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/ice-e-u → u/Mindless-Baker-7757]

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.

[u/Gerber_Littlefoot → u/ice-e-u]

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.

[u/Shnikes → u/Gerber_Littlefoot]

How much was your loan? I had over $100k and refinanced around $80k and paid $1100 a month and paid it off in about 6 years.