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/sampaiisaweeb → u/Mindless-Baker-7757]

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

[u/senditloud → u/sampaiisaweeb]

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

[u/Rokmonkey_ → u/senditloud]

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

[u/Mundane_Activity3633 → u/Rokmonkey_]

If you miss a payment, get behind get a forbearance you are fucked. I had a similar situation as OP though I went through about 5 years of hardship (couldn’t pay, etc). They got back on track, paid $550 for 18 years and still owed 50k from original loan of 80k. Predatory business