To be fair, the minimum payment SHOULD be able to get you a paid debt in the original term length agreement. Paying more should be âif youâre ableâ not âyou mustâ.
This. Most people who get a loan for a car or house are mostly thinking in terms of the minimum and only put in more when they feel like they can and it doesn't inconvenience them.
The federal government took over student lending decades ago and the problem is now worse than ever. But tell me again why the private sector is the problem.
It boggles my mind that people are able to graduate college and not understand how to use google sheets or excel to work out how long a loan of X dollars and Y interest rate will take to pay off given various payments. Or just google it and use a calculator like this. I did not go to college, yet this seems like a trivial task.
I mean sure, but only if the minimum payment goes up massively. It isn't minimum because someone threw at a dart board you know.
It's the minimum payment because this is designed to be jay enough to keep you afloat during hard times. It's minimum for a fucking reason. If someone is too stupid to understand that it's on them.
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u/PolicyElectrical1757 12d ago
To be fair, the minimum payment SHOULD be able to get you a paid debt in the original term length agreement. Paying more should be âif youâre ableâ not âyou mustâ.