected to tend to him. His son eventually died.
During these difficulties, Eads put his loans into multiple forbearances, which are temporary postponements of payments, during which interest accrues. The 71-year-old man now owes more than $60,000, more than double what he originally borrowed.
“All that happened to me wasn’t their fault,” Eads said. “But it feels like the people who service the loans are putting obstacles in front of you.”
Source : CNBC
