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30 Americans Share Their Student Loan Debts And You Can Feel How Hopeless These People Are
A writer and professor’s thread about student loan debt has inspired people to talk about the debt they’re facing, and the amount is truly staggering. Lacy M. Johnson, whose Ph.D. is in creative writing, revealed that despite making timely payments for over a decade to pay back the $70,000 loan she took out, almost equaling the amount of the loan in the first place… it hasn’t gotten any smaller.
The responses to her thread tell the same story: after decades of trying to pay back their student debts and getting absolutely nowhere due to rapidly and unpredictably increasing interest, people feel almost like they are being punished for life just for getting an education.
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#1
Callie Callie J. 6 years ago
It's really unfair, illogical and disgusting that this happens to people. I pay student loans, too. I am thinking I'll never finish paying, either.
Mewton’s Third Paw 6 years ago
There’s no point in paying them until you can pay it all off at once. And they don’t reduce the amount even if you pay in one lump sum. If you can’t pay it all off at once, then perpetual deferment / class-taking is cheaper.
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BobbyMcD 6 years ago
Because you made the minimum payment which was the interest and maybe a tiny bit of the principle. The same is true if you pay the minimum on a credit card. All this thread tells me is that we need to teach more math and personal finance in schools.
Catlady6000 6 years ago
I've felt that should be a required class since the great financial crisis of my early twenties. Which am, in some ways, still paying for 30 years later.
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Marie Lucero 6 years ago
I owe quite a bit and both my oldest daughter and I have consolidated our loans and, as teachers, are on the "pay 120 payments and the loan will be excused" (we pay according to our salary, so she pays $00.00 and I pay between $100.00 and $400.00--- needless to say we will owe MUCH MORE at the end of 10 years, and from what we have seen VIRTUALLY NONE OF THE PUBLIC SERVICE LOANS have been FORGIVEN!!! My question is: what happens to the debt when I die???
El Dee 6 years ago
This is simply a loan-shark scheme run by your government. I don't understand why they would try to discourage people from educating themselves. In my country education, all education, is free up to and including university education. I'm shocked that a rich country like the US would do this to it's own people..
Mewton’s Third Paw 6 years ago (edited)
Discouraging people from education is how we ended up with “alternative facts.” It’s absolutely advantageous to the government to have a dumb and broke population.
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Angela Ortega 6 years ago
I have been paying 11 years and the loan went from 50k to 37k. Corruption
Angela Ortega 6 years ago
Just disgusting. My debt will follow me to the next life if there is any.
Pamela Turner 5 years ago
A doctor that I know went to work in the corrections system for a few years to cancel out most of his student loan debt. He went on to become a medical director of the system.
RELATED:
#2
Not what you think. 6 years ago (edited)
How is this legal? Reading about all these student loan horror stories makes me glad I didn't went to college in US, and makes me extremely worried thinking about when my now 8 yo will go to college.
Mewton’s Third Paw 6 years ago
The government set it up to be legal. They make the rules and if they want to screw people over, nothing stops them.
Load More Replies... WilvanderHeijden 6 years ago
Are student loans some slavery scam in the US? The more I learn about America the more I begin to learn the difference between "developed" and "civiised".
Crunchy Steve 6 years ago
I went back to school for another bachelors degree so I could get a better job. Now as a nurse I owe $100k. It will take 20 years to pay it off. I make $23.75 an hour. I pay $1000 each month. This situation makes me sick.
Angela Schoe 5 years ago
Hmm...my son owes $34k has it down to $28k in 6 months living at home working full time ($18/hr ) so.....yeah sounds like you were never taught how to manage money!
Suzanne Sparks 5 years ago
I suspect they are applying your payments to 'interest' rather than to principal. I had a creditor ripping me off that way until a lawyer (who worked for them) took pity & told me to write " apply to principal only" on my payment.
Bonny Saxon 6 years ago
I started with $10,000 in 1998. I've made income-based monthly payments and my balance as of last Friday is $17,000.
#3
George-Florin Constantin 6 years ago
How the hell are these monthly payments calculated in the US? In Europe, each monthly payment consists in one part interest and one part loan. The proportion between interest rate and base loan changes as the years pass, but you actually pay back a portion of the loan starting with the first payment. You can't actually owe the same amount that you loaned, after 11 years of on-time monthly payments. This is legalized theft, pure and simple. And a good way to keep you down and in your place!
Jim 6 years ago
Our loans are also part interest and part principal, but the interest can capitalize. This means for some loans, if you don't pay the interest while you're in school or under deferment or forbearance, it gets added to the principal. Also, different payment plans have different proportions of interest and principal. To keep monthly payments low, many people opt for repayment plans that are almost all interest and no principal. In 2011, my balance was 120,747. At the end of 2019, my balance is 121,211. After 8 years of paying between $500-$620 a month, my total debt has actually increased $500.
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Angela Ortega 6 years ago
Yes, same here I graduated in 08 with a 40k debt, have never miss one payment, today I owe 37k. Go figure. I am 64 and a half years old ,I guess since I can't afford a burial, I will be cremated, therefore,they won't have a spot to send the bill to.
Antoine Gagnon 6 years ago
What the... I got a 32k student loan in 2012. In two months i will have paid it all... and the best part? I started paying the loan 1 year late (with interest and all). Loans from the Government of Canada for studies hover at around 3.5% interest...
Jody LeCompte 3 years ago
The problem is a combination of two factors: Financial literacy is not a prominent part of the US education system. I can, unfortunately, say that I made it into my 30s without truly understanding the money system more in depth than "Job pays me and I pay bills". The second is that there is no legal requirement for these loan companies to propose a minimum payment that is in excess of the interest, or to inform the spender that their monthly payment is not covering interest. For example, my monthly minimum payment is $215, but my monthly interest is $275; so if I had just taken the lenders word for it and paid $215, my loans would have INCREASED 60 dollars every month. Contrast against credit cards, where paying minimum payment will take forever and you will incur a lot of interest, but at least your balance does in fact go down.
Gary Allen 5 years ago
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Kateřina Amiourová 5 years ago
a new, english text below: http://vasevec.parlamentnilisty.cz/blogy/internacionalni-pomoc-international-help
Steve Lister 5 years ago
Disappointing that none of these complainers included the terms of their loan in their sad story. I suspect in many cases, they probably have no idea what the terms of the loan are.
TarynLee Hicks 5 years ago
This makes me happy I havent paid them s**t. This would be my story. I currently am in the IBR (0/ month payments) program and working for a non profit. And hoping Im part of the small percentage of folks who get their forgiveness application approved.
Disturbingly, a person from a wealthy family with enough in the bank to pay for university tuition at face value pays less, while those who don’t are forced to spend years after graduation dumping their money into a black hole that can expand to twice the size of the loan itself.
And as you can see from the real stories that keep pouring in as responses to Johnson’s tweet, people in the US are accepting that they’re never going to buy homes, get married, have children, or retire because of it. They’re certainly not enjoying the benefits of the career paths they had to get a higher education in order to gain access to.
#4
Rissie 6 years ago
Besides the system being corrupt, this is a very disturbing statement by not being clear about fees and interest percentage and total interest paid. I'm sure it's stated somewhere, but this should be made more transparant.
BG 6 years ago
The interest rate can change daily. If you ask for the payoff amount, the quote is only good for a couple of days.
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Ashlea Mcleod 6 years ago
My husband borrowed money only for law school, around $60,000. He pays the minimum plus money toward the principal. Despite this, he has been a practicing attorney for over 20 years and still owes almost $40,000. My loans were paid off through my masters until I got a doctorate. I borrowed $65,000 for my doctorate from a state university. I pay MORE than the minimum and make direct payments to the principal each month. I also never capitalized the loan or allowed it to go into forbearance. Despite this, my loan after 10 years is at $46,000. I know of a colleague who defaulted on a student loan as well. The original amount was $33,000. He paid it down to $12,000 then went through a divorce and cancer. The loan is now at $72,000. This is absolutely criminal. These are government subsidized loans.
Jojo Dancer 6 years ago
This is also why in the next decade, there will be a major shortage of people going into the medical and educational fields....
Angela Schoe 5 years ago
No, this is you not knowing how to manage your own debt and passing it off as a societal problem. Take a personal finance class. Stop buying Starbucks everyday. Cancel your gym memberships.
Angela Schoe 5 years ago
Let's see my son graduated last April from Western Michigan U with $34k in loans. As soon as he got his first paycheck (not waiting until October when his first payment was due $330) he started sending $1,000 monthly for 6 months. Starting in December (owed $28k) he started paying $500 towards his loan and once he gets a better job, he will go back to the $1,000 a month. It's really not that hard! No one is stopping you from starting to pay BEFORE THE SIX MONTHS AND SENDING MORE THAN REQUIRED! Don't feel sorry for anyone.
Kateřina Amiourová 5 years ago
There are many ways in which banks acquire a parasitic rent - seigniorage. Challenge this medieval and feudal status and method of banks. When you repay the debt, you have to cancel the credits and keep only the interest. But if you don't repay the debt, it's also convenient for them, because they lower their tax base, but write off a loss that is not a loss, because we know they've only created credits - and still have interest. Credits cannot be paid back at all. It is sufficient not to admit to the debt in court, not to recognize the debt. The second trick banks use is that, in addition to normal interest, they draw that interest through an annual cost item - called the APRC in the Czech Republic. This basically multiplies the interest, but it is not a bigger claim than in normal bank deposit and withdrawal operations, or it is about addressing a lawyer or bailiff whose services the court will charge you anyway.
Jeremiah Pierce 6 years ago (edited)
We are not being provided the correct information here. I also had 44k with Great Lakes as my lender, and nearly 3 years later I now owe 32k or so. My payment is based on a 10 year plan. We need more information to see how/why this is happening.
BobbyMcD 6 years ago
Exactly, almost every single person being posted here is paying the absolute minimum which barely covers the interest (or they are lying), and then they are amazed that their loan hasn't gone down.
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David Tansey 6 years ago (edited)
This is a government backed loan. The rules for banks that manage them should be clear. There should be transparency of the interest and fee structure and borrowers should see options in terms of monthly payments and time until the loan is paid off. Things like, "select payoff period: 5 years, 10 years, etc." Then show the monthly payment and total interest paid given each option. Interest only shouldn't be an option unless it comes with lots of red warning signs saying the loan will never be paid off and (as seems to be the case) you will become ineligible for loan forgiveness.
#5
BobbyMcD 6 years ago
How is it possible that someone with a college degree is this bad at math and personal finance? How can they be this dumb about a loan and interest to think that making the minimum payment each month will magically pay off the principal?
David Tansey 6 years ago
PAYE is an income based repayment program. Your loan will be forgiven after 20 years of payments. I don't know what field they're in, but I'd probably try to pay it off rather than wait 20 years. But it would take 11 years of $410/month to pay it off at 5%. These posts are tragic. What's really awful to me is that we don't make the repayment costs and options clear to borrowers.
Evil Little Thing 6 years ago
I have large student loan debt (earned a doctorate in my late 30s as a single mom) and am on an income based repayment plan. Because of my age it's stupid for me to pay it all off. Every dollar I pay more than I have to is a dollar I'm not saving for retirement. So I pay the bare minimum and put my money into my house instead. In 15 or so years my debt will disappear.
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Angela Schoe 5 years ago
Nope this is YOU not knowing how to manage your personal debt. Stop buying Starbucks everyday. Take a personal finance class. This isn't society's problem, this is YOUR problem because YOU put your WANTS before your NEEDS.
Angela Schoe 5 years ago
Let's see my son graduated last April from Western Michigan U with $34k in loans. As soon as he got his first paycheck (not waiting until October when his first payment was due $330) he started sending $1,000 monthly for 6 months. Starting in December (owed $28k) he started paying $500 towards his loan and once he gets a better job, he will go back to the $1,000 a month. It's really not that hard! No one is stopping you from starting to pay BEFORE THE SIX MONTHS AND SENDING MORE THAN REQUIRED! Don't feel sorry for anyone.
Robert Broadhead 5 years ago
Before one borrows a nickel it "might" be a good idea to do some calculations for what a reasonable payment schedule will look like and assess whether that is doable. No one forces anyone to borrow the money.
Kateřina Amiourová 5 years ago
a new, english text below: http://vasevec.parlamentnilisty.cz/blogy/internacionalni-pomoc-international-help
#6
Zenozenobee 6 years ago
Lol, excuse me what???? I never love France as much as when I read about US healthcare and student loan...
Kamila Anna 6 years ago
Same, tbh. I mean, my country [Poland] is a true shthole, but every time I read or hear about living conditions in USA, I'm sooo grateful I live where i live.
Load More Replies... Antoine Gagnon 6 years ago
This is so wrong... I'm so glad to be in Canada.. it will have taken me a little over 6 years to pay back 32k student loan. I have 2 payments left then its all good! even better, it will positively affect my credit too.
Brittany Straubel 6 years ago
not if you file taxes "married but filing separately". then they cannot add your husband's income. i got this tip from a friend who happened to be an advisor
Rissie 6 years ago (edited)
Interesting. In the Netherlands living together equals marriage when it comes to calculation of the combined income. So if the US would add that detail, it would very visibly undermine whatever a normal life looks like. Now we also have zero interest at this point, but by turning all former grants into loans we are heading towards some strange dynamics ourselves. Just taxing the actual rich would seem so much more obvious.
Muniza Tariq 6 years ago
But why does she want to get married? Can't she just go on living in sin?
Kim Lee 6 years ago
And I can't believe you think your own experience is automatically standard for everyone else
Load More Replies...Johnson, who started the Twitter thread, stated her support for presidential candidate Elizabeth Warren. The candidate has proposed a plan to cancel or majorly reduce student loan debt for most borrowers based on income, funding the cancellation by driving up taxes on ultra-millionaires.
She’s not the only US presidential candidate who wants people to live debt-free—Bernie Sanders’ goal is to completely erase student loan debt by taxing stock transactions.
#7
Lisa Shaw 4 years ago
Not the same in Canada, minimal interest and every student loan is designed to the lowest payment and paid off in 10 years or less, after 5 years you can apply to have the debt forgiven, if your circumstances change or the loan payment causes hardship. I paid $130.99 for 9 years and 3 months, debt gone and perfect credit rating ensued.
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kurisutofu 6 years ago
Was the name Demi chosen so we know you only have half a brain?
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Vicky Zar 6 years ago
Don't they tell you in advance how much you will have to pay ultimately? I took out a loan of 10000€ and knew I would have to pay 19000€ in the end, because I chose a very low monthly repayment.
alwaysMispelled 6 years ago
They tell you interest rate, for government loans it's locked in, but private loans can be variable. Also, they don't tell you ahead of time what job you'll get, what your salary will be, and what your living expenses will be.
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Robert Broadhead 5 years ago
I hate to point this out but credit card debt is no different. If you pay the "required" minimum you will be paying for 30 years and pay far more in interest than the original loan. If you graduated from college/University and can't figure that out I truly question the education imparted you by the educators.
Tom Davies 5 years ago
The problem is not whether you make payments, but how much you pay. If the load aches at 5% but you only pay back at 4% for whatever reason, the principle will continue to grow by 1%. Read the terms and conditions of the loan. The same applies to mortgages and any loan based debt. Many students fall for teaser rates or income based repayments that make the monthly payment easier. That however does nothing to the actual debt or cost of the loan.
BobbyMcD 6 years ago
So you got a master's that didn't help you get a job that paid very well or maybe your master's isn't even applicable to your job, then you took the "pay the lowest payment" option and now you are complaining because you haven't been paying down the principal on your loan? I'm gonna guess your master's wasn't in math or finance.
Lianne Arnold 6 years ago
It doesn’t work like that. Congress sets the rates - it has nothing to do with the borrower. They are fixed rate loans. You can not refinance these loans for lower interest rates unless you transfer them to private loans, but then you lose the benefits And protections of student loans - access to income-based repayment plans and the loan forgiveness programs. Only congress can change the interest rates.
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#9
Cynthia Doyle 6 years ago
Why the hell does it matter what the price of the house is? How are they two separate matters?!
Load More Replies...Proponents of forgiving student loan debt believe that it would reduce social inequality, incentivize higher education, and enable more people to buy homes and start businesses.
With the US presidential election coming up, people who are being held back by paying off debt will likely turn to candidates who consider solving it a priority.
#10
Kim Lee 6 years ago (edited)
For those of you knocking an Art Degree: Look around you. This website, all websites, all marketing, all the cute packaging you get with the things you buy, all the clothes you wear, advertisements that make you want to see something, movie posters you treasure: All Art degrees. Some of you have your heads too far up your own arses to see this, thinking you can make a 'clever' joke or feel better about yourselves because you THINK you've put something down but instead you've made yourselves look like uncultured, unthinking idiots. Congrats Raul, AV7, Jeremiah Pierce, and Demi Zwaan for being such childish, idiotic caricatures to watch.
וונימין קוסטיצין 5 years ago
no . people talking about it : art degrees. people working : not necessarily. get art & gender and you are unemployed for life
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Kim Lee 6 years ago
And exactly HOW do you think you found your love of History? Did you read a book? Did you learn about it in a class? What about in a documentary? Guess what: The person that researched and wrote for that book, that taught that class, that produced that documentary found a working career in History. You know of a FEW artists that live off their passion, but consider where you live. Out here in Los Angeles, there are a LOT of people that make more than a decent living off their art. Don't try to judge or wrap people up in a pretty little bow based on YOUR own experience or observations, because you are literally one human out of billions, in one corner of a world that is far more expansive and far more diverse than you will ever fully comprehend.
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Kaisu 6 years ago
Who are you to decide what's worth something? If money is the only thing that matters to you in life, then I feel truly sorry for you
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#12
Jennifer Wilkinson 6 years ago
Same situation. Finally finished my bachelors in 2015. Over the years I borrowed the max $53,500. I was suckered by one online university. Come to find out I was completely bamboozled. The AA amounted to nothing. It's embarrassing to even put it on my resume. I now owe $115k in student loans and will never be able to pay it off in my lifetime. This was and IS a huge scam that guaranteed a revenue flow and keep us under the govt. thumb. It's criminal. Loan sharks don't charge this much.
Angela Ortega 6 years ago
I as well was lied to by University of Phoenix. I remember hearing will help you with employment after graduation. Bull. Every time I showed my transcripts for a job they denied me. I was never able to get a job in my field which is business accounting. The best I have done is work in client service. I just read that they have to pay a few millions to people for a settlement, but, I don't qualify because I graduated before 2012.
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Scott Austin 6 years ago
Your plan of action to stay ahead of student loan debt is to pay almost 5 times the minimum payment? Oh. We just need to budget. Why didnt anyone think of this before?
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ilikeplants 6 years ago
Most school loans die with you, so your not leaving them for the family.
Cheryl Brogan 3 years ago
Dear God your choice your loan your payment Remember my body my choice
Mr. Re-in-act-ment 6 years ago
Honestly, there is no excuse for leaving debt in the family, but this has a little bit of a reason.
#15
Katinka Min 6 years ago
Wait, GOVERNMENT loans have that kind of interest on them??? Christ, the US are truly and deeply fu*cked up.
Angela Ortega 6 years ago
True both are crooks so is Ae success I borrowed 9000.00 in 2006 up to today I am still paying them. I didn't wait to finish school to start paying I paid monthly since 2006. I called them once just to tell them they are a bunch of crooks
WilvanderHeijden 6 years ago
But you can argue if it's normal to charge interest on student loans. In the Netherlands interest rates on student loans vary per 5 year period. Currently it's 0% the highest ever was 5.67% back in 1997 -2001. Since then interest rate has been going down.
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#18
Jeremiah Sherrill 5 years ago
You mother owes nothing (well be not 100% technically true) but she should be able to get them discharged.
fm9572 5 years ago
If the leinholder of the debt doesn't have the original contract with your signature on it in their paperwork, you can sue to get out from under the debt. They can't prove they're the legal leinholder, therefore you don't owe them. It's been done. Especially if the debt has been resold several times already.
#19
Andrew Wildman 6 years ago
Full Name, I think you’re misreading it. She’s saying she has to defer, otherwise she can’t afford to pay and live at the same time. As a result, she pays instead the $50 which is probably a minimum per month.
Barry Nolan 6 years ago
This is a perfect to approach this. Why would anyone go for third level education in the States with these exorbitant loan repayments?
Kim Lee 6 years ago
YOU are an a-hole. Why are you even here on this site? Everything you write is negative and puts down those that post and comment. How about you not hide behind a fake name and actually say something constructive for a change? This site used to be better until trolls like you came along
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Al Kenny 6 years ago
Once the government started backing the loans isn't that when they started to skyrocket and every college and Uni course started to cost the moon and stars? Sounds like the schools and the finance companies are in un Holy alliance to squeeze the last drop of blood out of all the students.
Yixing 6 years ago
Sadly I don't think it is. Maybe she meant 26k or really meant $26, either way it's possible that she got more fees added to her balance
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#21
Hollis White 6 years ago
I can totally relate to this! I have subcumed to the notion that I will die with this debt. I finally finished my BA, almost $80,000 later. Sine 2017 its almost to 110k, on deferment, and IBR. Now businesses want to hire real world experience not just that of an education. I'm in a 28k, temp job, no benefits, no PT, no Vaca, no sick pay and have 2 young children . Something's gotta give!! Talk about a double edge sword!!
#22
Katinka Min 6 years ago
A ruined life because a busted knee. That's the American dream for you, in a nut shell.
Brennan 6 years ago
There's mine. Got in a car wreck while at work, led to chronic migraines which of course meant I could barely function. Took some time off school to heal up, never went back because they won't let me until i pay them $4000 I shouldn't owe. Been on a cycle of unemployment since then. All told I'm about 25k in the hole, which makes me one of the fortunate ones.
#23
Bi Nguyen 6 years ago
The only way that we can have a solution that will be fair to all of us is to tear this one completely down and rebuild it more in line with the needs of modern people. While taking into account the respect of all living things on this planet. We can't continue to ravage this planet in our pursuit of progress. It's the mentality that we've been taught to accumulate a particular resource that we can hoard to ourselves that allows us to obtain more than another. As humans, we just need the basics to live, and the ability to express our creativity as we seek the end goal. Being a part of the world and leaving it in a better place than when we go there. Reality is the opposite. Achieve as much as you can in disregard to r the future at their expense. They are the ones who must clean up our mess
Walter Ludolf 5 years ago
I have seldom read as much bs as in your replies to this post. At first your replies had barely anything to do with the topic and then you go off into condescending polito-philosophical rants, which again have barely anything to do with the topic.
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Gwennyth Jacqueline 5 years ago
So I can owe $5000 a month on my loan payment? I don't even make that much money
Load More Replies... Bi Nguyen 6 years ago
In regards to student debt, the people who bought the debts will obviously only agree to a solution as long as they get paid back. The students will want their debt erased. That leaves the people who do not fall in either category. I'm willing to bet that a good chunk of them are middle or lower income. Will they find it fair that they shoulder t the burden even more than they already are? If that debt is erased, yes it will free up the income of those students, allowing them to skyrocket towards abundance since their income remains the same but a huge monthly payment becomes free. Some of those monthly payments easily dwarf just a regular persons income. Will it be fair to them as they watch those students enjoy that relief and go off and buy their homes and get married or have children when their situation at best remains the same? The whole system is broken. We need to just tear it down and rebuild with a system more in line with nature and love and compassion
Bi Nguyen 6 years ago
We have a problem coming up. A battle between the people that went to school and the ones that didn't. Will the mass with no higher education choose to help pay off the debt of those with an income exponentially higher than theirs? Or will there finally be the revolution that we have been yearning for inside of all of us for a just world and we break this system where greed, the pursuit of material objects and the profiting off one another finally come around? My dream is that one day, there is a world where we don't even need money or any form of resource that allows people to accumulate it to be traded for another resource. I feel like if we were all given at the minimum at least the basic necessities for life, and allowed the ability to do whatever we wanted in our life that allowed us to freely express our creativity, every single one of us would excel in whatever we did in an unimaginable way. It is possible. We just need to want it bad enough
Bi Nguyen 6 years ago
The jobs that society finds undesirable will either go extinct, replaced by robotics, of if it's absolutely necessary, be a part of a list of jobs that society at large be asked to step up to. I feel like instead of having mandatory military enrollment like some countries do, we have a social mandatory job system where everybody is required to provide a set amount of years of r their life to produce their labor in random fields needed by society yet not the type people are jumping for joy over but very critical and needed. Also that the basic universal laws of life be taught, not pursuit of money or objects. Love, compassion, understanding, truth, respect. The world system as it is no longer serves our purpose. I understand that b before, it was useful because we naturally needed to gather resources in order to guarantee our survival j hit the in the modern age, we have evolved beyond the need to accumulate resources and keep it to ourselves.
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#24
Katelyn Crowner 5 years ago
Well You don't qualify for forgiveness simply by having 20 years lapse. you needed to be on IDR for those 20 years.
#25
Sam Rowswell 5 years ago
That's because the interest is compounded daily. No other loans are. It's criminal and would be illegal for any other lender.
Ahmed Saleem 5 years ago
Also wanted to thank you for the info about compounded daily intrest because I didnt know about that, so I made an accoun soley to thank you for that info because I might be able to turn back now if it isnt too late.
Load More Replies... Cheryl Brogan 3 years ago
So do any of you smart people think maybe your college is a rip off?
Jim Antera Ross 5 years ago
"14 years of paying and the balance NEVER goes down" 4.5% APR is quite reasonable. I'm going to guess: 1 You had an unusually large principal loan amount and/or you're making extremely small payments 2 your PhD is in a low earnings power area like social science, philosophy or art. If so, your choice of PhD study area is the problem. Not your student loan interest rate. Edit: an Internet search confirms my guesses: Your psychology PhD is indeed a low earnings power social science degree, and you chose to go to extremely expensive private schools: Chicago School of Professional Psychology and Pepperdine University. You're not necessarily at fault: student loan counselors have no accountability for recommending ruinous loans and low earnings power study areas.
#28
Kristin Maine 5 years ago
Ever occur to you that people on income based payment plans are there because they can't afford to not be?
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Chelle Snail 6 years ago
WHY is there not a huge protest storm happening right now? This is just disgusting and illegal of the Education system in America to just rob people like that!!! I hope they end up in jail for life and that they return the money they stole from you all, by waiving these horrible study debts!!!!!! They will go to hell (and no I am not religious but I believe in karma) in time for doing this to students. Also, the question is, why don't everyone all boycott the education by not enrolling in courses? Lets see it impact the greedy business that is stealing through student loans. Never mind the few rich who can just pay upfront, there is a few of them and many more of you who are not, so time to fight back!
gedwards1 5 years ago
Totally agree. If all high school leavers refused to take one of these loans, where are the universities going to go? No students, zero income, and overheads to pay.
Load More Replies... #30
Escape Student Debt 5 years ago
I think the most sensible solution is to leave the United States and default on the debt. There is a guide available on Kindle explaining how to do it. The book is called How to Escape Student Debt by Leaving the USA https://www.amazon.com/Escape-Student-Debt-Start-Abroad-ebook/dp/B079KHXSXZ/ref=sr_1_2?keywords=how+to+escape+student+debt&qid=1578773828&s=amazon-devices&sr=8-2
Carol Adderley 5 years ago
Aernout Bakels, if you could save every penny, were your living costs subsidized? What were your medical payments, did you need a car for your job, did you pay rent?
Kathy Spicer-Krueger 5 years ago
I originally borrowed #$33,000. I paid a total of $36,000 back and still owe $71,000!!!!!
Angel Wright-Lanier 5 years ago
Folks, you must be paying the minimum payments. I paid off one student loan and have a few more to go, but this year I'm going to pay everything else that I owe, so I can focus on paying the student loan debt. YOU CAN PAY IT OFF IF YOU FOLLOW DAVE RAMSEY or some other plan similar to this that requires you to stop borrowing money first. Pay off everything you owe: all credit cards, anything with a balance. After you've paid off everything else, you can free up money to pay off student loans. I've seen people get out of a tremendous amount of debt in a few years. I'm going to keep up with my journey and report back, but there is hope.
Mark Gasster 5 years ago
Thank Barack Obama for Federalizing Student Loans. He totally screwed all those students borrowing money to go to school, he did on purpose.
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John Louis 6 years ago
You can't expect the government to help you out when they need to spend all of their money on the military and tax cuts for the wealthy.
Thomas Kanonym 6 years ago
Well, where do people in the US get their education if they (know they) can't afford student loans? In the army! So why would the gouvernment be so stupid as to cut off it's very effective poor people soldier breeding program?
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Sterrinatu 6 years ago
I guess according to some of you on here I was one of those idiots that got myself into one of these loans. Although, I don't think I was an idiot, I was desperate and un-informed about student loans. I came from a drug addicted mother and a very bad childhood. I wanted to better myself and did it completely on my own. No one helped and no one educated me on what my options were. I don't regret my decision but I feel like these loan companies prey on people in my situation and that is very wrong.
Luke Bouley 6 years ago
You are not an idiot, just a victim. you are completely right, it is predatory behavior to allow you to start a loan "underwater" or in a state where the interest exceeds your monthly due.
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Arietis 6 years ago
I went to uni in my home country (Germany) and while I was enrolled, they started collecting tuition for a couple of semesters until another party took over the state government and abolished it again. I graduated owing 2,800 Euro and I was furious. Paid it back in 100 Euro installments, starting a year after graduation – that rule was put in place to make sure people had found employment in the meantime before they had to stat paying. It wasn't that big a dealbut I still don't think it's right. Can't imagine to be buried in debt like a lot of American students/graduates.
Katinka Min 6 years ago (edited)
I already had my degree when Germany suddenly thought, it would be a great idea to introduce tuition. The politicians agreeing on that all went to uni for free, of course. Fortunately, most states have abolished them, again. It is inconceivable to me, why a country would cripple it's future generations like the US are doing. It destroyys any hope for a real future. Unless, of course, you want a banana republic with throngs of abject poor, plenty of soldiers to feed wars that a small percentage of very wealthy people get rich on. then it's a great concept.
Load More Replies...
Nadine 6 years ago
Is that even legal. Can someone explain how currency values differs in countries
Elizabeth 6 years ago
It's not just that there is interest charged on student loans, but those interest rates are higher than they would be for almost any other type of loan. When you are buying a house or a car they can take those back, the education isn't a tangible item that can be revoked so the interest is rather high and cruel.
Load More Replies...
Antonia 6 years ago
the more i read about this country, the more i think that amerika is one of the worst countries to live..
Falcon 6 years ago
The lesson here is: Don't borrow enormous amounts of money with high interest rates, regardless of country.
Load More Replies...
Kjorn 6 years ago
america has so many s****y problem… student debt a ridiculous, medical coverage are horrible, gun shooting everywhere, death by gun shooting are so high… i'm so grateful to live in Canada...
India Frost 6 years ago
It is surprising how far we fall behind in those areas. I think it's because like every economic system, capitalism is an experiment, and what we are seeing is that it may be good to intermesh multiple frameworks of economic systems instead of just capitalism. All those issues you stated are due to lobbying from big corporations who line the pockets of politicians, citizens are not priority.
Load More Replies...
YoyoSthlm 6 years ago
In Sweden all education is free. And you can around 350$ per month free from the government and if you need more money they'll give you a loan without interest. Wish it could be the same in every country.
Peko 6 years ago
The loan is not interest free, the interest varies over time. The interest for 2020 is going to be the same as for 2019, 0.16%.
Load More Replies... Kamila Anna 6 years ago
My country is fcked-up as all hell, but at least it's not US. Seriously, how is this place even real??? The students loans? The healthcare from hell? And then they will go around saying how they are the best place in the world? Mindblowing. I'm soooo grateful i don't live there, omg.
John Louis 6 years ago
You can't expect the government to help you out when they need to spend all of their money on the military and tax cuts for the wealthy.
Thomas Kanonym 6 years ago
Well, where do people in the US get their education if they (know they) can't afford student loans? In the army! So why would the gouvernment be so stupid as to cut off it's very effective poor people soldier breeding program?
Load More Replies... Sterrinatu 6 years ago
I guess according to some of you on here I was one of those idiots that got myself into one of these loans. Although, I don't think I was an idiot, I was desperate and un-informed about student loans. I came from a drug addicted mother and a very bad childhood. I wanted to better myself and did it completely on my own. No one helped and no one educated me on what my options were. I don't regret my decision but I feel like these loan companies prey on people in my situation and that is very wrong.
Luke Bouley 6 years ago
You are not an idiot, just a victim. you are completely right, it is predatory behavior to allow you to start a loan "underwater" or in a state where the interest exceeds your monthly due.
Load More Replies... Arietis 6 years ago
I went to uni in my home country (Germany) and while I was enrolled, they started collecting tuition for a couple of semesters until another party took over the state government and abolished it again. I graduated owing 2,800 Euro and I was furious. Paid it back in 100 Euro installments, starting a year after graduation – that rule was put in place to make sure people had found employment in the meantime before they had to stat paying. It wasn't that big a dealbut I still don't think it's right. Can't imagine to be buried in debt like a lot of American students/graduates.
Katinka Min 6 years ago (edited)
I already had my degree when Germany suddenly thought, it would be a great idea to introduce tuition. The politicians agreeing on that all went to uni for free, of course. Fortunately, most states have abolished them, again. It is inconceivable to me, why a country would cripple it's future generations like the US are doing. It destroyys any hope for a real future. Unless, of course, you want a banana republic with throngs of abject poor, plenty of soldiers to feed wars that a small percentage of very wealthy people get rich on. then it's a great concept.
Load More Replies... Nadine 6 years ago
Is that even legal. Can someone explain how currency values differs in countries
Elizabeth 6 years ago
It's not just that there is interest charged on student loans, but those interest rates are higher than they would be for almost any other type of loan. When you are buying a house or a car they can take those back, the education isn't a tangible item that can be revoked so the interest is rather high and cruel.
Load More Replies... Antonia 6 years ago
the more i read about this country, the more i think that amerika is one of the worst countries to live..
Falcon 6 years ago
The lesson here is: Don't borrow enormous amounts of money with high interest rates, regardless of country.
Load More Replies... Kjorn 6 years ago
america has so many s****y problem… student debt a ridiculous, medical coverage are horrible, gun shooting everywhere, death by gun shooting are so high… i'm so grateful to live in Canada...
India Frost 6 years ago
It is surprising how far we fall behind in those areas. I think it's because like every economic system, capitalism is an experiment, and what we are seeing is that it may be good to intermesh multiple frameworks of economic systems instead of just capitalism. All those issues you stated are due to lobbying from big corporations who line the pockets of politicians, citizens are not priority.
Load More Replies... YoyoSthlm 6 years ago
In Sweden all education is free. And you can around 350$ per month free from the government and if you need more money they'll give you a loan without interest. Wish it could be the same in every country.
Peko 6 years ago
The loan is not interest free, the interest varies over time. The interest for 2020 is going to be the same as for 2019, 0.16%.
Load More Replies... Kamila Anna 6 years ago
My country is fcked-up as all hell, but at least it's not US. Seriously, how is this place even real??? The students loans? The healthcare from hell? And then they will go around saying how they are the best place in the world? Mindblowing. I'm soooo grateful i don't live there, omg.
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