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Message
re: Student Loan payments restarting
Posted on 8/6/23 at 1:40 pm to tigerbacon
Posted on 8/6/23 at 1:40 pm to tigerbacon
quote:
Say you take out 50k and you make 40k at a starting job. After ten years you have been paying 100-200 a month but now owe 150k
It wouldnt balloon to near that big even making $100 monthly payments, unless you had an absolutely absurd interest rate.
But with $50k in loans if the interest rate was say 5% you should be making about $530 payments a month on the 10 year payback plan which basically everyone should be on IMO. The income driven payment system is just a way to trap people into endless student loan payments.
1
Posted on 8/7/23 at 9:13 am to thunderbird1100
quote:
The income driven payment system is just a way to trap people into endless student loan payments.
I think it was before. It was shocking how easy it was to ask to pay less or not to pay at all and they'd just say "okay, see you next year but we'll keep accruing interest" and people would put it out of mind.
At present the government is devising all kinds of plans to forgive loans after some moderate amount of time of monthly payments, and counting those zero or low payments in there.
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