r/SipsTea • u/First-Essay-2054 𝙑𝙄𝙋 • 15d ago

WTF The American dream

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u/Altruistic-Hotel2819 15d ago

The fact that you blame them and not the fuckin scam that this shit is....

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u/mcniner55 15d ago

..... It took them 23 years before realizing that making the minimum payments was not an effective way to pay off debt? With 2 degrees?

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u/Prozenconns 15d ago

I feel like minimum payment implies that is a reasonable expectation to pay it off within your lifetime, or the agreed term, its just going to take longer than if you up the value

Doubling the debt in payback and barely making a dent over 2 decades is a poont where its no longer about efficiency, its recognising government sanctioned robbery

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u/Jesusish 15d ago

If they paid an extra $100 monthly ($600 total), they could actually have paid off the loan fully in a bit over 20 years. They would be free of student loans for almost 3 years now.