Mr. Reed, who is 74, took out $3,300 in loans in the early 1970s to fund his studies at the University of Wisconsin. He worked for decades as a journalist, musician and fund-raiser for nonprofits, cobbling together a living off what were often low-income jobs. He paid $9,000 on his loans over the years — but interest and fees kept his balances ballooning, preventing him paying off his debt. Now, half a century after his college years, he owes $4,600 — more than he originally borrowed.
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