I graduated in 2009, and my loan balances have only ever gone up, even after consistent payments this whole time (excluding the COVID pause). Thanks to this hypocritical Supreme Court that struck down student loan forgiveness because it was initiated by a Dem, my monthly payments for my federal loans went from around $100 to nearly $600. $600 is the bare minimum I’m allowed to pay now, and even after making those payments for the next 20 years my balance is still only expected to go up.
I’m just throwing my money away as my debt continues to increase, but I can’t stop making payments because it would ruin my credit, which I would need if I could ever afford a mortgage, which I’ll never be able afford because all my earnings go to rent, student loans, and food.
It’s all a scam to keep us poor. If you’re thinking about going to college, you should think equally hard about not going.
Stop paying off the student loans. You are wrecking your QoL for a hope at a house you’ll never actually be able to buy. They’ll ding your credit every so often but you get to actually live life. It’s worth it.
I don’t know, I struggle with this advice. On the one hand, in the grand scheme of things you’re probably right. On the other hand, I have a hard time knee-capping my future self with bad credit, which would seriously limit my ability to get any kind of loan. That’s kind of what my pre-college self did by saddling myself with all this debt. It wouldn’t be small dings, it would completely wreck my credit.
I graduated in 2009, and my loan balances have only ever gone up, even after consistent payments this whole time (excluding the COVID pause). Thanks to this hypocritical Supreme Court that struck down student loan forgiveness because it was initiated by a Dem, my monthly payments for my federal loans went from around $100 to nearly $600. $600 is the bare minimum I’m allowed to pay now, and even after making those payments for the next 20 years my balance is still only expected to go up.
I’m just throwing my money away as my debt continues to increase, but I can’t stop making payments because it would ruin my credit, which I would need if I could ever afford a mortgage, which I’ll never be able afford because all my earnings go to rent, student loans, and food.
It’s all a scam to keep us poor. If you’re thinking about going to college, you should think equally hard about not going.
It’s almost comical if it wasn’t excruciating
Stop paying off the student loans. You are wrecking your QoL for a hope at a house you’ll never actually be able to buy. They’ll ding your credit every so often but you get to actually live life. It’s worth it.
I don’t know, I struggle with this advice. On the one hand, in the grand scheme of things you’re probably right. On the other hand, I have a hard time knee-capping my future self with bad credit, which would seriously limit my ability to get any kind of loan. That’s kind of what my pre-college self did by saddling myself with all this debt. It wouldn’t be small dings, it would completely wreck my credit.