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College and University Discussion
Reply to "With caps on amounts borrowed, HOW do students get into high debt like $200K +?"
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[quote=Anonymous]Income based repayment plans is the main problem. When you buy a car or house, your payment amount and term is very clear. For example, $1500 per month for 30 years, etc. With income based repayments, you pay a % based on your income. If your income is low, your payment is also low, but you are NOT paying down the principal and, interest in accruing every single month. Another issue was during the pandemic when people, even though they were employed, didn’t continue to pay on their loan payments. - Just my 2 cents[/quote]
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