Throughout my life, I’ve always held two jobs. As a teenager in Alabama, I worked evening shifts at a fast-food restaurant and spent my weekends at a record store. After my husband passed away unexpectedly, I juggled jobs as an administrative assistant and a florist to provide for myself and my children. Now, at 60, I’m still balancing two jobs – a health administrator and a diner host – just to manage my student debt.

I took out student loans hoping to secure a better job for myself and to support my family as I aged, yet the opposite has happened. I’ve had to dip into my retirement savings just to keep up with my student loan payments, which are higher than my mortgage.

I am not alone in this situation. Over the past 20 years, the number of adults aged 60 and above holding student debt has surged sixfold, and their total debt has skyrocketed nearly 20 times, according to the National Consumer Law Center and the New America Foundation. Currently, 9 million people aged 50 and older owe more than $400 billion in student loans, as reported by the Education Data Initiative.

If President Joe Biden does not act quickly to relieve student debt in the coming weeks, many of us may never experience retirement.

While each debtor has a unique story of struggle, older borrowers share a common thread: We pursued education to improve our lives and achieve stability. Yet, decades later, overwhelming student debt stands in the way of that goal.

When I lost my husband in my 30s, I recognized I needed a higher-paying job to care for my family and wanted to set a positive example for my two young children. Step by step, I earned my associate’s, bachelor’s, and master’s degrees. I felt proud when both of my children chose to pursue higher education, but without any savings or family wealth to fall back on, I had to take out Parent PLUS loans, just like millions of others every year, to support their aspirations.

Older student loan borrowers deserve a respectable retirement

After more than 20 years of juggling loans, consolidations, and consistent payments, my original loan of $80,000 has swelled to more than $200,000 due to compounding interest. Currently, I am accumulating $1,100 in interest every month.

Without some form of executive intervention, I see no resolution to my predicament during my lifetime. That’s why I join an increasing number of older borrowers advocating for the Biden-Harris administration to forgive these loans so we can enjoy our retirement years with dignity.

Student debt should not just be viewed as an issue for younger individuals. The truth is, countless older Americans are still laboring in their later years to manage unmanageable student loans. The idea of retirement is as distant from our lives as the farthest reaches of space.

Many of us are stuck with loans that are so outdated, they don’t qualify for current relief programs like PSLF, IDR, and SAVE. Despite making payments for 20, 30, or even 40 years, our loan balances have only increased, not decreased.

Our incomes are also restricted and continue to shrink. Balancing Social Security payments with everyday expenses such as fuel, rent, groceries, and healthcare is already challenging; now, adding hefty student loan payments makes things even tougher. When we’re unable to pay, our loans risk going into default, which can lead to devastating consequences: Tax refunds, wages, disability benefits, and even Social Security can be garnished.

Ironically, these debts will be wiped away when we pass away through a process called “death discharge,” where the federal government cancels billions in student debt held by deceased borrowers.

From the time of our next payment to our final moments, the federal government continues to accrue interest, garnish our wages, and reduce our Social Security due to student loans. Because of these debts, we cannot secure mortgages, take on additional jobs, and our mental and physical wellbeing deteriorates under the weight of unmanageable sums.

Upon our passing, however, we find the balance finally at zero.

Americans’ debts will eventually be wiped clean. They just have to die first.

For this reason, freeing older Americans from their debts is a reasonable policy that merits support, even from those doubtful about debt relief. The reality is that these old debts are unlikely to be fully repaid and will eventually be canceled regardless. Helping seniors with these financial burdens while they are alive is far more logical than waiting until after they’ve passed away.

Not only would this provide us the opportunity to enjoy our later years, but it would also positively impact our families and communities. Despite the numbers on our loan statements, we older student debtors are actively contributing to society. We work as teachers, social workers, patient care assistants, nurses’ aides, and lawyers in the public sector. We are also raising our children and grandchildren, while caring for our own parents. Easing our student debt should not be viewed as a burden on public resources, as some critics suggest. Instead, it fosters the well-being of working families and local communities.

Wiping out these debts is not just a sound policy; it’s entirely achievable. The Department of Education has the authority – all President Biden needs to do is take action.

Forgiving debts based on a person’s age is explicitly allowed by law. Even though conservative groups are attempting various legal strategies to halt Biden’s widespread cancellation efforts, this approach utilizes a different legal framework for providing relief. Back in 1966, Congress granted the Departments of Justice and Treasury the authority to eliminate federal debts based on a “debtor’s age.”

The Department of Education can and does forgive loans based on age, but only on an individual basis. Now is the time to exercise this authority on a larger scale.

Prominent Republicans, including President-elect Donald Trump, are opposed to broad student loan cancellation efforts. In fact, some have suggested that they might try to reverse any debts canceled by the Biden administration, which experts argue would be a formidable task, if not impossible.

Nevertheless, as President Biden approaches the end of his term, I sincerely hope he advocates for individuals like myself. I worry this may be my last opportunity to receive relief in my lifetime. One day, I would love to retire, or at the very least, work just one job.