Student Loan Nightmare
Wednesday, 12 Mar 2025
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Never pay the minimums fella.
The question isn’t how is this legal? The question is how could you agree to this?
This is the result of an income-based repayment plan. The banks secretly, but not so secretly, want those with student loans to go on these types of plans knowing the payments will really only cover the accrued interest every month thereby creating a lifelong asset out of the borrower.
Was your education good enough that you are able to build an amortization table to explain the math?
It takes exactly 2 min to look up an amortization schedule online. Payments at the beginning are always HEAVILY weighted to interest, principal doesn’t really get touched till later in the loan life. Always plan to make extra principal payments or prepare to be in hopeless debt forever. If all you can afford is the minimum payments, you can’t afford the loan.
Many parents do encourage their kids to get these loans. So I can’t blame the 18 year olds for taking on this debt.
Why’s he 120k in debt to be a photographer?
Not fluent
The terms should have been – unless it was fraud- clearly spelled out in the loan document. It sounds like he took out some insane internet only loan type, never read the agreement, and is now complaining about the contract. Good thing he went to college.
The nightmare seems like a lack of education
The interest on my private student loans fluctuated from 6-11% while in repayment. Students who have no other outlet beyond federal loans must take out these loans and there are ZERO consumer protections on these loans thanks to the G.W. Bush administration. It was and is absolutely predatory lending.
Let me get this straight. He intentionally signed a contract and agreed to its terms. Now that he has obtained what he desired, he wants someone else to fulfill his contractual obligations? I find it difficult to empathize with such a narcissistic and antisocial mindset.
Did you not read the loan paperwork that addresses all of this???
No offense, but this is a lesson you need to learn because it’s going to happen with every house, car, and credit card for the rest of your life. Minimum payments get you nowhere, read the terms and learn how to plan debt repayment. Even if student loans got forgiven, no one is bailing you out of the others. Any time someone is selling you on a “payment”, you are getting fucked.
You’re college educated I’m sure you’ll figure something out buddy. Maybe start with googling what an interest rate is.
long-time borrowers should have qualified for loan forgiveness under the rules of the government’s income-driven repayment plans (IDR) but haven’t received it because of mismanagement by the department and loan servicers.
While IDR rules have long promised a borrower’s loan balance will be forgiven after 20 years of payments, a March 2021 report by borrower advocates found that, at the time, 4.4 million borrowers had been repaying their loans for at least 20 years – but only 32 had had debts canceled under IDR.
[https://www.npr.org/2023/07/14/1187660793/student-loan-forgiveness-income-driven-repayment?fbclid=IwAR3JUkOZZgffLLg21KIj8NjvP8-Cq81d5ytUwVaXObdVNVqUdPoUSrkEOtI](https://www.npr.org/2023/07/14/1187660793/student-loan-forgiveness-income-driven-repayment?fbclid=IwAR3JUkOZZgffLLg21KIj8NjvP8-Cq81d5ytUwVaXObdVNVqUdPoUSrkEOtI)
Question: my wife went to a fraud for profit photography school that was mired in scandal and shut down. She took private loans to pay for it and still has like 50k to pay. They absolutely preyed on young poor people who weren’t taught how to be smart about money. Given the fraud nature of these schools does she have any recourse?
120k for undergrad. In what? Basket weaving?
Why can’t they just make student loans 0% or 1% I don’t understand
Yea maybe read the terms and conditions and get a proper understanding of what you are signing up for before borrowing $120k.
It’s amazing the lack of accountability thats running rampant amongst young adults today. You wouldn’t buy a car with a 27% interest rate but now you’re somehow baffled and angry at that rate when it applies to a student loan. Get real
Usury has been condemned since ancient times and still is in some parts of the world. Usury has been normalized. It is still immoral and contemptible even if the powers-that-should-not-be have made it normal. Usurers are parasites.
All education should be 100% free and anyone who disagrees is a gatekeeping piece of shit 😀
So the dude wants us to feel sorry for him because he was stupid.
Sean must not understand basic math.
The guy has a 30 year payment schedule at a 9% interest rate. This is why you never pay the min payments if you want to get out of debt. Also, assuming the twitter handle is true (photographer), paying 120k for a photography degree is sheer stupidity. Where was his guidance counselor? Where were his parents?!? Nobody hires a photographer because of their degree. He would have been far better off helping someone shoot weddings for 4 years. No debt, got paid, AND has a portfolio to show clients if or when he opens his own business.
My loans are only 45k and I pay 1450 a month and I KNOW he made more than me. I have no sympathy. Your loans should be your #1 priority after college.
It’s in the promissory note you didn’t read through before signing. Buy yourself a mirror at the dollar store set it up in your bedroom and look into your own eyes and ask is this fraud or illegal or was I just Lazy?
They agreed to it. Actin Like it wasn’t common knowledge. I hope they still aren’t this dumb after all that college or maybe the brains come in 30 years when he’s done paying.
Because you agreed to it. Don’t agree to take on debt with no plan for repayment.