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Topic	Woman started with 80k in student loans. Still owes 76k after paying 120k.
eggcorn 08/29/20 2:51:33 PM #24:	s0nicfan posted... She said she's been paying off her loan for 10 years, and that in her last year she paid $6,000 as a lump sum. So how the hell could she have possibly paid $120,000 to this loan already? More fundamentally, the only way she would have paid $120,000 after 10 years as if she had been paying $12,000 a year. Given that she's basically where she started, that would mean that the interest rate she took out on her $80,000 loan is 16%, but student loans are between 5 and 8% at the federal level. So I don't think she took out a student loan. I think she took out a high interest rate bank loan. Either way, something's not adding up. --- Warning: This post may contain triggering or distressing content. <cite>eggcorn posted [p:943971571] in Woman star... [t:78941317]...</cite> <quote>s0nicfan posted...</cite> <quote>She said she's been paying off her loan for 10 years, and that in her last year she paid $6,000 as a lump sum. So how the hell could she have possibly paid $120,000 to this loan already? More fundamentally, the only way she would have paid $120,000 after 10 years as if she had been paying $12,000 a year. Given that she's basically where she started, that would mean that the interest rate she took out on her $80,000 loan is 16%, but student loans are between 5 and 8% at the federal level. So I don't think she took out a student loan. I think she took out a high interest rate bank loan. Either way, something's not adding up. </quote> --- Warning: This post may contain triggering or distressing content.</quote> ... Copied to Clipboard!
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