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So, he borrows $600K to attend 7 years of school starting at age 24 and he makes $225K now at age 37 with 2 children and a $1M debt that he only pays $1600/mont
by iaw 8y ago
So, he borrows $600K to attend 7 years of school starting at age 24 and he makes $225K now at age 37 with 2 children and a $1M debt that he only pays $1600/month on? Doesn't he take home in the ball park of $10k/month?
- garmaine 8y agoAnd? He has cost of living expenses. I'm impressed he's able to pay $1600/mo.
- IanCal 8y agoIs having expenses under $8400 per month particularly impressive?
- deleted 8y ago[deleted]
- foepys 8y agoThis comment is reeking of Silicon Valley. There are a lot of Americans making $20,000 or less per year.
- batbomb 8y agoSalt Lake isn't that expensive.
- IncRnd 8y agoHe lives in Utah.
- asdsa5325 8y agoHe takes in 12k/mo and you are surprised he can pay 1.6k/mo? Did you not think that through?
- qop 8y agoYeah, so 16% of his income is a pretty sizable chunk for something like loan payback, considering most people making around that are paying probably 30% for rent or mortgage, and then there are car payments or transit costs, kids, life expenses... The purpose of a student loan is to finance an education, not to enslave a person trying to better themselves and lock up all their income just to satisfy greedy banks. One of my coworkers (younger fellow, 28-29 or something) has a six digit loan and pays 700-something a month, which is around 20% of what he most likely makes. He doesn't have any kids though, so he can afford to overpay like that, for now. student loans are a shark industry in america, idc what anybody says. Preying on the people in society attempting to be the most productive, it's awful. That the guy in tfa has a medium-to-high income shouldn't really matter. The student loan should be a tool of utility for the learner, not a tool of profit maximization for the bank.
- IncRnd 8y agoExactly. He could pay the loan back in a few years if he tried to do so. He is paying back ~10%. There comes a point when you don't need to spend all your cash . Someone making 225k can pay back a far greater % than someone making 100k can. Live within your means, pay back the money you owe in a few years, and then you will be far ahead. He has simply chosen not to do that.
- spelunker 8y agoArticle says $13k a month!