In 2005 the original balance on my only private loan was $30,000. After almost 20 years of $500 on time monthly payments, the balance is $37,000. Yes, you read that right.
This loan will be dragging me down, making my life difficult until I die. College wasn’t worth this bullshit.
Wait so you’ve been paying $6,000 per year towards a $30,000 loan for 20 years and the balance has only grown since then? Jesus what was the interest rate on that albatross? Is it higher than 20%?
The interest rate is variable, it goes up and up and up. And to those suggesting I just refinance, oh I’ve tried. I’ve had three refinancing applications denied in the last month alone.
And any federal forgiveness would not apply to this private loan, so yeah, a decision I made when I was barely an adult will haunt me for the rest of my life.
Do not take out private student loans.
In 2005 the original balance on my only private loan was $30,000. After almost 20 years of $500 on time monthly payments, the balance is $37,000. Yes, you read that right.
This loan will be dragging me down, making my life difficult until I die. College wasn’t worth this bullshit.
Wait so you’ve been paying $6,000 per year towards a $30,000 loan for 20 years and the balance has only grown since then? Jesus what was the interest rate on that albatross? Is it higher than 20%?
I mean at that point wouldn’t it make sense to get a private bank loan to pay off the other loan with a much lower interest rate?
The interest rate is variable, it goes up and up and up. And to those suggesting I just refinance, oh I’ve tried. I’ve had three refinancing applications denied in the last month alone.
And any federal forgiveness would not apply to this private loan, so yeah, a decision I made when I was barely an adult will haunt me for the rest of my life.