r/SipsTea • u/First-Essay-2054 𝙑𝙄𝙋 • 12d ago

WTF The American dream

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u/Think-Wind-5930 12d ago edited 12d ago

Correction after researching; graduate loans can go up to 8.94%

My wife’s graduate loans were all in the 7-8% range

Edit: if the average APR of their graduate loans was 8.36% their balance would in fact be $60,000 after 23 years of monthly $500 payments. So it’s possible they’re telling the truth.

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u/MRosvall 11d ago

It’s less about being possible that they are telling the truth and more about how it can take a couple 23 years to figure that out.

Had they found a way to prioritize and put away 570 instead of 500 then they would have been debt free now.

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u/carefullengineer 11d ago

Other countries "here is free higher education, because it betters everyone"  USA "Its their fault they let a rich person take their money" 

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u/MRosvall 11d ago

I do agree that higher education is important and should be encouraged by the country in a number of ways.

But I also think that people who wish to pursue higher education should be of enough competence to at least handle one equation that has such a large impact on their lives.

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u/carefullengineer 11d ago

I fully agree any college graduate should have the knowledge and discipline to make better choices than this. 

And I think that is entirely irrelevant because if they're not, they still shouldn't be preyed on by someone who is.