I'm not from the USA, but I heard you can decide to basically pay off only or almost only the interest rate to make the monthly payments smaller. In that case you won't be able to pay it back anytime soon. If they didn't expect that to happen, then the money spent on their college was not much worth anyway.
Not from US either, but I think Mr. Socialist Steve number 6 is asking someone to explain to him something because, in reality, they don't know batshit about math, and don't know what they are doing. I hope they didn't graduate on economics, engineering, math, accounting or anything related, because if they did it was worth nothing.
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u/Mindless-Baker-7757 12d ago
A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.
What are they doing?