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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think the thing that needs forgiven in terms of student loans is the interest.

It took me 8-10 years of working after graduation to be in a good financial place to make payments on mine that were more than the minimum monthly payment. I borrowed $27k over 4 years, so relatively low compared to many I know, but when all was said and done, I paid back $46k.

My sister has paid back her original student loan amount of $40k but still owes like $39k because of Interest.

Most people I know aren't averse to paying back what they borrowed. It's the interest that is crippling to them. [/quote]

Loans have interest. Why is this advanced calculus for people?

We already give tax breaks for student loan interest payments.

There is zero incentive to provide loans unless a lender can obtain interest. Credit markets don't exist without interest.  Welcome to adulthood teacups. I'd like a mortgage too with zero interest, lol.  You don't borrow $40k and have the mindset that you paid back your fair share when you paid back $40k.   In what realm of reality is anyone entitled to borrowing other peoples' money for free?  So much delusional entitlement.  You already get tax breaks for it anyway.[/quote]

Apples to oranges. And no one is saying ZERO interest. Everyone with a brain understands that lenders make their profit on the interest. We want reasonable interest rates.

My mortgage interest rate is 3.65%. I took this on at age 32.

Credit card interest rates are high because the credit lines are usually pretty small.

For college, I had a private loan with 12% interest, another with 9%, and the third with 7.5%. Those loans were also my first loans ever in my life. Did I know how loans worked at 17/18? Of course. Did I fully understand how crippling the interest debt would be? No, not at all. My initial monthly loan payment due was around $635 and very little of that went to the Principle. I've now paid off what I borrowed x2 but still owe about what I borrowed. And I didn't borrow an exorbitant amount, either. I basically borrowed the cost of a new car, in the 30,000-40,000 range. How many people do you know who took out a $35k car loan at 18 who are still paying off that car in their late 40s?

Apples to oranges. [/quote]

Not apples to oranges . Who held the gun to your head to make the stupid financial decision of taking out a 12% interest loan?

Loans are amortized.  If you pay only the amount due, expect it to take a long time and expect to pay a ton more than the initial amount borrowed.  They literally give you an amortized schedule of payments, so stop blaming being only 18 years old.  You agreed to the terms and we made aware that it would take you 20 years of payments on your amortized schedule of all you did was pay the amount due per month.

Grow up already. And welcome to the real world. [/quote]

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