THOSE STORIES RIGHT NOW ON MATTER OF FACT. COLLEGE STUDENTS ARE SETTLING INTO THE NEW SCHOOL YEAR, MILLIONS OF THEM TAKING ON DEBT TO PAY FOR THEIR CONTINUED EDUCATION. RIGHT NOW, ROUGHLY 43 MILLION AMERICANS HAVE OUTSTANDING FEDERAL STUDENT LOAN DEBT. IT MIGHT SURPRISE YOU WHO’S CARRYING THE HIGHEST AVERAGE BALANCE, ACCORDING TO FEDERAL STUDENT AID, IT’S BORROWERS AGED 50 TO 61 YEARS OLD OWING AN AVERAGE OF $45,000 EACH, PAYING OFF THAT DEBT IS PROVING TO BE A CHALLENGE FOR SOME. NEARLY 7 MILLION PEOPLE ARE IN DEFAULT ON THEIR SCHOOL LOANS, AND THE CONSEQUENCES ARE ESPECIALLY DIRE FOR OLDER BORROWERS. OUR SPECIAL CORRESPONDENT JULIE CHEN TRAVELED TO THE SUBURBS OF PHILADELPHIA TO HELP US UNDERSTAND WHY THEY HAVE SO MUCH ON THE LINE. FOUR YEARS LATER, SMALL KLOWDEN HAS KNOWN THE RECIPE FOR SUCCESS. PIGEON PEAS AND COCONUT MILK WERE HER TRINIDADIAN PILAU. DOES IT FEEL LIKE HOME? IT FEELS LIKE HOME. IT DOES FEEL LIKE HOME. THIS IS SOME TRINIDADIAN COMFORT FOOD AND IN LIFE, SHE BELIEVED THE RECIPE FOR SUCCESS FOR HERSELF AND FOR HER CHILDREN WAS EDUCATION. I DECIDED TO GO TO SCHOOL, GET MY DEGREES SO THAT MY KIDS WILL BE SAYING, OKAY, MOMMY IS DOING IT. I CAN DO IT. I GOT MY OWN BACHELOR’S DEGREE, MOVED ON TO MY GRADUATE DEGREE, AND THEN TO MY PHD. THAT’S A LOT OF EDUCATION. YES, IT. WAS A LOT, BUT I FIRMLY BELIEVE WHEN YOU BEGIN SOMETHING THAT YOU SHOULD FINISH IT. BUT ALL THAT EDUCATION CAME AT A COST, A PRICE LISTRA COULDN’T AFFORD. THIS IS A STATEMENT OF MY STUDENT LOAN BALANCE. BY THE TIME SHE RECEIVED HER DOCTORATE IN 2015, LISTRA. OWED $124,000 FOR HER OWN EDUCATION. IN ADDITION, SHE’D COSIGNED ANOTHER $108,000 IN STUDENT LOANS FOR TWO OF HER CHILDREN, EVEN THOUGH SHE MADE REGULAR PAYMENTS UP TO $4,300 A MONTH. THE INTEREST CONTINUED TO ADD UP. BY THIS YEAR, SHE STILL OWED. $331,000, NEARLY 100,000 MORE THAN THE ORIGINAL PRINCIPAL. ALL THE YEARS THAT YOU’VE BEEN REPAYING, IT JUST KEEPS YOU NEVER ABOVE WATER. YOUR PRINCIPAL IS NOT GOING DOWN AT ALL. IT’S JUST YOU PAYING AGAINST THE INTEREST AND EVEN THAT IS GROWING. IT’S GROWING. THAT’S RIGHT. LAID OFF FROM HER EXECUTIVE LEVEL JOB EIGHT YEARS AGO, LYSTRA IS NOW 67 YEARS OLD. SHE SEARCHED FOR WORK, BUT NOW HAS LITTLE HOPE. SHE CAN FIND A JOB THAT WILL ALLOW HER TO MAKE ANY MORE PAYMENTS AT THE D.C. THINK TANK NEW AMERICA POLICY ANALYST TIA CALDWELL SAYS LYSTRA SITUATION IS NOT UNUSUAL. THERE ARE 3.5 MILLION PEOPLE WHO ARE OVER 60 AND HAVE STUDENT LOAN DEBT, AND THEY HAVE $125 BILLION WORTH OF DEBT, BILLION, BILLION. IT’S A BIG AMOUNT. IT’S A BIG AND GROWING GROUP. THAT GROUP HAS GROWN 500% IN THE LAST TWO DECADES. CALDWELL SAYS IT IS THE UNINTENDED CONSEQUENCE OF AN EFFORT TO HELP MORE YOUNG AMERICANS GO TO COLLEGE. STILL, THE BEST GUARANTEE OF FUTURE EARNINGS IN 1965, LYNDON JOHNSON SIGNED LEGISLATION THAT GUARANTEED FEDERAL BACKING FOR STUDENT LOANS, SO THAT EVEN WHEN STUDENTS DEFAULTED, BANKS WOULDN’T LOSE MONEY AND THEREFORE WILLINGLY LENT MORE. THE SYSTEM’S EVOLVED SINCE THEN, BUT EVEN TODAY, STUDENT LOANS ARE EASY TO GET. OFTEN JUST ONE CLICK AWAY. ANYBODY CAN GET A STUDENT LOAN, AND IN FACT, MANY OLDER BORROWERS ARE BORROWING FOR THEIR OWN EDUCATION. THEY GO TO SCHOOL AND THEY’RE HOPING TO MAKE MORE MONEY SO THEY CAN PAY OFF THEIR STUDENT LOAN. AND THAT’S THEY HAVE NO COLLATERAL. THEY’RE JUST BETTING ON THE FUTURE. NEW AMERICA’S RESEARCH FOUND 4 IN 10 OLDER BORROWERS HAVE BEEN TRYING TO PAY THEIR DEBT BACK FOR MORE THAN 20 YEARS. AN ADDED FEAR THE GOVERNMENT CAN GARNISH IRS CHECKS, EVEN SOCIAL SECURITY PAYMENTS FROM BORROWERS WHO DEFAULT CAN’T YOU JUST DECLARE BANKRUPTCY? YOU CAN, BUT THEN YOU WON’T GET YOUR STUDENT LOANS FORGIVEN. DON’T STUDENT LOANS GET DISCHARGED AFTER 20 YEARS, 25 YEARS, 30 YEARS? NO, I MEAN, THE REALITY IS YOUR LOANS ONLY REALLY DISCHARGE WHEN YOU DIE, WHICH CAN BE REALLY HARD FOR BORROWERS. I DON’T KNOW WHAT LIFE IS GOING TO LOOK LIKE FOR ME IN THE NEXT COUPLE OF YEARS. LISTER FINALLY CAUGHT A MAJOR AND RARE BREAK RECENTLY WHEN THE GOVERNMENT FORGAVE SOME OF HER LOANS, AGREEING THAT A FOR PROFIT UNIVERSITY HAD DEFRAUDED HER. STILL, SHE STANDS WITH THOUSANDS OF BORROWERS DEMANDING RELIEF. FACING THE CONSTANT WORRY OF A DEBT THEY MIGHT NEVER BE ABLE TO PAY. AND AFTER A WHILE YOU BECOME VERY DEFEATED AND YOU ASK YOURSELF, IS IT ALL WORTH IT? WHY DID I DO THIS? AND WONDERING IF THEY WILL EVER FIND A WAY OUT IN HORSHAM, PENNSYLVANIA? I’M JOEY CHEN FOR MATTER OF FACT, THE BIDEN ADMINISTRATION HAS MADE ATTEMPTS AT STUDENT LOAN DEBT FORGIVENESS, INCLUDING INTRODUCING THE SAVE PLAN IN 2023.