LogFAQs > #967593629

Student loans should be like home loans, not way worse than car loans with 7%+ interest per year, with additional penalties/fees and the ability to move any interest over to the principle. THAT needs to be done first, both now, and retroactively.

If you just flat out got rid of the insane interest, most people would not have a problem eventually paying back even the larger student loans (that were to large/expensive mind you but still managable).

Anyway, over 20 years, can pay back 60k, if you are only having 1k interest a year, even working fast food etc, you could pay it off.

But somehow (and you have to look it up to see how the fark they even do this), they are charging over 6k a year interest on a 60k loan and then adding that to the principle, and on top of that charging people fees etc that make it go up even faster.

Yes the underlying costs etc need to be fixed, but first and foremost, convert student loans to a much lower interest rate, prevent capitalizing the interest if payments are being made etc.

You should not be in more dept getting a BA degree then you would buying a home, but currently there are quite a few people who are, and it's only getting worse.