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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Why wont they set rates for student loans to 2% instead of 14% with daily compounding interest. God forbid. [/quote]
There has been a bill floating around to do this.
[twitter]https://x.com/repmoskowitz/status/1907107917754470820?s=46&t=kf1qYlCXQnKgUhJWEIu2vg[/twitter][/quote]

this would be a tremendous help.

I did college the poor way that is always suggested here: I went to NVCC for 2 years and then transferred to an in-state school. I borrowed a pretty modest amount compared to my peers - only $16k. I thought that amount would be very easy to pay off. I was a fool! Yes, they tell you that you'll have to pay that amount back. No one is disputing that. What we didn't get a firm grasp of was the interest and how much and how crippling that would be.

I am now 35 and have paid $33,419.65 and still owe $11,890.02.

Imagine buying a crappy $16,000 car at age 20 and you're still paying it off at age 35. No one finances a car that long. No bank would finance a car that long!

I've almost paid back what I borrowed x2. That's what upsets me. That's what upsets most of my peers who have loans, too.  [/quote]

How long did you extend the loan for and what were the rates? What was your monthly payment? How many times did you stop payment during that time. You seem to lack any personal responsibility for this. Of course you have to pay back more than you borrowed and of course that number goes up the longer you keep the loan outstanding. [/quote]

I've never not paid except for the short grace period you get upon graduation. Mine are federal loans, and my payment is $621 per month & my interest is 6.8%.

How am I lacking personal responsibility? I've been paying for years. I did college the way that so many here suggest, as well. I went to community college and worked to pay my way there. I saved thousands doing it that way. I transferred to an in-state school. I worked while in college then as well.

Like what more do you want from us? I found a job within 4 months of graduating college, so I didn't even need the full 6-month grace period. I've been lucky enough to always be employed during my career, too. Even during Covid when things were paused, I kept up my payments.

It's the interest that is crippling us. [/quote]

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