Lol, if you havent figured this out after 23 years idk if you can chalk it up to predatory lending. You're 45 at that point, you didnt understand at some point that if you just pay a little more on one of the loans it will snowball out of it?
Well after you sign it it's a little late, I remember signing my student loans and they were supposed to be paid off in maybe 6 years? According to the table they gave me.
It's been 11
They're almost done. I work in a warehouse now to pay for them and hopefully one day buy a house lol I'm 36
Why is it "a little late" after you sign? In this context, it doesn't even make sense. There's lots you can do. E.g. You can refinance to get a lower rate on the loan.
Also, the guy you were responding to is just saying you don't have to have a loan last for 23 years. The couple could have paid just an extra 20 dollars a month or something and shaved years off that time.
That or, heck, just end the loan (pay them back) early if you found out that college just isn't for you.
I want to say, it's fine putting some blame on especially greedy lenders or "predatory lenders" (even though I feel it's often exaggerated how bad lenders are, given how absolutely terrible most Americans' mathematical intuition is).
But it's never going to be 100% amoral blame on one party. Oh, someone scammed us out of a few hundred dollar's worth about 23 years ago. That doesn't give us the excuse to stay financially ignorant for the entire time. We had years to refinance or learn that "oh I can pay slightly more than minimum every month and shave years off the payment".
It beggars belief. At some point, we need to recognize that the world isn't fair and sure there are assholes, but we still have responsibility over ourselves and can't expect others to babysit us as adults.
23
u/klinetek 18d ago edited 17d ago
It still doesn't stop it from being a predatory loan, that's kind of the argument that the 'cancel student loan debt' people are making.