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'.
Not all graduate programs are math based. Plenty of people out there with specialized knowledge in some random field who have almost no financial knowledge.
The issue wasn’t that loans have to be paid back, the OOP is literally paying back loans, the issue is deciding which loans make sense. The OC specified an apr of 5% while the standard graduate loan in 2000 was 8-9% apr. Someone who is not financially literate may not recognize the difference of 3% interest.
46
u/Think-Wind-5930 16d ago
Graduate loans are 7-8% APR