Decades of Debt Vanish: Couple's $250K Student Loans Wiped Out

Ron and Marcia Rizzardi, a couple burdened with over $250,000 in student debt, have had their balance wiped out after nearly three decades of repayment. The relief came through President Biden's one-time account adjustment for borrowers on income-driven repayment plans. The Rizzardis had made payments totaling $140,000 on an original balance of $54,000, but interest capitalization and financial setbacks caused their debt to grow. The forgiveness of their consolidated balance of $256,711, including Parent PLUS loans, is a life-altering development for the couple, providing them with more financial stability and the ability to invest in retirement. The relief is part of ongoing efforts by the Education Department to identify eligible borrowers for loan forgiveness.