Capitalism in a nutshell

I totally understand. We started with nothing, but you are starting in a huge hole. Universities have priced themselves out. They are too expensive. We should offer more apprenticeship programs so you either pay nothing or get paid while learning your job.

Exactly!!

This should be criminal, I don't understand why the politicians can't meet us half way on this. Why can't student loans be zero to super low interest rates. You pay back the $250k and call it settled (which is still alot' of money btw).

Holy s**t what a nightmare.

This is [bleep]ing CRIMINAL!!!!! The company that gave you that rip-off loan should be forced out of business, and its principals arrested, tried and convicted of fraud.

I wonder what kind of interest rate this person is getting. The government student loan rate was 5 to 6% when he was in school, I think. He must have some private student loan... coz what he is saying means that he is not being able to pay even interest on the loan, which means that he is bankrupt...

Criminalism at it's worst. Yea, my new term for Capitalism!

WTF, that is not cool man

That why some lawyers charge $300 an hour?

the sociopaths that run the banking system are making a motza out of immoral interest charges.

exactly I signed a parent plus loan for my daughter her senior year in college, 2012 was her graduation date, she didn't graduate, both semester was 15,000, at a HBU college, don't be fooled just as high as a regular college, I still owe now 38,000 in 2019, they said I'll be 75 before I pay this off in my name, I'm now 57, never went to college, parents be warned

Tell me about it!! After 11 years of payments on $47,000 in now owe $45,000 and three different loan companies have collected my interest.

Okay, can someone explain the USA student loan system to me? Here in Germany, if you need a student loan, you get if from a certain government office. You have to pay it back partially, but the maximum you have to pay is 10,000 €, no matter how much money you got. Do American students get loans from regular banks? Where you have to pay an interest?

jkjj

Must be a sucky lawyer considering the ones in my area bill out a $500 an hour.

Would you lend money with no interest to someone you don't even know? And the interest is way low compared to credit cards, how some of us did it.

Law like medicine usually turns around after year 20. Hang with it and hang tough.

Maybe a lawyer should not be paying the bare minimum amount and he'd get the loan that allows him to potentially make 100-300k and greater paid off. Also does he drive a "lawyers " car live in a "lawyers" house or live within his means until he can afford to really splurge?

Can someone explain the calculation here? We do take home loans in India, but the "amount owed to bank" keeps decreasing, not increasing.

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going to college is a privilege not a right... I couldn't afford it right away so I got a job paying me $5 per hour and what do you know I saved and paid my way through University in Canada and USA so suck nerds

The problem in a nutshell.

I'm fourteen, and I really want to be a special education teacher when I'm an adult, which requires college. I want to have a job that I love, but I can't imagine being that much in debt. Any time I bring it up to an adult, I'm told that I'll "figure it out" or that "I shouldn't be worrying about that yet". But considering the situation my country is in, I probably should have started saving for college two years ago :(

What kind of crazy interest rates are being charged on these loans?!

I'm Gen X. We hae ALL inherited the debts racked up by Boomers and the gutless politicians catering to them. They didn't pay it forward. They loaned it forward, with compound interest....

As a retired professor, I strongly agree with this statement. It is terribly broken, from pre-K up to PhD. The American education system is completely broken.

That's really f****d up, a 17-yo isn't mature enough to take such a huge loan and to understand the ramifications a loan like that has on your life. In my county you could never get that much student loan

What is the ad for?

Can’t even start to believe the blame is being put on the victims...

Must be nice to be one of the lucky ones. I went to college after raising my children and still ended up with $40,000+ in loans. Now my salary isn't enough to live and pay loans. Their "programs" do not help. Wish I had never gone to college. My Masters is worthless.

As a swede with mostly free schools and low cost state loans to cover other expenses it is so horrifying to read all these tragedies :'(

You should stop spoiling yourself and demanding luxuries. If you don't have the money to eat, just don't. It's as simple as that. *sarcasm - just to make sure*

In Australia university was free until 1988, but now it is paid for by Government loans - but repaymemts don't start until your income is over a certain threshold. If you never reach that threshold, you never repay the debt.

Oh yeah, good old Navient.

I just can't understand why AT LEAST the loans couldn't be without interest. I believe that is how the UK has it (correct me if I'm wrong, please).

Just wow.. I only pay 25 USD each month during 4 year of college.. Then (because I work while studying) another 50 USD each year for 2 year of extention.. Totally I spend around 20 Million IDR (around 1.500 USD) till graduate.. #asian

With interest it could become that much and the sucky thing is our children will probably be responsible for some of it

120k is like solitary confinement

What in the entire f**k. The pettiness. Pettiness of this level can only come from the mega rich.

That is a rare accomplishment.

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There are 2 types of people who are wronged those that say never again to noone else and those who stop progress because it does not help them personally

OMFG I'm surprised boomers aren't being slaughtered en masse in the USA. Pro Tip: Start with the politicians...

It's terryfing that someone has reason to write "i did a terrible thing" because he studied for a job he wanted to do. Not everyone likes to be doctor/lawyer/whatever just to pay off his or hers loans.

I officially paid off my student loans four years ago. Want to know how? My husband died.

If your payments are income based, your (compounded) interest will continue to accrue, which means your loan amount will be more when it's forgiven than when it was initiated. The government could have saved money by just paying for the tuition in the first place.