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He works 3 jobs and may have to drain his retirement to afford a $600 student-loan payment surge

Nansi Lynch never went to college. But she's approaching retirement with a $156,000 student-loan balance.

"I don't get rid of it until I turn 75 years old," Lynch said. "I've never heard of something so disastrous in my life."

The 60-year-old took out federal parent PLUS loans, which carry the highest federal interest rate of 9.07%, for both of her children. Previously, parents could borrow the full cost of attendance. In July, the Trump administration imposed a lifetime borrowing cap of $65,000 per dependent for new parent PLUS loans, in an attempt to address spiraling debt.

Under her pre-existing income-driven repayment plan, Lynch's monthly student-loan payments were $238. Lynch worries her payments will increase when her forbearance ends early next year. Business Insider has heard from many borrowers who saw their payments jump over the past year, pushing them to take on extra work, postpone retirement, or face the consequences of defaulting.

Lynch doesn't regret taking out the loans, but she wishes she had considered the consequences of being six figures in debt.

"We thought it was a good idea to take out the parent PLUS because we wanted our kids to get a better education and a better job," Lynch said — her son is a personal trainer at the gym they own together, and her daughter works full time in security operations for a federal contractor. "But in the long run, I'm stuck with all of the student-loan debt."

This story is part of Business Insider's "Student Debt Spiral" series, which explores how rising student debt is changing the financial futures of millions. Do you have a story to share? Fill out this form, and we'll be in touch. Read more of our student-loan coverage here:

'It's going to hurt': How a surging student-loan payment is reshaping a family's future