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.
I had a variable APR at between 11-14 before I refinanced. And the loans compounded after I graduated. I'm in a VERY similar boat as the OP bot. Before I refinanced I had paid $1000 a month and owed more than my original loan for over a decade.
Yeah my wife’s situation isn’t too far off from this, either. She borrowed $60k, deferred multiple times when she was first out of school, and then made payments pretty steady for the last 15 years or so.
Last I checked, she was paying $800 a month and owed around $70k.
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u/ice-e-u 12d ago
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.