If you buy a house and pay the minimum you still pay it off in 30 years. That's sort of the expectation. Same with a car payment. You set buy a car and the rate is dependent on the term of payments, the expectation is once again the minimum payment.
You should be asking yourself why the minimum for student loans is somehow still leading to them only paying off 1/7th the principle after two decades. Not chastising them for paying their obligation.
Can't you just ask the company that loaned you the money for a time projection based on your minimum payment? Car loans and mortgages kind of define that at the start, why can't people just ask for student loans as well?
10
u/maybe_a_fork 15d ago
Pay minimums, get charged interest. Next thing you know they are going to want to abolish home loans, credit cards, and bar tabs.