It's notable that he's apparently so lazy that he's not willing to do the simple calculation of $500/month x 12 months/year x 23 years to arrive at the specific figure of $138,000. Instead, he takes a hit, lays back, waves his hand, and guesstimates $120,000+. Would YOU hire him?
@PicturesFoIder That college graduates don't understand how interest works? I, too, am confounded.
@PicturesFoIder My wife and I bought a house for $300k. We pay $4k a month and will pay that for 30 years, so we will end up paying $1.4 million. Tell me why our mortgage can't be canceled
It's like a mortgage payment. The early yrs pay off only interest on the loan. If you made an additional payment or larger payment, your time of the loan, interest to be paid and timeframe to payback all reduce. Example, make an additional $100 Principal only payment. Have the bank calculate how much you save overall.🙏
@PicturesFoIder If you go to school, take out student loans and get a job that pays $100k a year. You have to factor in your student loan payment, so you’re probably only making like $80K a year. Don’t take out student loans unless you’re committed.
@PicturesFoIder 90% of us have student loan debt including me. Seeking higher education in this country is an absolute joke if anything. But, I disagree with the government being able to pay it. That would be at the taxpayers expense.
It's not the debt that should be cancelled, after all, you literally signed up for that... It's the way they allow the interest to add up. Interest like this on any loan should be illegal as it is taking advantage of the situation against well meaning people.
@PicturesFoIder They sure don't explain to the kids that the interest on Student Loans is compounded DAILY. This is straight-up predatory lending that would make a Loan Shark blush..
@PicturesFoIder Because their education taught them nothing of value