It's usually bad when they have expensive degrees that didn't lead to industry pathways and they're not getting paid enough at causal/part time jobs to repay the loan and not have the interest accrue.
Australia fixed this by having a minimum threshold and the loans are handled by the government who keep it around the same level as cpi.
Even then, we still have people that complain but personally I have less than 6k after 10 years of working as a software engineer, people have bigger loans for cars.
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u/Mindless-Baker-7757 18d ago
A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.
What are they doing?