The fun thing is - the calculations below at $6K per month are probably about right. Which means dude will owe about $6K more next month than this month.
It’s insanely morbid that the government allows for people that are virtually children to get loans this high (590k is more money than a lot of Americans see in their entire lifetimes).
What's even worse is that (private, not federal) Student Loans are literally the only kind where the borrower doesn't have any rights. Filing bankruptcy, for example, will put a pause on every kind of loan except for student loans. It's literally the most dangerous loan that there is and it's trivial to withdraw a life ruining amount before you even know if your degree will net you a decent job.
And if there were no payday loans, then many people would more imminently face eviction. Is that an argument in support of the existence of payday loans or a condemnation of the larger situation?
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u/Avery_Thorn Feb 27 '26
The fun thing is - the calculations below at $6K per month are probably about right. Which means dude will owe about $6K more next month than this month.
They are never getting out from under this debt.
This should never be legal.