Forgive them all

By fuckall - This FML is from back in 2011 but it's good stuff - United States

Today, I worked out that if I paid the minimum monthly amount on my student loans, I'd be paying them until I'm 65. FML
I agree, your life sucks 30 297
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Top comments

aback 4

If you pay the minimum on any debt, you'll be paying many times over the original loan amount in accrued interest. That's why you don't play the game and you pay more than the minimum every month.

28 0
splitsides 4

I think (hope) #2 meant don't pay the minimum amount, but more than the minimum amount.

27 0

Comments

HesJustTheBest 0

File for bankruptcy now, you'll lose all your stuff but at least you won't have to worry about student loans anymore.

1 3
happy2blulu 1

chapter 11 does not affect student loans. so even if you file you still have to pay them. the only way to get out is prison or death.

3 1
polopony 0

I'm guessing this isn't a finance degree

7 0
boatkicker 4

Assuming you're mid-20s, you've got 40-ish years to find a job that pays you enough that you can pay more than the minimum balance. It shouldn't take you that long. Maybe a year, maybe three, maybe 10. Maybe even more than that. Still not 40. Just keep looking for a higher paying job. Don't give up.

23 1
aback 4

If you pay the minimum on any debt, you'll be paying many times over the original loan amount in accrued interest. That's why you don't play the game and you pay more than the minimum every month.

28 0
spoo 24

Just remember to pay off your highest interest rate first... credit card then vehicle then small loans then mortgage or what not. Yes, you will be paying till 65, but student loans can be put on freeze if anything goes wrong financially. Dont sweat this one, unless the payments are huge (should have thought of that before you went there then)

2 0
ladyvader401 5

That's a good point, but I realized that my student loans have a higher interest rate than both my credit cards and my husband's car loan. Isn't that ridiculous? :-/

0 1
spoo 24

over 10%????? if that is the case you may want to see if there is some way to refinance... maybe even refinance then declare bankruptcy HAHAHA.. ok or just see if you can get an all encompassing loan and an interest rate under 6 or 7%

0 0
ulicksam 0

Any loan that doesn't have a fixed payment is set up to take forever to pay off. That's why you don't get those loans or plan on paying more than the minimum payment.

1 0
Ninjafriends 1

What do you expect when paying the minimum? That sounds so lazy and irresponsible. It's also pretty clear that your major wasn't finance. Your situation is so massively common that you shouldn't be surprised. Not everyone is capable of making a good living. On top of that, not all majors open opportunities for high earning potential. You accepted the loans, so accept the responsibility of paying them off. Suck it up and get a second or third job if your main one is so low paying.

4 0
tikimuppet 11

So? It's possible that you'll never pay it off, that's what I'm hoping for

0 2
perdix 29

At least you are good at math! Now you understand part of the money-lending scam. They can set a minimum so low that they seem to be going easy on you when they are just milking you for interest forever. Don't even consider their "minimum" in making your payments -- pay as much as you possibly can and retire that damned debt. I'm sure you'll be incurring new ones going forward.

2 0
nerdsgetmehot 22

I think that's generally the case for a lot of people, sparky. Sorry!

3 1
helloletsgo 0

move to Australia it's interest free and they only take 4% out of your pay when you earn over 45k.

0 0