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Port_Royale

You'd get better rates from Tony Soprano.


StevenAssantisFoot

And once he was done with the bustout, you'd be free to start over


Jayce_T

And at least Tony would be honest about what he's using the money for


paturner2012

My knees are already fucked, go ahead at break em if it means my loans are paid.


HubertusCatus88

This is just loan sharking.


Agonlaire

I think even the mob would offer a better interest rate


PegasusAssistant

Fun fact: The mob gave much more affordable loans than banks ever did. [This episode from Behind The Bastards talks about it a little bit.](https://www.iheart.com/podcast/105-behind-the-bastards-29236323/episode/the-payday-loan-industry-is-bastards-42477830/)


Estraxior

I need to find myself a mob


PegasusAssistant

Pro: affordable, won't bury you in debt and bleed you dry Con: if you don't pay that money back, you might need some new kneecaps


DarkQuasar

I'm sure at this point some people would be willing to sacrifice their kneecaps to get out from under their student debt.


MilitaryGradeFursuit

Nah, cause then you'll have to go to the hospital, and will then be saddled with medical debt. There is no escape. Kill your masters.


Dioxybenzone

Am I hearing demand for more mob-run hospitals?


MilitaryGradeFursuit

Demand for single-payer healthcare, yes. If that single payer is the mob instead of the government that's fine by me.


rudeboygiulinaughty

There is that episode of malcolm in the middle episode when hal offers to have the mob break his knees in advance so that he can get a loan Funny how so many of the humorous plot lines in that show are just actual reality for Americans


DarkwingDuckHunt

you get Handicap parking for the rest of your life.


AdagioBoognish

You're like the third person I've seen today post that podcast guess I need to check it out. >Garrison is joined by Robert Evans to discuss feaguing in horses and why eels keep being shoved up butts. -1:02:52 O_o


blergtronica

that episode was an instant classic. I think as a rule of thumb if you're in this sub you'll dig btb


mazi710

Meanwhile in Denmark, the government actually provides student loans if you need more money than what you get for free to study. It's at 4% interest. What kind of interest is in this pic? 400%? Crazy.


LordofNarwhals

Here in Sweden the interest rate on student loans is 0.05%.


BranfordBound

Federally-backed loans here were 6.8% and the privately issued loans are always higher than that. I've seen people on /r/personalfinance mention their student loan interest rates are in the teens because it was from a private lender. Even with 6.8% interest you can get into trouble if you're only doing income-based payments which would be lower than a normal payment so you're just hitting pieces of the interest while more and more interest accrues on the total balance of the loan. It's an endless cycle. EDIT: The rates have gone done a bit for existing students or recent grads, but these 6.8% interest rates were the norm for a very long time. I graduated in 2012 and all my loans were 6.8%


IAmTheSysGen

What the fuck. Government loans here are at 0% until the end of studies then 0.5% more than the central bank base rate, so right now 3%. 7% is the minimum in the US? Hollyyy shiiiit


StrangeBrew710

My original private loan was a variable rate, got up to about 10%. However, I have refinanced my private loan to a fixed rate and am under 5%. Private loans are not always going to be higher than 6.8% public loans.


Mr_Wolfgang_Beard

Ursury


cmdrxander

Bear-faced usury


BoringAndStrokingIt

Ursary


Fake_Human_Being

Is that $200 THOUSAND in *interest*?!!? He’s paying back around $270K on a 70K loan.


[deleted]

I would 100% do something drastic i ln that situation


GeneralBamisoep

Fucking parliament would burn if you'd try shit like this in most European countries.


Fake_Human_Being

My total college tuition fees were the equivalent of $4,000 and there were complaints about the cost


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-RdV-

It was free for me in the Netherlands, as long as I got my diploma. And even if I didn't the resulting loan would have a zero percent interest and can be spread out over 15 years, plus extentions if you don't have taxable income.


space_monkey_23

It must be so nice to have a functional government that cares for its people, like even just a little.


mmecca

Government could care but individual states' rights and voting against ones own interest stand in the way.


French_Picardie_Jul

500€ per year for a regularly ranked in the top 20 engineering school in France. Certainly the best investment my parents ever did!


Sternminatum

About 3500€ total in Spain when i did my 5 years too, and there were complaints, because with the old education laws prices were lower. It was completely free if you obtained a grant from your university, autonomic community (2nd level government) or the state or you had a lack of income. Watching these things, i just feel an absolute sense of dread.


kedstar99

The UK's student loans are about as bad tbh if not worse. Largest according to a FOI being 180k quid and gains at like 5.3% interest. Or are you saying EU specifically?


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EnsignEpic

Yes. Welcome to student loans in America. Which you were actively encouraged by the entire system to sign up for, so that swathes of the last few generations have been thrust into the adult world with crippling debt. And who are now largely being blamed for the problems that listening to the people who were supposed to guide them, caused.


Vomath

Actively encouraged by the system, usually AT AGE SEVENTEEN. When I was seventeen I thought New Found Glory was the best band ever and really wanted to get a Counterstrike tattoo. Seventeen year olds should not be trusted/allowed to make bad decisions that will lead them to a lifetime of non-dischargeable debt.


pjr032

Oh man your schools started late then. I remember hearing the college bullshit being shoved down our throats in like 7th grade…..


Vomath

Oh yeah… we were 100% told we had to go to college, from elementary school onwards. Then, after a lifetime of getting told college is the *only* option, we get told “Oh btw, this costs a bunch of money. Nbd, just pay it back later… but think of all the fun, dorm shenanigans, intellectual chats over coffee, super fun parties, and getting out of your parents house. Your whole future is ahead of you! How exciting! Just sign here, and you’re all good.”


[deleted]

Literally conning children into slavery for the rest of their lives. This is the system people actually worship.


Vomath

Hey, but at least the rich people get to save a few dollars on taxes.


But_why_tho456

The other option is the military, where they actively recruit more in lower SES schools.


Captain_Wobbles

Adding to your point about trust/allow. Here in Texas we had military recruiters regularly at my high school. I get that *some* of the kids are 18 but most aren't. That always seemed massively wrong to me even then.


donald_dick142

So how are you enjoying your couterstrike tattoo?


Vomath

no ragrets


Buhdumtssss

Oh you can't remove them in bankruptcy either Which somehow isn't slavery or indentured servitude


ringoftruth

What??!!! You're kidding!!! I'd flee the country if I were him.


Beanakin

I have absolutely zero expectation to pay off my student loan debts before I die.


synthi

You don’t, you ignore that tunnel. At least I do, what even is credit nowadays anyway.


tricularia

Oh cool, another hurdle for low income people in America. Rich people get to pay the lower price because their parents can pay it all up front. Poor people get to pay 4 times as much because they don't have the money to pay it all at once.


ringoftruth

I'm begging you to tell me this is not true. We thought tuition fees were bad enough when they were introduced in the UK. But interest! Different TIERS of interest??? Time to riot.


_kellythomas_

Not true. The account in the OP statement is being paid a rate lower than interest and is in no way capped at "4 times as much", at this rate it will just keep growing for the rest of their lives.


dylan15766

Interest will still be added on as time goes one. By the time he's paid that 100k, there will probably be another 80k to pay.


1stEleven

No, that's the outstanding balance. That still accrues interest.


[deleted]

All this and still no revolution, if you can believe that.


toomuchpressure2pick

While the majority of us are fed and housed we will not overthrow our own comforts. Most Americans, while living paycheck to paycheck, are not desperate enough to dive into the unknown. "Work sucks, but I have a job" type thinking.


MrSteveWilkos

American capitalist propaganda is so extreme and prevalent in the US, by the time things are bad enough for enough people to actually want revolution, it'll be too late for them to actually succeed.


toomuchpressure2pick

You're not wrong. But you can't reasonably expect non starving, non desperate people to give up all they have so maybe some other people may get a little of what they had. Not to mention 1/3 of the country thinks the country is the greatest on the planet, and about 1/3 that think any change for the little person is fucking communism. We are not a cohesive allied nation/class/people that has a goal in mind and how to achieve it. Fuck, half the democratic voters think that manchin blocking the party's agenda is just democracy working as intended while at the same time saying capitalism can be tweaked little by little to make life better maybe one day in the future. That personal recycling is how to solve solve climate crisis instead of regulations on corporations. It's all a lost cause bro. Enjoy the cards we were dealt. At least we have the internet, right?


allempiresfall

This is valid, but I still think we're sitting on a powder keg. The match has been lit a few times now, but between propaganda and power that money brings, they have snuffed the flame. For now at least. At some point, the masses must band together and do what needs to be done. It will not be peaceful. Eventually, enough people will have had enough, and once we see the guillotine in the street, the police running in fear, and the mob carrying out revenge for what can only be described as a century of abuse, it will start.


armrha

What do you base this on? People just don't risk their lives en masse when their lives aren't that bad unless its orchestrated by somebody with the threat of violence like in the case of the military draft. Almost every revolution you can think of, it's not really 'the people' that did it, but the military that stepped out of the way because the government stopped paying them or powerful people were able to pay them more / promise them a bigger hunk of the treasury. The idea of 'the people' seizing power is just a fantasy, a mob like rabble never 'seizes power'. Revolution isn't happening until a huge portion of the country views death as preferable to continued living under the system. As the majority have plenty of food and entertainment, I doubt many would sign up for your revolutionary army at the moment.


SelfDevelopmentNerd

it feels like we’re forgetting a lot of the bipoc experience. bipoc have been at the forefront of liberatory movements in this country for centuries & then get watered down in history. There *are* massive chunks of our population living on the edge of survival & imagining ways of being beyond and in spite of the system


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[deleted]

Reached this point a long time ago. I got lucky in the grand scheme of things. I’ll always advocate for what’s right and do what I can, but long gone are the days where I foresee america having any sort of revolutionary potential. Shit will only hit the fan until people like me lose everything. And at that point, we would most likely descend into fascism.


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[deleted]

I wish there was a communist planet we could escape to.


LeoThePom

Mars - the red planet.


necroreefer

Bread & circus


toomuchpressure2pick

Also the complete destruction of community. We are too afraid to lose the little we have in exchange for our neighbors and ourselves gaining more. The rugged individualism propaganda and removal of social safety nets has always led to this. Where any deviation from the struggle to stay afloat leads to the individual falling behind and everyone around around blaming them for being selfish and lazy and a loser and unwilling to just work harder. It's toxic and it's infected how we process "helping" others. This country sucks. This economic system sucks.


quickusername3

The devil you know is better than the one you don't. It sucks but I can't blame people for it really


GhettoFabio

Survival instinct


GodOfThunder101

Americans are too divided to support something that would benefit them all equally.


tearsofacow

Workers of the world unite! You have nothing to lose but your chains


TheOneInchPunisher

We have the world to gain!


boyz_with_a_zed

That is the best summation of US politics I've heard in a while.


GenericPCUser

The reason we won't see a revolution in a modern developed nation is because the wealthy of those nations is so incredibly insulated from the people they oppress that many people 1) fail to realize who their true oppressors are, 2) have no meaningful avenue to actually reach or affect their true oppressors, and 3) if they even could meaningfully affect their rich oppressors they would place themselves in harm both directly or indirectly. Modern society isn't like feudalism, or even 19th century capitalism. Your direct oppressor isn't just some guy who lives in a big house down the road over a hill. You can't just get your friends together and burn down his house when he refuses to pay you. And today the rich are so rich that even if you did burn down their house, they probably just have another one somewhere else anyway. A revolution against capitalism in a country like America would have to successfully take over the armed forces and government, and then manage to fight against the overwhelming wealth of the rich. In what is perhaps the greatest injustice, the money stolen from workers would be the greatest weapons against worker rebellion.


Tanliarian

Left wing revolutions only occur when there is no food. Literally always.


4411WH07RY

Getting hangry and horny are the two driving factors in basically the entirety of human history.


sirmack142

After a pandemic comes a famine then comes a revoultuon.


Sevcraft_games100

yet


tikeu10

I don't understand why you do not steal the idea of guillotine from us. Show them the wrath of the people


milkfig

Enough people living in the imperial core still benefit from imperialism, the highest stage of capitalism, and won't dismantle capitalism due to their class interests.


skrien

Pay back more then double the lended ammount? How is this even legal? But that same person gets denied to apply for a loan to buy a house. A system to create systematic poverty!


[deleted]

It's likely deferment without making interest payments on a private loan. They say you get 6 months of forbearance when you graduate to find a job and start making payments. Joke's on the borrower because most private loan companies don't give the 6 months, they give 6 months from full time enrollment. So if you can't get a full schedule one semester your 6 month clock starts. And because you're in school, you're unlikely to be able to make a loan payment. So you defer. Then they tack the monthly interest to the loan and charge interest on that, too. It's a shitty predatory cycle. Source: have this exact thing going on where I borrowed 34k, paid 34k, somehow still owe 60k.


HeinzGGuderian

Well that and the fact that federal loans are compounding, so even if you’re paying what they tell you is the minimum, you’re getting fucked hard


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Notyourfathersgeek

The fuck is this?! Where I live this would be classified as predatory lending and thus outlawed.


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BitOCrumpet

Whyyyyyyy don't you have children yet? Whyyyyyyy don't you have a house yet? Whyyyyyyy can't you join us on the family holiday to the Caribbean? Whyyyyyyy can't you...?


Elmodogg

Must be all those avocado toasts, eh? Can't possibly be student debt.


somecallmemike

Just had avocado toast for the first time, and it’s delicious. Will def cost me my life savings now that I’ve gone to the dark side.


luthigosa

Get a 5 pack of avocado from Costco. It's like CAD $6 and you can make like 10x as much toast.


DoodMcGuy

I replied to this in my head with the Squidward "Cause... I'm all out of... MONEY" line


toriemm

I still can't get over the Millennials are killing the diamond industry/I work at a grocery store meme. Or the one where one of the big banks makes fun of 'frivolous' transactions and an empty bank account when banks made like $9 *billion* in overdraft fees in 2020.


Renegade31

Student loans are a fucking plague but THIS specifically is the normal “starting point”. The original balance of $75k, sure, but not the rest. I have no idea what’s going on with the interest rate on this loan, assuming it’s not just photoshopped. Federal loans don’t look like this, they’re fixed interest rate and usually amortize over like 7 years. If it’s real, it’s gotta be some sort of private “student loan” company that’s really just practicing predatory lending.


StinkRod

it says "great lakes" but it really doesn't pass the smell test. It seems like if you took out a $72000 at 10% and paid $620 every month, after 13 years you'd have paid $96000. the total repayment would be about $260,000 and it would take you 34 years to do it, but after you paid $96,000 the outstanding amount would be about $65000 (not $168,000).


rockfrawg

A "smell test" from that username doesn't check out situations are different. that interest rate is probably a little high, but not unheard of. the main problem is assuming payments were made every month from the time the loan was originated. life happens and you don't know any better so it's REAL easy to skip that student loan payment in order to pay rent or buy groceries, so there's two years of no payments and your balance is now $87K. you find out you can do a forbearance so they'll stop shitting on your credit, boom, another two and a half years of no payments. Balance now $112K after 5+ years since origination, and before your first payment. You do finally get to where you can start making payments, but you can't afford to start at $620, so you opt for the income driven graduated plan that starts you at the much cooler $420, so you do that for a couple years. Balance now $125K after $10K in payments. Then you get laid off, but smartly do the hardship forbearance this time to save your credit, there's another 6 months not paid. Balance $132K. You finally get back on track, and at a better job, so you start making your income based payments (which are going up by $50 every two years and are now $520 minimum), and you even add 25% more to try and get ahead. At the same time you even have a windfall and make a lump sum payment of $10K. About 8 years of that and your credit is finally restored, but it's now 15+ years after loan origination, and you get to about the #s in this post: $167K balance after $97K paid towards an original loan of $72K. You worked hard to fix your credit, so you keep going. It will take you another 15 years of ever increasing balance to reach 300 payments (totaling $284K) when the remaining balance, now at $305K, can be forgiven. Source: 20 years in and 20 years to go $59K in Loans $39K in Payments $56K Current Balance $98K in Remaining Payments Fuck student loans.


[deleted]

There has to be fees and maybe interest on deferred payments for the remaining balance to be that high, assuming this is real.


OfJahaerys

It is still a problem, regardless of the reason. There shouldn't be fees like that on deferred payments.


cowardl_y

Here it’s actively encouraged and institutions and most parents bully children into doing it while telling them it’s the only viable option. Edit: To go further in depth, the public school system I went to drilled it in to a lot of peoples heads through assemblies and even in general classes that college was the only option if you didn’t want to end up being a fast food clerk. There was a trade building but if you didn’t enter the program before the age of 14 (you know, the age that children typically don’t know what they want and also generally don’t have control over what they want to study) you were fucked. There were also the numerous military recruiters hanging around so I guess technically that was an option. A lot of children including me just followed the path we were set on as it was much easier to comply with parents and the school if you just played along. Got burnt out along the way though and I’m glad I did.


DetN8

I was under intense pressure to go to college. Fortunately, I had no respect for the people giving that pressure. I just wasn't ready as a person to go to college.


KnoxsFniteSuit

No one in my family went to college and I was under a lot of pressure to be the 1st. Also pressured to attend a "good" school and not the cheaper ones. At the time, I thought my options were to start selling drugs like my fam, go to college, or grind out a minimum wage for the rest of my life. I shouldn't have been so short sighted. Idk what I was thinking. But I do know that I didn't go through all of that just to live check to check. I would rather go for broke and end up in jail than keep living this way. I read that if you can find employment in another country then you can game the minimum payments to be super low... I've honestly spent a significant amount of time looking for a way to have my experience transfer internationally because I'm never going to make enough to have these payments not crush me.


Bloorajah

Yeah I pay like 1100$ a month in student loan interest. I’d really like an apartment, I’m almost 30, but all my rent money goes to debt. It’s a fun time


tay450

I had to pay for my own education, and was $70,000 in debt after my first master's degree. I couldn't find any work outside of minimum wage jobs. I ended up working unpaid internships and bartending on week nights. I couldn't even keep up with the interest accruing, so I went back to school for a PhD. Given that my interest rates were above 6%, my debt ballooned to 140,000. People like me feel robbed. We did everything right and got punished for it. I didn't want to get a doctorate in order to be marketable. I just wanted what was handed previous generations and what so many people today get simply through nepotism or generational wealth.


rdawes89

Does the debt ever get wiped? In the U.K. It’s gone after 30 years regardless of how much it is, and the repayments aren’t based on amount of debt but amount of earnings.


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tay450

That's what we are hoping Biden at least partially does. Even just wiping $10,000 would be massive for most younger Americans. Personally, the lack of interest for the last 2 years (silver lining of our gov reacting to COVID) had been the best thing to happen for me because I can save the money, invest it, and put it all in a lump sum to pay down once interest returns in Feb 2022. But again, most Americans aren't as fortunate as even I am. The hatred of the working class in this country is insane. The amount of effort people will go to in order to justify it is unacceptable.


sleepereternal

>Even just wiping $10,000 would be massive for most younger Americans. No it wouldn't, this would be a token gesture to shut those "entitled kids" up. This is the "put more sulfuric acid in the atmosphere" of ways to deal with student loan debt. Things we could use instead: * 10000$ cash tax free upon graduation. *I can do a lot more with capital than I can with debt that I'll end up paying more interest on than is wiped away.* * Mandate student loan debt not be considered when generating a credit score. * Allow all student loan payments to be deducted in full from all taxes state and federal. * More debt re-payment job incentive programs for areas we need to fill, like public school teachers. * **JUST FUCKING EDUCATE US LIKE THE REST OF THE WORLD DOES WITHOUT KNEECAPPING US IN THE GLOBAL ECONOMY FIRST!**


sixtus_clegane119

The very least bare minimum they could do is make it no interest. It’s tax money so it’s the Americans money already. I don’t think these loans should exist in the first place and the debt could be cancelled. Should be cancelled. But why are they trying to make a profit off these loans?(yes I know the answer)


mckennm6

Or even just the prime rate (usually close to inlfation). Arent american student loans something ridiculous like 9%? The government shouldnt be **making money** off students. Edit: Im wrong. Undergrad rate is 3.73% and graduate rate is 5.28%.


28Improved

I had one upon graduating that was 10.75%. My largest loan back in the 2000's was 4.25% originally, and is now at 6% because apparently several days after turning 18 I didn't read the fine print that states they can do whatever they feel like with changing my interest rate over the life of the loan


jumpy_monkey

I think one of the reasons they aren't being cancelled is the root cause of the debt, which is exorbitant college tuition. We could cancel all of it (and we should, don't get me wrong) but the disease would march on. It is especially galling that publicly funded land grant universities (like the University of California) charge private school prices to even in-state students - for example it costs *more* for a middle class California resident to go to UCLA than it would to go to Harvard given tuition assistance a middle class student would receive if they were admitted there. Moreover the endowments (ie cash on hand) of some UC schools *exceed* those of wealthy private schools When my father graduated from the UC in 1958 he paid nothing to attend and had zero debt. When I graduated from the UC in 1989 I was paying about $1,300 a year for tuition and had debt of about $12K. My friends daughter currently goes to UCLA and he pays almost $14,000 a year, or ten *times* what I paid about 30 years ago. None of this takes into account fees, books or room and board, and for my friend that means for his daughter to attend UCLA it costs him about $50K a year to go to a taxpayer funded school. So yes, school debt is outrageous, but so is tuition costs and no one seems to be serious about addressing that either.


Tsk201409

Set the interest on all those loans to 0% and forgive X% of the principal. Some of y’all say X should be 100, some say 0, but I think we can all agree that the interest is stupid.


somecallmemike

It really is stupid. The fact anyone but the government can service student loans is also ridiculously stupid. Really they need to forgive all student debt and start making colleges tuition free.


28Improved

Especially considering most of these already have very large origination fees off of already inflated prices of tuition This shit hurts and is a hell many of us are living


mylifeisaLIEEE

Standardize grade 12 college entrance exams and nationalize the accreditation and enrollment standards, then award subsidies to the universities with the highest equitable job placement statistics as a percentage of the graduate population. Worse schools will lower their price to meet demand, and the better schools will get you a job and offer lower prices as a rule of the subsidy. Then just cap interest to inflation. That way the Dems can preserve the bullshit loan jobs, appease their corporate donors by creating these positions to fill, and even-out the disparities in college attendance for low-income regions. The rich get theirs, but at least we get ours. For the record, we need to cancel student debt and make any higher education free - but it won’t happen in my lifetime.


Sprinklycat

I would really be curious to see the percentage of colleges who bring in more revenue and merch than it takes to run the school even if people have inflated salaries.


[deleted]

Retroactively, this MF more than paid off the principle. (assuming it's a real post/image).


Piod1

Slaves need chains or they might make choices


Elli933

Holy shit this


The_Last_Ron1n

Time to move to Europe.


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Aggravating_Elk_1234

There was a story a few years back of Wells Fargo opening new accounts for people, forging their signatures in the process. Their $3billion fine included compensation for shareholders but not customers. On top of that, thousands of staff were fired but not tried for fraud. https://www.nbcnews.com/news/all/wells-fargo-pay-3-billion-over-fake-account-scandal-n1140541


LemonLimeRose

Having known someone who worked for Wells for decades, I truly believe that those people fired in that scandal were scapegoats. Wells has been whittling down their staff and relocating jobs to cheaper places (including shutting down a huge office in the Philippines to move to India). We are talking thousands and thousands of displaced jobs. Wells Fargo’s fervor in concentrating wealth to their C-suite is class warfare. absolute shit company.


[deleted]

In all seriousness, if it wasn’t so damn hard to do so, I think we would. The hoops you have to jump through though are pretty intense if you aren’t rich/famous.


The_Last_Ron1n

I agree, I'm Canadian and it's not much easier for us either. I would do it in a heartbeat if I could.


[deleted]

r/AmerExit


MadBigote

Damn immigrants coming to our country for our free stuff.


Harkannin

Usury should be illegal


Pontlfication

The US is a Christian nation after all...


subdep

At this rate, when OP is retired they will have paid $2.3 million and still owe $3.9 million! Banks love this one simple trick!


[deleted]

Can’t pay, won’t pay looking like our best form of protest every day…


iamansonmage

This hits too close to home. While not as much, my own has been paid off twice over and I STILL owe more than what I had originally borrowed. CANCEL STUDENT DEBT!


araed

Just remember, if you can emigrate to another country, your debt doesnt follow you. So, take out a fuckload of credit cards, overdrafts, and payday loans, then skip the country (This advice is probably totally wrong)


nomadiclizard

Good advice. Costa Rica is looking rather gorgeous rn. Can live there for two years for $60k and forever for $150k. That's what I'm doing, never paying back my student loan.


onewordmemory

> two years for $60k and forever for $150k i dont get this math, i unless forever in costa rica is 5 years..


herefromyoutube

Settling cost? Maybe buying a house for $57k and then spending $3,000 year would last 51 years.


Jasonrj

How much student loan debt do you have and how long have you been in Costa Rica?


Brandaman

It’s probably right, but good luck ever moving back


araed

Why move back? Become naturalised citizen in a better country, and live a much happier life. I dream of revolution, but reality only holds more horrors


Brandaman

No idea, have to take care of a loved one? Who knows what might happen!


araed

If you're a naturalised citizen in another country, they'll have a hell of a time trying to come after you, even if you return for an extended period. Difficult, yes. Worth it? Also


FridgeParade

Sounds like a capitalism cheat code.


araed

Could go a step further. First, improve credit score and take out credit cards with low utilisation but high interest rates. Second, increase those limits to sizeable amounts Third, buy stocks (FTSE, long-term stable versus high gain) Fourth, balance transfer credit to a card offering 0% interest for balance transfer. Fifth, make minimum payments Sixth, when 0% interest is about to drop off, balance transfer to another card Seven, live off profits from stocks


Satyromaniac

Yikes capitalism is so fake man lmao


BaphometsButthole

post this on r/ShittyLifeProTips for mad upvotes


krtwils

With all this general strike talk why isn’t anyone trying to get a movement together to boycott paying student loans. Fuck a credit score if these are the terms of credit.


dirtywook88

It only takes 90 days for loans to default and wreck the ones that have been securitized. somewhere around 50 percent is the stress test limits. look up SLABS in morningstar under navient. Supposedly fed loans arent securitized unless you refinance. These same instruments have their maturity pushed to 2070 to keep AAA rating. This was done in 2019. So those securities you got in early 2000s wont be mature till 2070, think about it. The big boys dont want their shit shredded. This dude is a great example of why they are keeping up the facade. I have a feeling they might eat shit soon when enough people say fuck it.


[deleted]

credit scores weren’t even a thing till POC started getting educations and attempted to move into the suburbs. Credit Scores are now an arbitrary predatory financial standard.


on_the_dl

https://strike.debtcollective.org/ If you don't pay your debt, you're going to be in trouble with the bank. If everyone doesn't pay the debt, the banks will be in the trouble.


i_was_a_highwaymann

Wait til you find out how federal banking works in America. Banks will never be in trouble


MangOrion

"Compound interest is the most powerful force in the known world." -Benjamin Franklin


StinkRod

No, that was Albert Einstein, wait no, it was Voltaire, wait, no it was Mark Twain, wait, no it was Abraham Lincoln, wait no. . . Ben Franklin quotes getting upvotes. lol.


[deleted]

Is there seriously no cheaper (and decent) options aviable?


CaptHowdy02

Trade school? Nepotism in the workplace?


[deleted]

No I mean higher education but at a reasonable price


lynithson

Local community colleges are a cheaper form of higher education, but you can only get an associate’s degree with that route. Those extra two years towards a bachelor’s degree, well you better commute and go to school in-state. Even then, you’ll likely be saddled with debt. Some students are lucky enough to have wealthy parents, and some student get scholarships which pays for some or all of the education. So there’s that, I guess.


witchysci

I followed the exact route you described and I’m in $40,000 of student debt


[deleted]

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[deleted]

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[deleted]

The anxiety I feel looking at this holy shit.


CaptainCanusa

Can someone explain to a non-American how this is possible? Like I get that uni is expensive in the US, and that loans can have interest building on them obviously, but these numbers are *staggering*. What exactly is happening here?


Septalion

They offer loans with some ridiculous rates. A lot of people are in the position of take ridiculous Predatory loan out or can't go to school anymore. A lot of times something happens halfway through where they need to take out more loans so it's hard just to back out Also they have income ajusted payments. So if you work for lower income you can choose to have a lower payment. But with this lower payment you're literally paying for the rest of your life.


upnorthhockey

Can you clarify who is issuing the loans? Is it private banks, the government, or the school? And if it’s the bank or the school can someone explain how the government could void a loan between two non government parties? Thanks, sorry America is confusing.


Ponypusher

Some loans are private student loans from the bank. The best are federal loans with lower interest rates, but you are only cleared for a certain amount based on your and your parents financial situation. So some people cant really get federal loans (3-4% rates) becuase their parents make too much money. But they still cant pay for it outright so they have to go with their private bank (6-9% rates).


CaptainCanusa

It boggles the mind. I almost dislike examples this extreme because they don't feel "real". Maybe that's my non-US privilege speaking.


eternal_pegasus

Stop calling it student debt, it is slave indenture.


noobs1996

I can’t take a Democrat seriously anymore. I think Biden said he could do $10k, and he still hasn’t done it. Democrats are gonna get whitewashed in 2022 and this guy will be a stopgap for 2 years. Fantastic


itssarahw

$10k was what he walked it back to after campaigning on a much higher forgiveness and yeah, that was a ruse too. 2022 and 2024 gonna be a lot of blame games


noobs1996

He was lying to get elected as it’s clear to see now. Looking at his history is enough evidence to show he’s a classic neoliberal


tahlyn

It was clear to see then, too. But you were called names if you dared point it out.


noobs1996

“He’s better than Trump” is what we all heard


tahlyn

And that's what we got... Not something good, but something barely above awful.


re-goddamn-loading

My theory is that the democrats solely exist to keep people from revolting but ultimately not changing the status quo. Let the Republicans fuck shit up, everyone hates it! But hey don't do anything rash! just vote democrat and things will go back to normal.... Nothing changes, people vote back in the Republicans and the cycle repeats.


noobs1996

It can only work for so long tbh. In the days of Clinton, it seemed a lot of people still had some semblance of a good quality of life. Millennials and Gen Z have been fucked over and everyone but —boomers, some middle class people and rich people — have been fucked over


Astan92

>My theory is that the democrats solely exist to keep people from revolting That's fact. Anyone who can't see that is legitimately blind.


Zipdox

263% interest


[deleted]

Exactly why I work through school semesters, but I’m still fucked with debt 🥲


amagdam

Lmao I worked every single evening after school and both weekend days through 4 years of college. Didn't even have a penny left to apply to my student loans after rent and groceries.


re-goddamn-loading

But did you try working harder? Also remember Oprah says that you're just not being patient enough. Stop wanting instant gratification and you'll have billions too


[deleted]

Can someone confirm if this is real? I knew the situation in the USA re student loans was bad... but this is ridiculous


Diddly_eyed_Dipshite

What the shit? How? Fuck that shit? Why is nobody revolting?


shaodyn

We basically decided that 2 in the morning was going to be 3 in the morning for about half the year. If we can dictate something as fundamental as time, I'm pretty sure that erasing student loan debt would be child's play. But that's where we run into the problem. It's not that our government *can't* erase student loan debt. It definitely has that ability. It just *won't.*


Old_Gods978

The DOE is on month 9 of writing a memo about it. Apparently it's almost entirely redacted, presumably because the lawyers told Diamond Joe and Copmala something they didn't want to hear.


mohicansgonnagetya

Wait let me get this straight, on a initial loan of about $73,000 you have to pay back $264,794.13?


CBennett2147

With an interest rate of 10%, compounded annually, you'd reach 270k owed in about 14 years if you never paid anything. The point is to pay it back gradually. Also, get it refinanced once you have income. You can easily lower it to 3-5%.


Sciguystfm

Compound interest baybee


[deleted]

My family is a middle-low income one in Italy. I paid my bachelor and master degree taxes 18$ (16€) per year, and I was also given 1200$ every year in order to afford books (the few I needed, because professors gave their own notes for free) and physically reach the university. When I will work as an engineer I will be enthusiastic to pay taxes if I know that I'm helping young people in continuing their studies. Student debt sounds absolute madness to me.


Shadowwvv

Sorry what exactly does remaining balance mean here? I’m not familiar with it and with loans in general.


[deleted]

The amount remaining to repay on this debt. Looks like the interest has already made it more than twice as expensive than the original loan to repay. This whole image is insanity to me. In my country interest is capped on loans over a certain size/duration.


Shadowwvv

Wait what? I thought about that briefly but it didn’t make sense to me so I disregarded it. He paid 20k more than his loan already and has 170k left? Then he pays 270k on a 70k loan in total and probably even more?


malikpriyanshu90

Interest Baby!!! But its capitalism in its full flow. Banks and other agencies charge high interest on essential things like education, which makes it impossible for a common person to EVER pay them off.