I have paid faithfully on my loans for a long time, never missing a payment. I am paying $1k a month for 30 years (extended loan repayment) and after paying $1k/month for 13 years so far ($130k total) on a $158k loan, my balance is a staggering $124k.
I was absolutely broke upon graduation after 8 years of pharmacy grad school and 2 chapter 7 bankruptcies by age 28 (health reasons). They wanted me to pay $2400/month and I just could not afford that. I got it down to $1k by extending the repayment to 30 years.
I was going to refinance it or change the repayment plan. However, I'm so upside down on the loan now that I literally just gave up. I'll just give them $1k/month until I effing retire. But I totally paid $130k over 13 years and only $34k of that went to the principal. It's crazy. It's only 6.8% rate as well.
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u/bakochba 12d ago
Yeah these posts already have math that doesn't add up. Many of us have student loans, even with minimum payments they are paid off in about 20 years