Most Disturbing Picture of the Day

[romantico]

I know SO MANY people with student loans struggle with this but seeing the numbers in front of you just makes my jaw drop.



http://front.moveon.org/this-picture-will-make-you-think-forgiving-student-debt-isnt-so-crazy-after-all/

[tazber]

I'm not arguing that there is a major issue with student loans, but those numbers don't add up in any possible way.

The amortization is impossible unless she borrowed at over 100% percent interest.

There is obviously a lot more to this particular situation than those vague figures indicate.

Also, only a portion of medicare and SS benefits are withheld once she is eligible to begin receiving them, so that's misleading as well.

[best12bars]

With all that money spent on her "edgemacation," she clearly flunked math.


That said, I wonder when the "higher education bubble" is going to burst.

[romantico]

I thought it sounded odd as well. However,my boss tells his story about he was paying his loan payments on time every month for years with no problem.Then, he was unemployed and facing some serious financial problems and did not pay on his loan for a little over a year. Once he got back on his feet and started paying he was shocked to see all the late fee's and how much more he had to start paying.

[tazber]

Oh yea, penalties and interest are massive. They can easily surpass the amount of the total principal.

Your boss' plight is one of the issues that need reforms (I'm talking student loans only, not general).

But her sign says she has paid faithfully for 23 years.

[romantico]

Could it be more than one loan? If so, I agree. Details should have been provided. Were their as many hidden fee's back 20 years ago as they are now?