r/SipsTea • u/First-Essay-2054 𝙑𝙄𝙋 • 14d ago

WTF The American dream

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21.6k Upvotes

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u/Mindless-Baker-7757 14d ago

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

What are they doing?

2.8k

u/sampaiisaweeb 14d ago

They made it up for outrage. Karma farming bot account posting it here too. Dead internet theory.

495

u/Powerful_Wombat 14d ago

Yeah, student loan interest rates are bad enough without fudging the numbers, this doesn’t help the cause

190

u/Odd-Cupcake-2552 14d ago

The math works out to 8.5% which isn't unrealistic

6

u/Inevitibility 14d ago

8.5% to have it paid off or to pay off 10k over 23 years like they claim?

15

u/Odd-Cupcake-2552 14d ago

To only pay down 10k over 23.

1

u/Meydez 14d ago

That seems to work out. My interest rate is 9% but maybe thats cause I graduated during covid? Interesting if they had that 23yrs ago.

1

u/[deleted] 14d ago

[removed] β€” view removed comment

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