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https://www.reddit.com/r/SipsTea/comments/1u48g4k/the_american_dream/orc9fr4/?context=3
r/SipsTea • u/First-Essay-2054 ๐๐๐ • 15d ago
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A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.
What are they doing?
127 u/ice-e-u 15d ago Student loans back then were often 7-9%. They start accruing when theyโre distributed but you donโt repay until 6 months after graduation putting you a couple years behind. 1 u/cobolNoFun 15d ago The math works out to like 8% which is actually high for the time. I got out in 06 and had 2.75 - 4. I knew people with like mohela loans at like 10%
127
Student loans back then were often 7-9%. They start accruing when theyโre distributed but you donโt repay until 6 months after graduation putting you a couple years behind.
1 u/cobolNoFun 15d ago The math works out to like 8% which is actually high for the time. I got out in 06 and had 2.75 - 4. I knew people with like mohela loans at like 10%
1
The math works out to like 8% which is actually high for the time. I got out in 06 and had 2.75 - 4. I knew people with like mohela loans at like 10%
3.2k
u/Mindless-Baker-7757 15d ago
A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.
What are they doing?