Melt Face Molly Drop
Well-Known Member
This is literally cracking open my coconut. Is it because the interest rates are astronomical or is it the same forbearance issue that @RenegadeMonster mentioned?
Political Discussion
- Thread starter David A.
- Start date
People who have never used Forbearance and have never missed a payment can owe more today than they graduated. There was a viral twitter thread about it this past December.
What happened is for most of us who have this issue is we used either the graduated repayment program or the income based repayment program.
With the graduated repayment program only interest was covered, so people are finding they still owe the same today as they did when they graduated.
Such as one tweet I remember from a girl who graduated with 80k in student loan debt. To date has paid over 120k towards her student loans. Guess what she owes today. 80k.
The income based repayment program often resulted in peoples payment not even covering interest, so their loans grew all while they were making payments. I did this when I was working retail management during the recession.
As for interest rates, they are awful. Mine are around 5.35%. They are variable rate interest. They were lower 10 years ago in the low to mid 3% range, but that's where they are at today.
I know people taking out student loans today are getting around 7%.
I know people taking out student loans today are getting around 7%.
DownIsTheNewUp
Well-Known Member
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DownIsTheNewUp
Well-Known Member
It's because the the $100-400 a month that the normal person is paying per month often doesn't crack the principal. you are just paying off the interest accumulated. And for a lot of millennials the interest accumulated was quite high during the recession and the years that followed. If you are earning 35k a year (which is what the average millenial makes) and your rent is 750-1.5k (depending on city and roommates), it can be pretty difficult to make a dent. Obama's income-based repayment plan has actually kind of added to the problem. 10% of 35k definitely doesn't make that dent when your interest rate is 5-7%.
Melt Face Molly Drop
Well-Known Member
Yeah, I was paying about $100 a month on mine and $82 would go to the principal, with $18 going to interest toward the end of the loan. At the start of any loan, a good chunk of the payments go toward interest and this lowers as you pay it off. At the start I'm sure only $10 was going to principal and $90 towards interest. This is the same we're seeing with our mortgage as well. Month by month, more of our payment is going towards the principal.
Doubling my income and doubling rent would give you a better picture of the Boston area.
So yes, my wages are higher than the average millennial, but so is my rent. End of the day it's just as difficult for me to make a dent.
Back during the recession I wasn't making that much. But rent was high. My monthly payment on the income based repayment program didn't even cover monthly accumulated interest making $35k at the time. Then when I got the job I have now, based off my salary the income based repayment program would have been $830 a month. And that's just for federal loans. I still have the private loans on top of that. I chose the graduated repayment program because that was all I could afford. So for the next 2 years my payment only covered the interest and 0 principal. But it was all I could afford to make. Then when the graduated repayment program went up and they adjusted my monthly bill for the increased amount the loan had grown for may payment grew too large to be manageable. I continued to pay them what I could, what I was before and fell behind to the point where they defaulted.
I have to figure something out within the next couple months or I fully expect the federal loans to start garnishing my wages in the order fo 15% of gross income.
Trolls have social engineered Google to display a rat for the Democratic Parties logo instead of a donkey.
Phaneronic
Well-Known Member
Blech. This sort of thing was going to happen, but it was more fun when it was Comcast or 241543909.
The Tom Brady owns the Jets one a year or two back was especially funny.
djdavedk
Well-Known Member
- Rats take care of injured and sick rats in their group.
- Without companionship rats tend to become lonely and depressed.
- Rats have excellent memories. Once they learn a navigation route, they won’t forget it.
- The rat is the first of the twelve animals of the Chinese zodiac. People born in this year are thought to possess characteristics which are associated with rats, namely: creativity, intelligence, honesty, ambition and generosity.
- Rats are recognised as the vehicle of Lord Ganesh in Indian tradition. They are worshipped at the Karni Devi Temple, where priests and pilgrims will feed them grain and milk.
Tillman
Well-Known Member
I have no idea what I'm supposed to be looking for with that. can someone explain?
Joe Biden has been projected to win Florida.
Not surprised. Earlier the day it looks like he was winning by almost double.
The number of votes counted is incredibly low though state wide. Also there are reports of lots of precincts not even opening. So I wonder if the results will hold.
Not surprised. Earlier the day it looks like he was winning by almost double.
The number of votes counted is incredibly low though state wide. Also there are reports of lots of precincts not even opening. So I wonder if the results will hold.
Btsvinylfarm
Active Member
With 97% in, turnout looks like it will match or be slightly higher than 2016; despite COVID19.
If the government does end up issuing us relief checks what are the odds I will never see it and the will be seized by the Department Of Education like my tax return.
Woob_woob
Well-Known Member
His gains in the stock market are all gone as of today. That's the one thing I hear from people that hated him but would still get his vote "Yes hes a terrible person, but the market is doing so well" Hopefully it's enough, but I never know anymore.