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.
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.
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?