College people: Does this pic just about sum it up?

[Reasonable Doubt]

 

[ctbaars]

I guess she also wants me to pay off her credit cards and mortgage too.

 

[brianmanahan]

not for me, i borrowed 0$, paid 0$ and owe 0$

 

[dullard]

Student loans are required to be paid back in 10 years. Unless you purposely file for a slower payback period (I think 20 years is the longest allowed), extensions, deferral, etc. Her paying it back for 23 years and still not being done was her own choice. The longer she drags it out, the more interest she'll pay.

 

[LurchFrinky]

What the hell kind of loan repayment is that?!
My $30,000 loan payment plan was 10 years.
My interest rates ranged from around 6% down to under 2%.
I think my maximum payment was around $350.

This person is apparently paying less than the interest accrued every month and has learned nothing about personal finance in the last 23 years. If she would have just re-financed at any point, she would be finished by now.

So, to answer the OPs title, NO, this does not sum it up by a long shot.

 

[mmntech]

Student loans are required to be paid back in 10 years. Unless you purposely file for a slower payback period (I think 20 years is the longest allowed), extensions, deferral, etc. Her paying it back for 23 years and still not being done was her own choice. The longer she drags it out, the more interest she'll pay.

People don't seem to understand how interest works.

I agree though that tuition fees are getting out of control. However, I think free university is a mistake. We have too many people going that really have no business being there. There's too few jobs for new university graduates as is.

 

[Possessed Freak]

God this generation is stupid.

 

[biostud]

Nope, got ~$1000 each month to study and didn't have to pay for classes.

 

[brainhulk]

Im paying back $500/mo for 25 years. Yay!!

 

[Nograts]

God this generation is stupid.

:thumbsup:

 

[brianmanahan]

God this generation is stupid.

at 23 years of student loans, that'd make her 40-45

 

[Coulrophobia]

2k per month! I will be done in 6 more years.

 

[Sonikku]

God this generation is stupid.

This. They shoulda just paid their semester of tuition with a part time summer job like good ol baby boomers did and not go into debt in the first place!

 

[Humpy]

God this generation is stupid.

LOL. Math fail.

 

[Grooveriding]

Are those standard sorts of interest rates on student loans in the US ? Because that is nuts.

Here you can get a government guaranteed loan every year for tuition/books/lab equipment and some cost of living that is interest free until the day you finish university at which point interest starts to accrue. You can also get student lines of credit with very low interest rates.

I made use of both, and while I'm in significant debt, my interest rates are nowhere near anything like that. At the rate I am paying it down it should amount to the principal plus about 30% in interest.

edit: derp. They've been paying the loan for 23 years...... lol

 

[Ken g6]

How can you owe more than you borrowed on a student loan?!

If she got the loan 23 years ago, she should have refinanced about 10 years ago when loan rates were ~2%. For awhile there I had a student loan at 2%, and some CDs at 5%, so I was making money not paying off my loan!

<- Borrowed ~$10k, paid...not sure how much, owe $0! ()

 

[Belegost]

That sign couldn't be further from normal. "Paid faithfully" for 23 years? I call shenanigans, for it to be 23 years means a lot of time not paying, or paying less than the interest accruing - which is NOT paying faithfully. It would seem like this person has either spent most of their life in financial hardship, or has stupidly handled their money and failed on repaying their loans. I can sympathize up to a point with the first, but for hardships to extend for two decades suggests poor decision making on their part.

I borrowed 24K for my undergraduate loans. The loans were in deferral during grad school, and accumulated to 26K by the time I finished and started repayment. I refinanced them near the end of grad school to take advantage of ridiculously low rates (2.5%) and with a bit more than 4 years of repayment have the principle down to under 16K.

 

[96Firebird]

I don't mind the cost of going to college, I graduated about 4 years ago and have cut my student loans in half, from about $44k to $22k. If you don't like the cost of going to college, don't go. Find a cheaper alternative, save money by going to community college first (I did), stay in-state for cheaper tuition, etc...

The only thing I don't like is that I cannot refinance my loans. I already paid off my $10k @ 10% loan, but I still have an 8% loan, a couple 6.8% loans, and some 6%, 4%, and 2%. It would be nice if I could at least refinance the 8% and 6.8% loans to a lower interest rate. It looks like refinancing student loans is becoming more popular now, so I'll take another look into it.

 

[Murloc]

No because I'm not american.

 

[gorcorps]

God this generation is stupid.

dumb dumb head

at 23 years of student loans, that'd make her 40-45

yup

LOL. Math fail.

bingo

Anyway, I'm getting a little sick and tired about bitching about this stuff. It's not like they make up a number after the fact... the numbers and terms you're agreeing to are on the paperwork, yet people are still shocked (old and young people alike). You agreed to it in the first place, quit bitching

 

[videogames101]

She choose the 30-year repayment plan because she's an idiot and therefore will pay loads in interest. Probably private loans too.

I have 100K in student loans and it will be payed off in way less than 10 years.

 

[Hugo Drax]

Funny how college students are charged 6 percent to borrow but banks and wallstreet pay significantly less interest rates.

 

[shortylickens]

Whiny bitches who cant do math and never heard of responsibility?

Yeah, that sounds about right.

 

[TechBoyJK]

all her sign tells me is that she's an idiot.

Fools are quickly parted with their money. This fool let it go at a slow drip.

 

[Murloc]

Funny how college students are charged 6 percent to borrow but banks and wallstreet pay significantly less interest rates.

heh borrowing money to someone who might not even finish school or might decide to take a useless degree and go flip burgers is a risky proposition, they gotta be high.