!["I cant pay off my student loans" [503x640 - 49KB]](https://pic8.co/sh/IXij98.jpg){kind=link}
Have an acquaintance who has a student loan that is less than 100k. I think it is something like 60-80k. He pays nearly $600-$800 a month, and just over $100 ends up going to the principle. Blew my mind when he told me.
even if it's all on the low end, that's over 12 years of payments, if you can afford it the entire time. It really doesn't make sense that his rate could be so high.
Your acquaintance probably started with 60-80k in debt, didnt pay it for years, and now has well into 6 figs. You dont get repayment schedules that wonky without being a liberal arts eff around.
He only graduated around a year ago. And it's a B.S. not art. I could have my numbers for how much is going to principle wrong, but not be a lot. It was enough to shock me when I heard it.
(post is archived)