Donald Knierim, 71, retired after receiving confirmation that his $62,000 student-loan balance had been forgiven, believing he could finally leave work behind. Now, the former financial systems professional faces at least another 18 months of payments of about $470 a month, a credit score that has plunged by more than 200 points, and the threat of delinquency while caring for his seriously ill wife.
Knierim had spent much of his career designing financial data systems for major companies before taking a pay cut at 60 to work for Metra, Chicago's commuter railway. The move offered something he valued more than a higher salary: a less stressful job and a route to wiping out the student loans he had taken out to help his children attend college.
