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Message
re: Student Loan payments restarting
Posted on 8/7/23 at 3:28 pm to tigerbacon
Posted on 8/7/23 at 3:28 pm to tigerbacon
quote:
The issue is the interest. 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. So yes I agree pay back the 50k plus interest but the interest should be set from day 1 and not compounded.
This is correct, especially when you think they do not describe subsidized and unsubsidized loan difference in school. Its not just when you get out to start paying, many get intrest of 7% to 8% while they are in school making nothing. You borrow the money, do not have to make a payment for 5 years because you are in school while it accrues intrest which no one tells you that fact when you are getting the student loan.
1
Posted on 8/7/23 at 3:57 pm to FreddieMac
quote:
This is correct, especially when you think they do not describe subsidized and unsubsidized loan difference in school. Its not just when you get out to start paying, many get intrest of 7% to 8% while they are in school making nothing. You borrow the money, do not have to make a payment for 5 years because you are in school while it accrues intrest which no one tells you that fact when you are getting the student loan
This isn’t true. To obtain a federal direct loan (subsidized or unsubsidized) students are explicitly told about how interest will be calculated and when it will apply. They watch a video and it’s laid out in writing as well. My son just went thru this last year.
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