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mackdaddy

(1,929 posts)
8. Maybe at least modify the interest and repayment.
Fri Nov 8, 2024, 10:24 AM
Nov 2024

I call these Student loans 'Indentured Servitude' loans because that is basically what they are.

They seem to be structured like home mortgages, but you can basically never get out through bankruptcy and the interest never stops accruing. They will literally ding you SS is they are still out.

A student could borrow 10 thousand dollars, pay back 15 thousand over years and still have to pay another 15k before it is paid off. And of course the number are often much higher. My nephew is going to OU in Athens as an in state student and he will have about $120,000 in loans for his 4 years at a state college. Easy for an 18year old to sign up for loans he will probably pay over 300k for over the next 20 years.

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