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).

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?!

Don't pay minimums. Amortization Calculators are important.

Math is hard, right?

I am extremely sympathetic to college students who’ve been buried in debt. I just did a calculation -- If you borrow $38,200 at 5% interest, and make payments of $200 a month, it will take 31 years to pay off the debt while paying $38,200 in interest!! However, if the payment goes up to just $250 a month, the debt can be paid off in 8.4 years with a total interest payment of $9,050. https://www.nerdwallet.com/.../student-loans-extra-payments

Sounds like buying a house in RSA. Bought for 1.6mil 2 years ago. Since then we have paid about 420 000 in monthly repayments. We started with 375 000 deposit. So that's 795 000 paid so far. Still owe over 2mil... And we are some of the lucky ones we can afford to buy a house in a country filled with corruption and inequality based on something my parents parents allegedly did...

what is the avocado toast trend?

Sad to hear this BUT....there simply isn't enough data to fully appreciate your plight. When did you graduate? What was the total amount you owed and interest rate? What were the specific "terms of repayment"? Did you meet these terms? Finally, the amount of money you borrowed (the loan) is not necessarily the amount you owed on "the loan" when you graduated. Your loan accrued interest begining the moment you took the money. The interest mayu have accrued interest as well. There's not enough information in your post for me to throw my arms up. and scream WTF!!

I would dismiss this as onerous debt. That's indefensible.

ALL loans minimum payments are designed to keep you in debt permanently. Smart, or lucky people pay them off sooner. The rest of U.S. just never get out of debt. Have a bad period of illness or unemployment just a few times, and the debt will become crushing, removing the ability to get a loan for a house, etc. Keep in mind that most renters also pay property owners mortgages, so this becomes a never ending downward economic spiral.

It’s a great big scam.

You need to pay for the money you borrowed. You need to sacrifice your current lifestyle, perhaps, so you can get out of debt?

What the hell kind of interest rates are these guys getting charged? Are they revolving credit or simple interest loans? I am just not understanding how it can go up

First, I don't believe a university education is worth it. The colleges are now a seed bed of left wing socialist propaganda.They distort history and science to their own advantage and promote regressive (not progressive) political ideals which destroy humane society. better to get a trade that you can then have your own business without creating a massive debt. Be entrepreneurial, own no man anything and build an income producing property portfolio. Don't save money as the banks take it from you but begin hording bullion. Gold is set to skyrocket possibly 6-700%.

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.

This comment is hidden. Click here to view.

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.

From malawi a third world country. Paid of my university degree debt in 1 month after getting a job.

That's supposed to be a joke, right? She didn't pay it off, her mother basically did!