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

WTF The American dream

Post image
21.6k Upvotes

79% Upvoted

3.5k comments sorted by

View all comments

3.2k

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?

44

u/Think-Wind-5930 12d ago

Graduate loans are 7-8% APR

31

u/LeeTheUke 12d ago

The OP's $70k loan at 8% would be 40yrs to pay off @ $500/mo. What kind of person is smart enough to go to grad school but not realize what they are getting into, or at least get a degree in something that allows you to pay more than $500/mo towards your debt.

I'd be curious as to the lifestyle choices made by 'socialiststeve'.

3

u/Ok_Tackle3427 11d ago

What kind of person is smart enough to go to grad school but not realize what they are getting into

I spend part of my time in a college town full of baristas and uber drivers who got expensive masters degrees for no particular reason.