I just finished paying off my student loan this year. It wasn't that much considering prices now, but I should have known more about the loan process before I signed up. It's predatory lending and I don't think 18 year olds are financially literate enough to see the consequences of paying off student debt. Parents and high schools both fail them in preparation and stupidly encourage teens to have largely useless post secondary degrees. Then they dont bother guiding or helping debt laden young people learn how to sensibly conduct their finances.
Me personally, i hate the interest. The interest rate was dogshit and it fluctuated often. I absolutely believe student loans should be interest free, that would have helped me ALOT and saved me thousands.
But since I'm not a worthless pile of garbage, I built my career and paid off my debt. The people that whine and cry about it are lost adult toddlers and good for nothings. You can learn about debt management and finances MANY places, including online and YouTube. I paid my loan, bought a house, a new car and a truck, and although im still a debt slave im doing relatively ok. Paying debt is only hard if youre stupid, a waste of space, or both.
It's predatory lending and I don't think 18 year olds are financially literate enough to see the consequences of paying off student debt.
Very true - I bet that happens a lot - feels like they got "free money" until years later when the loans come due.
The interest rate was dogshit and it fluctuated often. I absolutely believe student loans should be interest free,
Agree but that kind of defeats the reason they got off the ground to begin with. It's actually pretty genius - as you say, they know in most cases the student isn't really going to understand what they're signing. I don't know how soon payback starts after graduation, but basically anything that isn't good for the student - can't find work, gets job but low pay, pays late etc - is a plus .to the loan,maker - every extension, every forbearance means thgat they earn more interest - and I've seen some real horror stories about that. And, as someone here stated - student loans can't be discharged via bankruptcy - holding the same status as the IRS - There's a reason for that.
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