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Joel Lambdin, 49, received $250,000 in student-loan forgiveness in January.
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It’s a result of the Education Department’s one-time account adjustments.
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Lambdin said the relief will allow him to save for retirement while considering longer term dreams.
Joel Lambdin finished graduate school in 1998 — but as a professional musician, he was hardly making enough money to pay off his student loans and his other bills.
So Lambdin, now 49, said his only option to make ends meet was to put his student loans on forbearance — in which he was not making payments, but interest was still accumulating.
“It was just so that I could subsist, so that I could survive,” Lambdin told Business Insider. “With the hope that at some point, I would be making enough money that I would be able to take them out of forbearance and start paying them down.”
But he grew to realize that the only way he…
