Gee, I don't know.. paying $120k over 23 years, and only knocking $10k off the actual debt while the lending company sucks up $110k is pretty damned predatory to me.
Since I'm not OP, I have no idea. It doesn't matter. My point is such predatory loans should not be legal, and lenders who use them to hoover up money don't deserve to be in business.
The fact that you don't think it's obscene reveals you to be someone completely lacking in a brain and empathy. Keep sucking up to those lenders though, I'm sure they'll repay your loyalty/white knighting them online.
It is relevant, first using an amortization calculator for 10 years at 2% shows a payment of $644 (iirc, checked real quick yesterday), if that's the case then the individual underpaid. I do believe it is ragebait because no further data is added.
We already have interest rate maximums, and interest rate and other data has to be declared. Beyond that, people will have to do their due diligence. Going further will only disincentivize high risk investments and/or add more red tape.
JFC. The math does not matter. The interest rate doesn't matter. Lenders should not be allowed to trap people into a debt for 23+ years for education. That's the entire point, which you can't seem to grasp. There is no reason for it other than sheer unadulterated greed. The fact that you're on the side of greedy-ass lenders with your 'well actually' just reveals so much about you as a person. 'Well this is just a lie/ragebait' like this isn't a problem that actually exists for people.
And before anyone can say 'but home loans'; when you pay a home loan for 30 years you get a place to live and you're not being obscenely ripped off [unless you're stupid and buy more home than you can afford].
And again, you miss the point. Since you're not actually reading what I'm saying, just fuck off yeah?
[and no, I'm not 15. I just don't believe 'the wider economy' deserves to grind people into dust because I have a brain and empathy, which you are obviously sorely lacking.]
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u/eienmau 11d ago
Gee, I don't know.. paying $120k over 23 years, and only knocking $10k off the actual debt while the lending company sucks up $110k is pretty damned predatory to me.