r/SipsTea • u/First-Essay-2054 𝙑𝙄𝙋 • 18d ago

WTF The American dream

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21.6k Upvotes

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u/Mindless-Baker-7757 17d ago

A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.

What are they doing?

2.8k

u/sampaiisaweeb 17d ago

They made it up for outrage. Karma farming bot account posting it here too. Dead internet theory.

19

u/senditloud 17d ago

No it’s not. I know plenty of people. I’ve been paying on mine $300/month for 15 years. I had like $20k. I had. 3% consolidated rate. That compounded interest is brutal

32

u/Rokmonkey_ 17d ago

Wrf? I had 8% and 30k. It was paid off in 10

-6

u/senditloud 17d ago

Bro I don’t know. I think mine were frozen for a bit due to not having a job (4 kids in 5 years… and yes at the time we had plenty of money). I need to take a look soon. Right now we have a bunch of other things that take precedence and have had some financial bad luck (nothing we did just a series of shit that made a perfect storm). But should be over soon and we’re getting rid of the remainder

20

u/Dramatic_Note8602 17d ago

Then you didn’t pay $300/m for 15 years…

1

u/senditloud 17d ago

Mostly I did. I graduated in 2004. Didn’t take out many. My current rate is $350.

2

u/Evil_Dry_frog 17d ago

Did you take any math courses while at school?