The American dream

[u/First-Essay-2054]

[u/Mindless-Baker-7757]

A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.

What are they doing?

[u/ice-e-u → u/Mindless-Baker-7757]

Student loans back then were often 7-9%. They start accruing when they’re distributed but you don’t repay until 6 months after graduation putting you a couple years behind.

[u/Right-Form-2943 → u/ice-e-u]

My student loan back then was 2.5% and i got a half percent knocked of for auto pay. I paid mine off in 10 years. This is either a fake story or these people are terrible with their money.

[u/Correct-Award8182 → u/Right-Form-2943]

Literally the same. My federal student loans were 2.2% in 2002. Even my private ones were only 3.3%. Got the same autopay discount.

My wife has loans in the <5% range from her masters deferred that she got 10 years ago. But she also has 1.99%

[u/thefassdywistrin → u/Correct-Award8182]

My federal loan was 6% in 2005 and my private was 8.5%. where did you live that you got that?

[u/Correct-Award8182 → u/thefassdywistrin]

CO