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It's bad. College loan payments are a stone around the neck of far, far too many people in an entire generation, and it leaves far too many of them crippled fi
by douche 10y ago
It's bad. College loan payments are a stone around the neck of far, far too many people in an entire generation, and it leaves far too many of them crippled financially for a decade after they graduate. When you're already paying 40-60% of your income on housing, tacking on another 20% to service student loans for a degree that doesn't earn you any more money than if you didn't fall for the scam doesn't leave much left over for anything but survival. Far too many people are in that boat, because student loans are too easy to get, and they've had it pounded into them relentlessly that the only way to get ahead and live a good life is to go to college. The people telling them this, by the way, are usually Boomers that went to school when public universities were fully funded, and costs hadn't spiraled out of control by an order of magnitude or worse.
- jimmaswell 10y agoAssuming you stuck to federal loans, the minimum payment on the standard repayment plan is $50/month, with a 6 month grace period after graduating before you have to start making payments, and the monthly payments can go lower on an income-based plan if your finances are such that that would be necessary. Even if you couldn't get any job but fast food after graduating, this should be manageable. https://studentaid.ed.gov/sa/repay-loans/ https://studentaid.ed.gov/sa/repay-loans/ I really don't get all the hyperbole around this. As long as you didn't make arrangements with private loan sharks, you should be fine after college.