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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m confused about this recent tweet by former New York State Senator Alessandra Biaggi:

[quote]In 2012, I graduated from Fordham Law School with $180,000 is student loan debt.

I’ve been paying loans for 11 years. Even paid two of them off completely.

In 2023, my balance is $206,000.[/quote]

Forgive my ignorance, but how is this possible, especially if she has been paying (without interruption , I assume) for 11 years and has paid two off completely? Is nothing going toward the principle? Did she go through a loan shark? I don’t understand this.

[/quote]

Because people are dumb, take out $180k in debt, and don't do 5 minutes of hw learning about the concept of loan amortization.[/quote]

So the payments don’t include principle + interest?[/quote]

Holy crap.

Imagine buying a car, a home, taking out a loan for college, etc. etc. before learning basic finance 101. Insane.

https://www.thebalancemoney.com/how-amortization-works-315522

So many Americans apparently must be borrowing money and are obvious to 5th grade financial math. Crazy how you people borrow $200k for school and $700k for a home and don't know your obligations. [/quote]

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