5 ms·
In my case, after graduating I was 43k in debt and at 7% interest. I had to consolidate because if you don't you end up with 14 loans and having to pay around 1
by KennyCason 10y ago
In my case, after graduating I was 43k in debt and at 7% interest. I had to consolidate because if you don't you end up with 14 loans and having to pay around 1500 / month. Which is impossible for most new grads. You don't have to pay if your income is low after graduation by opting into "loan forbearance". However, this is a death trap as well as the loan continues to accrue interest! Needless to say, young dumb me didn't know any better until it hit 50k...
- distances 10y agoI don't know how long ago that was, but 7% sounds crazy high for something you can't shake off with bankruptcy proceedings.
- 6DM 10y agoI was applying for more loans to finish up college when they told me my intrest would be 8% for this loan. I said, "wow" (catches breath) "isn't that a little high?" I will never in my life forget what that woman said to me. "You should be thankful, other students are getting 11%" This was in 2010, shortly before I graduated they made it impossible to ever get out of these loans with the new bankruptcy thing.