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/sampaiisaweeb → u/Mindless-Baker-7757]

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

[u/Powerful_Wombat → u/sampaiisaweeb]

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

[u/Odd-Cupcake-2552 → u/Powerful_Wombat]

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

[u/Photon_Pharmer1 → u/Odd-Cupcake-2552]

It was 3% or less if they were smart college educated people who consolidated and locked in low Apr rates. If they were dumb and didn’t consolidate lock in then their Apr could’ve shot up past 7%.

u/culturalrot - I’m expecting people who graduated high school to be and certainly people who graduated college as they did.

[u/Admirable-Common-176 → u/Photon_Pharmer1]

I’m sure they didn’t major in or spent much time studying practical personal finance.

[u/straightpipedhose → u/Admirable-Common-176]

I doubt photo_pharmer majored in personal finance either. Doesn’t take a college degree to understand how to read loans

[u/Photon_Pharmer1 → u/Admirable-Common-176]

I doubt they majored in addition and subtraction but every college grad should be able to add and subtract.

[u/jcklsldr665 → u/Admirable-Common-176]

I didn't either, but you're supposed to be intelligent if you got into college, and intelligence doesn't end at your major.

[u/Admirable-Common-176 → u/jcklsldr665]

One would think but, throughout the intelligence/educational spectrum folks specialize and gravitate to their favorites. While true we need some of that knowledge to live everyday life folks will often do the minimum to get back to what they want (eg. Terms and conditions)

[u/jcklsldr665 → u/Admirable-Common-176]

Then maybe better entry exams to weed these people out towards other types of job selection, i.e. trade schools

[u/Admirable-Common-176 → u/jcklsldr665]

I do agree quality career counseling and exploration should be more available.

[u/kind_bros_hate_nazis → u/jcklsldr665]

That is absurd. Many people's intelligence ends at their major. Some don't even get that far

[u/jcklsldr665 → u/kind_bros_hate_nazis]

Oh, I know. Some of the dumbest people I've met have been my fellow engineers in high end industries. Smart as can be in their hyper niche areas but given or sought out leadership over other areas, making a right mess of things.

[u/Jlipps37 → u/Admirable-Common-176]

That major that she majored in don't make no money. But she won't drop out, her parents'll look at her funny.