Forgive Student Loan Debt

[Artevelde]

If after 23 years you haven't been able to bay back a student loan of 26,000 you are either:
-) very stupid
-) spending your money on all sorts of other things
-) a freeloader
-) all of the above

No way $26k to turns into $78k unless you're fucking up royally.

I guess the OP is economically challenged.

 

[G.T.]

Either educate yourself, or butt out. Your kneejerk reacting doesn't facilitate discussion.

They have a point.

I'm not even sure the person who would pay $119 a month for 23 years and never up her payments and never refinance at a lower rate, and get herself into a situation where she'd be paying triple (what?), deserves any credence when talking finances.

 

[Artevelde]

Either educate yourself, or butt out. Your kneejerk reacting doesn't facilitate discussion.

If one takes out a mortgage one pays back approximately three times what one borrowed does one knot?

Let's forgive all mortgages and see how that works out for the country's financial system.

 

[SniperFire]

Everything should be, like, free.

 

[BDBoop]

A couple of answers from kids (adults now) on the "How could you be so stupid" question.

Answer: I love that question: why didn't you read the contract. Well, I was 17 on my first loan and about 19 on my second one. Didn't even have a checking account and never had a credit card at that time. Read the contract? yeah, I read it and "Trusted" that the government wouldn't give me the shaft. I mean how could they do that to me, I was just a kid and had big dreams. How did I know they would retroactively change the law after I took out my loan and that this loan would follow me to my grave. Oh yeah and I forgot to mention that no where in my contract does it say if I default that my interest would be capitalized. They sort of left that out for future use.

Answer: Nobody can follow when the government changes the rules in the middle of the game. They do it all the time. This is why we need reform, and we need to pass H.R. 4170, to restore some sanity and responsibility to the system. Consumer advocates back in the 80s reformed insurance company policies and forced them to write insurance coverage in understandable language. This is what we need now with student loans. Obviously this is proving to be true, as Consumer Finance Protection Bureau is beginning to listen to the people, and proposing these types of changes. And, as far as these perfect people, who read everything, I don't believe 99% of them. They would have to prove it to me first. If they are that perfect, good for them. But it's surely nobody I have ever met. How about you??

 

[BDBoop]

Nope. Paid back faithfully. That's what everybody is going through. You didn't know that, huh.

Not me, I worked and saved a shit load of money so that I could go to school without going into debt..

What century was that in?

 

[Full-Auto]

Read the image and tell me why you think things are just fine as they are.

Prove the sign!!!!!

 

[auditor0007]

Read the image and tell me why you think things are just fine as they are.

You can't just throw up some picture of a sign that really makes no sense and expect us to all jump on board. There needs to be and explanation as to how the debt could increase while payments were being made. Either the person missed a lot of payments, or the sign is BS.

 

[WillowTree]

Nope. Paid back faithfully. That's what everybody is going through. You didn't know that, huh.

Not me, I worked and saved a shit load of money so that I could go to school without going into debt..

What century was that in?

seventies and eighties.. wassamatter work is now unfashionable?

 

[SniperFire]

Read the image and tell me why you think things are just fine as they are.

Prove the sign!!!!!

Barack has just commissioned a million of the from them Gubmint Printing Office.



maybe

 

[Artevelde]

Either educate yourself, or butt out. Your kneejerk reacting doesn't facilitate discussion.

It's tough when people point out you're spouting nonsense hey?

 

[LogikAndReazon]

The only thing the sign proves is that the retard carrying it did not qualify for that loan, and that anyone feeling sympathy for the fool is an even bigger imbecile................

 

[Conservative]

Read the image and tell me why you think things are just fine as they are.

those numbers are bogus...


Student Loan Calculator - CNNMoney
according to the student loan calculator at CNN...

A loan of $26,400

at 8.5%

monthly payment of $218...

would have the loan paid in the 23 years the OP image shows, with the paid interest being $33,842. PAID.. not still owing $45,000.


I call fraud.

 

[Artevelde]

Read the image and tell me why you think things are just fine as they are.

those numbers are bogus...


Student Loan Calculator - CNNMoney
according to the student loan calculator at CNN...

A loan of $26,400

at 8.5%

monthly payment of $218...

would have the loan paid in the 23 years the OP image shows, with the paid interest being $33,842. PAID.. not still owing $45,000.


I call fraud.

Oh my God. That's just way too much critical thinking! Have mercy.

 

[BDBoop]

It was a joke. Sorry, didn't consider my audience.

/note to self: make better use of emoticons

 

[BillyV]

Nope. Paid back faithfully. That's what everybody is going through. You didn't know that, huh.

That sign is bullshit.. you're telling me that with interest, a $26,400 loan turned into a $77,977 debt? No fucking way.

With that said, you read the terms, you took the money, you pay it back.

Welcome to the world of "negative amortization". She has paid $32,700 over 23 years; that's about $118 per month. The monthly interest on $26,400 at a relatively benign 6.6% would create a monthly interest at the outset of $145, and after 23 years of paying this way you would owe much more money (in fact, about $45K). If this was the minimum payment that was arranged in the contract and that's all she paid, then she owes the difference. I would say, however, that she probably has a good case to sue the university for not teaching her how to add and subtract.

 

[Conservative]

It was a joke. Sorry, didn't consider my audience.

/note to self: make better use of emoticons

Sure.. now that you're stupidity and fraud were called out, it was really just a joke

 

[geauxtohell]

For perspective, my principle is about $240K at 7%. My current balance is about $270k.

These numbers are typical of med school. On the other hand, my expected annual earning will be in the mid $100 - low 200k, also typical of most fields in medicine.

So the note is big (and the interest rate sucks), but it's money we'll spent as far as earnings are concerned.

The problem a lot of college students have is tat they are being sold a bill of shit about "do what your heart tells you to do" and devoting their time to unemployable occupations.

 

[BDBoop]

Nope. Paid back faithfully. That's what everybody is going through. You didn't know that, huh.

That sign is bullshit.. you're telling me that with interest, a $26,400 loan turned into a $77,977 debt? No fucking way.

With that said, you read the terms, you took the money, you pay it back.

Welcome to the world of "negative amortization". She has paid $32,700 over 23 years; that's about $118 per month. The monthly interest on $26,400 at a relatively benign 6.6% would create a monthly interest at the outset of $145, and after 23 years of paying this way you would owe much more money (in fact, about $45K). If this was the minimum payment that was arranged in the contract and that's all she paid, then she owes the difference. I would say, however, that she probably has a good case to sue the university for not teaching her how to add and subtract.

Conservative, meet Billy. He'll be your guide for these festivities.

 

[Trajan]

Read the image and tell me why you think things are just fine as they are.

because they borrowed it...its a LOAN. its their responsibility to honor their contract and word and not put it off on me or anyone else......see how that works?