Biden’s debt relief comes too late for me, but will be life-changing for so many others

Not too many years ago, my husband Josh and I struggled to keep food on the table for our family of five. Each paycheck we had to decide which bill we could pay late. Many weeks saw us trying to stretch $25.00 to have meals for the family and put gas in our two vehicles. This struggle became our normal, as it has for many American families.

Josh and I are both college graduates with post secondary degrees in education. We were both first generation college students who entered undergraduate studies in the late 1990s and became public school employees.

Josh picked up a part-time position at a local call center. I eventually transferred from a school I loved to one closer to home. That savings in gas was often the difference between having food and not.

Many nights I cried and felt like a failure to my children. How was I providing less for them than my parents had for my sister and I? Where had we gone wrong?

We didn’t go on fancy vacations or any vacations really. We drove economical cars. We didn’t have credit card debt or live beyond our means. We didn’t purchase expensive clothing or name brand foods.

During this time we were paying every month for Josh’s student loans because his was a more manageable monthly payment than mine. When we had extra money when the kids were out of daycare, we would pay my payments, but often they stayed in forbearance because we just couldn’t afford to pay them.

We both applied for programs to lower payments and were always denied. It felt hopeless.

Due to high interest rates my original balance of $48,000 ballooned to $72,000. When we were finally able to afford my payments we began paying the $600 a month bill, but for three years we saw no real change to the balance, and the reality that I might die with this debt and pass it on to my children began to set in. We couldn’t help our oldest child pay for college and due to our income he didn’t receive any financial aid. How was I making more money than my family ever did and I was providing less for my children? I always thought the American Dream was about ensuring each generation had it better than the generation before. We most definitely were not living the American Dream.

When the news broke that President Biden was forgiving $10,000 for student loan holders, I was ecstatic. It wasn’t the broad forgiveness that many of us wanted, but it is a step in the right direction. I thought about what a difference that would have made for our family all those years we struggled. I thought about how different our lives would have been and I’m grateful others will not have to struggle like we did. I am grateful that working class Americans are finally getting relief in a real and meaningful way. This forgiveness will be a life-changing experience for so many American families that are struggling like we did for so many years. I am happy that others are getting an opportunity that I was not given when I needed it the most.

The amount of relief this will provide many families is unfathomable. The amount of disposable income that will be freed up to contribute to local economies and small businesses will lift up entire communities. Everyone will benefit from this debt relief, not just borrowers.

My husband and I recently had all our outstanding loans forgiven through Public Service Loan Forgiveness after years of denials and rejections. This has freed up $1000 each month for our little family. All those home repairs we have put off can be hired out now. All those medical bills can be paid in full now. We can breathe for the first time in 14 years of marriage and over 20 years of working in public education.

Congratulations to all those borrowers who learned today that they are gonna have a large chunk of their loans forgiven. I am jumping up and down and cheering for you.

Christina Frederick-Trosper is a teacher in Knox County where she lives with her husband Josh, also a public school employee, and their children Seth, Harrison, and Caroline.