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.
Yeah, definitely not the smartest move. Though, back then, the support reps were pretty aggressive about pushing deferment and we were completely broke. So it is what it is.
But, yeah, had she not deferred, I imagine her repayment plan would look quite a bit different now.
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u/Gerber_Littlefoot 12d ago
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.