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This is why I’m only making the minimum payment on my loans. The interest makes it impossible to get out off unless you come across a large sum of money. I rather use any extra money for savings or investments. My kids can benefit from my savings or investments but not a fully paid off loan. I’ll let the loan die with me if I have to.
Same...though the 2k is my min. I'll be 51 when my 25 year IBR time is up; it's way too long.
Yep, predatory interest rates
Same. And I went to law school at 28, so I'm going to be pushing 50 before I get forgiveness. But I made so little at first that my payments were like $300/month (right at $2k/month now) so in the end I'll pay about $350000 back in monthly payments. I think that's enough.
Same - my first job out of law school paid 45k!
These are the the type of stories they are wanting to hear! I would write it and send to DOE! I mean you are a lawyer — you should be able to do a crafty letter!
I am with you OP. Its not that I am trying to not have to pay my loans back but its the fact that the interest keeps us buried to where we really never will catch up. I don't think I will have them paid back before I die.
Either way, you’re lucky. The rest of us will live with the bad credit forever for smallest amounts and yours will go up. Been making the minimum payments for 12 years and of course it’s gone up the same way that yours has, but I’ll never in my life have the option for it to just go away.
Are they ineligible for an income-based repayment program?
Now imagine you’re just a regular person who didn’t get a degree in a field that pays and yet has the same cost of school making $40k-$50k/year … the fact people are mad about loan forgiveness shows how little they understand what others are going through.
Touché. I made 45 when I started out and it was rough
Rising Star
Or you can refinance the loan with a private company. That way you will get a lower interest rate and actually will see your balance going down.
Rising Star
You might end up paying more in the long run and you have to hope that forgiveness will be approved for you. They charge so much in interest that even if they “forgive” some amount, you still paid well over what you originally owed. It’s a trade. My payment went from $1,000/month basically forever to $1,500/ month for 10 years. And now I am in control. I’m not relying on any forgiveness that might disappear in the future. Seeing your balance actually going down every month is peace of mind and in 10 years I’ll have an extra $1,500 every month.
In the same boat as the original post, except my balance has already hit $500k+ from an original $110k, with 7 years to go. I got off pre-2014 IBR to switch to SAVE and stop any more interest from accumulating (finally!) Switching to any other IDR plan from IBR makes your interest recapitalize, but it was worth it to stop my balance from growing. But now, if I’m forced back on IBR because of the years my loans were taken out/first started repayment, if SAVE disappears, so help me god.