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>Yes, but they are told their whole life "after college, you'll make enough to pay it off easy, no problem!" If anything, the predominant messaging today is th

>Yes, but they are told their whole life "after college, you'll make enough to pay it off easy, no problem!" If anything, the predominant messaging today is the exact opposite of that. It also doesn't matter because public loans qualify for income based repayment, so it doesn't matter. If you end up stuck working at McDonalds for the rest of your life, you'll never pay back a dime. >60k, with an extremely high interest is most definitely a problem. Current undergrad rates are fixed at 3.73%. >Anecdotally, my group of friends all flip between "school name"/School/Uni in conversation. Interesting, (as an American myself) I've never heard an American use uni outside of conversation with Europeans.

Shared404 5y ago
> If anything, the predominant messaging today is the exact opposite of that. It also doesn't matter because public loans qualify for income based repayment, so it doesn't matter. If you end up stuck working at McDonalds for the rest of your life, you'll never pay back a dime. Unless you do get a job in your field, with enough income that you're supposed to pay it back, but can't. This probably will be less common with the current rates, but as recently as 2012 the interest rates were at 6.8% . > Current undergrad rates are fixed at 3.73%. Indeed. I was operating off of the rates from those who took loans in 2012 or before, the current rate is much more reasonable. > Interesting, (as an American myself) I've never heard an American use uni outside of conversation with Europeans. I probably picked it up from the internet and spread it to the group, I like saying less syllables :P
- learc83 5y ago
  >Unless you do get a job in your field, with enough income that you're supposed to pay it back, but can't. This probably will be less common with the current rates, but as recently as 2012 the interest rates were at 6.8% . There's also the fact that now (even for someone who took out loans before 2012) you'll never pay more than 10% of your disposable income, for more than 20 years. Up to a max of about $500 a month (which is the 20 year payoff rate for a $60k loan at 6.8%). There are ways you could end up paying more. Say if you spent 10 years unemployed running up interest and suddenly got a job paying $100k, but even then you're talking $700 a month for 10 years before it gets cancelled.

Shared404 5y ago

> If anything, the predominant messaging today is the exact opposite of that. It also doesn't matter because public loans qualify for income based repayment, so it doesn't matter. If you end up stuck working at McDonalds for the rest of your life, you'll never pay back a dime. Unless you do get a job in your field, with enough income that you're supposed to pay it back, but can't. This probably will be less common with the current rates, but as recently as 2012 the interest rates were at 6.8% . > Current undergrad rates are fixed at 3.73%. Indeed. I was operating off of the rates from those who took loans in 2012 or before, the current rate is much more reasonable. > Interesting, (as an American myself) I've never heard an American use uni outside of conversation with Europeans. I probably picked it up from the internet and spread it to the group, I like saying less syllables :P

learc83 5y ago
>Unless you do get a job in your field, with enough income that you're supposed to pay it back, but can't. This probably will be less common with the current rates, but as recently as 2012 the interest rates were at 6.8% . There's also the fact that now (even for someone who took out loans before 2012) you'll never pay more than 10% of your disposable income, for more than 20 years. Up to a max of about $500 a month (which is the 20 year payoff rate for a $60k loan at 6.8%). There are ways you could end up paying more. Say if you spent 10 years unemployed running up interest and suddenly got a job paying $100k, but even then you're talking $700 a month for 10 years before it gets cancelled.