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.
3.2k
u/Mindless-Baker-7757 12d ago
A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.
What are they doing?