I used to feel this way, until I heard how predatory the loans actually are. One woman on John Oliver’s segment about it was paying a little over $700/month towards her student loans. Of that, only about $70 of it was actually going towards the principle of the loan, the rest was interest.
Another woman had paid $90k over ten years on her $80k in loans, and still owed $70k. That is just absolute horseshit, no other loan that I know of operates that way outside of payday loans, which an education loan should absolutely not be.
If he can’t get the debts forgiven, they should at least cap the interest at no more than 2% so people can actually pay them off. Or make them dischargeable through bankruptcy, but something has to give. Until John Oliver’s segment, I didn’t realize how bad things were for a lot of people, and while I have no student loan debt (GI Bill for me, fortunately), I still feel for them.
I used to feel this way, until I heard how predatory the loans actually are. One woman on John Oliver’s segment about it was paying a little over $700/month towards her student loans. Of that, only about $70 of it was actually going towards the principle of the loan, the rest was interest.
Another woman had paid $90k over ten years on her $80k in loans, and still owed $70k. That is just absolute horseshit, no other loan that I know of operates that way outside of payday loans, which an education loan should absolutely not be.
If he can’t get the debts forgiven, they should at least cap the interest at no more than 2% so people can actually pay them off. Or make them dischargeable through bankruptcy, but something has to give. Until John Oliver’s segment, I didn’t realize how bad things were for a lot of people, and while I have no student loan debt (GI Bill for me, fortunately), I still feel for them.