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Message
Reddit shows that not knowing math means America sucks
Posted on 5/1/26 at 12:38 pm
Posted on 5/1/26 at 12:38 pm
LINK
3000+ comments, mostly shitting on America for our predatory student loans and how everyone is suffering under the evil empire of rich male overlords.
Yet, a simple look at the math shows this person is negligent with their finances and put themselves in that situation.
In 2006, student loan interest rates were around 6%-9%. With a $20,000 loan, minimum payments would be around $166. If they used a income-driven repayment plan or deferred payments, their interest would grow exponentially. If they paid the minimum, they would have paid it off. If they paid the standard 10-year payment plan, assuming 7% interest, they would have it paid it off with $233/month. If they needed 15 years, they needed to pay $179/month, a mere ~$15 more over the minimum.
But they obviously didn't. They paid less than the minimum and let the interest overwhelm them. Then they got covid and quit life. Now they're refusing to pay the money they still owe.
Yet, Reddit, a top 10 most frequented website on the Internet, overwhelmingly uses this post to shite on America.
It wouldn't be a big deal if these people couldn't vote and didn't have influence over young people forming their political opinions.
3000+ comments, mostly shitting on America for our predatory student loans and how everyone is suffering under the evil empire of rich male overlords.
Yet, a simple look at the math shows this person is negligent with their finances and put themselves in that situation.
In 2006, student loan interest rates were around 6%-9%. With a $20,000 loan, minimum payments would be around $166. If they used a income-driven repayment plan or deferred payments, their interest would grow exponentially. If they paid the minimum, they would have paid it off. If they paid the standard 10-year payment plan, assuming 7% interest, they would have it paid it off with $233/month. If they needed 15 years, they needed to pay $179/month, a mere ~$15 more over the minimum.
But they obviously didn't. They paid less than the minimum and let the interest overwhelm them. Then they got covid and quit life. Now they're refusing to pay the money they still owe.
Yet, Reddit, a top 10 most frequented website on the Internet, overwhelmingly uses this post to shite on America.
It wouldn't be a big deal if these people couldn't vote and didn't have influence over young people forming their political opinions.
This post was edited on 5/1/26 at 12:40 pm
21
Posted on 5/1/26 at 12:40 pm to StringedInstruments
They're called REddiTARDs for a reason.
Posted on 5/1/26 at 12:41 pm to StringedInstruments
Lmao they're always permanently disabled
But I'm not gonna lie, government backed student loans have been a disaster and imo are predatory to a large sum of people who don't know their hand from their arse at 17/18. I have a little empathy for these people.
Pay your loans
But I'm not gonna lie, government backed student loans have been a disaster and imo are predatory to a large sum of people who don't know their hand from their arse at 17/18. I have a little empathy for these people.
Pay your loans
Posted on 5/1/26 at 12:43 pm to TigerReb7
Obviously, these taxpayer provided loans are too much of a hardship on these young g people. The only moral choice is to eliminate the program altogether.
Posted on 5/1/26 at 12:43 pm to StringedInstruments
Government backed student loans has been a pretty terrible development
This post was edited on 5/1/26 at 12:44 pm
Posted on 5/1/26 at 12:45 pm to StringedInstruments
Numbers don’t make sense. In 2006 a ten year loan was the standard length, and interest was between 2-5% from 2002-05 until 2006 when they revamped the system to 6.8 fixed.
She’s leaving out multiple years of default from her story.
She’s leaving out multiple years of default from her story.
This post was edited on 5/1/26 at 12:52 pm
Posted on 5/1/26 at 12:51 pm to lsuconnman
Reddit is for porn and niche interests. Stay away from the politics and big subs
Posted on 5/1/26 at 12:51 pm to StringedInstruments
quote:
Reddit, a top 10 most frequented website on the Internet, overwhelmingly uses this post to shite on America.
because Reddit is a Marxist cesspool.
Posted on 5/1/26 at 12:52 pm to StringedInstruments
quote:
In 2006, student loan interest rates were around 6%-9%.
THIS is why the system sucks, despite her shitty math. For an education. One we were told, at the time, was an imperative to any success later in life.
And we fell for it
This post was edited on 5/1/26 at 12:54 pm
Posted on 5/1/26 at 12:54 pm to StringedInstruments
Lmao a 20k loan in 2006 but you can’t pay it off because of Covid. You can knock that shite out in 5 years with little effort. Hell and this was before expensive arse iPhones and subscriptions for everything. When cars were cheap and before Obamacare made insurance go up.
This person made 0 real effort into paying that off. Get fricked.
This person made 0 real effort into paying that off. Get fricked.
This post was edited on 5/1/26 at 12:57 pm
Posted on 5/1/26 at 12:55 pm to WestCoastAg
quote:
Government backed student loans has been a pretty terrible development
It is 100% to blame for the asinine exponential growth of tuition in this country.
Why would the NOT charge $30k a year?
They are guaranteed to get it so might as well
Posted on 5/1/26 at 12:56 pm to StringedInstruments
She's probably fishing for a GoFundMe
Posted on 5/1/26 at 1:00 pm to StringedInstruments
Life is hard. It’s very hard if you are stupid
Posted on 5/1/26 at 1:03 pm to WestCoastAg
quote:
Government backed student loans has been a pretty terrible development
But Obama promised that a fed takeover of loan administration would solve all ills!
Posted on 5/1/26 at 1:06 pm to StringedInstruments
quote:
for our predatory student loans and how everyone is suffering under the evil empire of rich male overlords.
I will say that companies are partially to blame for this requiring someone to have a bachelors degree to perform a BS job. There is no longer an avenue to just get a job and work you way up without one.
Posted on 5/1/26 at 1:19 pm to SoFla Tideroller
quote:
Obviously, these taxpayer provided loans are too much of a hardship on these young g people. The only moral choice is to eliminate the program altogether.
No.
Keep the student loans. After graduation, the university helps the grad find a job in the field they studied in. If the grsd finds a job outside of that field, the grad repays the loan. If the university sets that student up with a job in the field, the repayment is interest free as long as that student keeps that jobs or works in that field. If the university can't find a job for that student within 2 years, the university is responsible for the loan. If the grad doesn't stay in contact with the university during that period, or refuses jobs or interviews, they pay the loan back with interest.
Put some responsibility back on the university and we'll see how long some of those degree programs last.
Posted on 5/1/26 at 1:21 pm to StringedInstruments
There’s a ton of leftist bots and foreigners on there.
Posted on 5/1/26 at 1:24 pm to StringedInstruments
Maybe don’t take a loan out for a career that can’t afford you to repay the loan.
Posted on 5/1/26 at 2:04 pm to StringedInstruments
It is absolute insanity to offer a <21 year old as many loans as they can take with no regards to credit to or income.
Say what you will about paying it back...
But the initial lending is 1000% predatory.
Say what you will about paying it back...
But the initial lending is 1000% predatory.
Posted on 5/1/26 at 2:56 pm to TigerReb7
quote:
government backed student loans have been a disaster
Yet another example of government trying to "fix" a problem and making it exponentially worse while creating other issues in the process. Everyone pissed about how expensive college has gotten, start with govt backed student loan programs.
This post was edited on 5/1/26 at 3:07 pm
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