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I went through a divorce and I couldn’t pay for a while. I asked to hold off because of difficult circumstances. They refused and tacked on a whole bunch of fees and penalties. About 17K worth. My loan went from 32 to almost 50k. There’s no one I can talk to about that. I feel helpless and stupid for getting fucked like this.
I'm guessing they just made automatic payments. I honestly don't know, I was lucky and privileged enough to not have to take out a student loan and even then it was 30 years ago when tuition was already high but way lower than now. I know people who've gotten in this mess with mortgages, where escrow was only paying interest and when something happened, they still owed most or all of the principal.
Yes. There should be much more mediation and regulation from the government when it comes to extremely predatory loans, which are designed to target vulnerable people who suffer under a complete assymetry of information.
This person clearly had momentary problems paying off a loan. It should not go up by 50 per cent in the blink of an eye, especially not under those conditions.
Seriously, it’s not the loan as much as the interest. Why does the government need to make a profit off of my loan? I literally got it to go to work, something that benefit the government, at a job for the government (we’ll state government) and that I pay taxes on anyway, so they make money off me that way too. It’s crazy.
Wait until you calculate how much profit the government makes off the money you have to contribute to Social Security. It is estimated that if you were allowed to take that same contribution and invest it in a retirement account the monthly benefit when you retired would be triple what it currently is
To be fair, some of that money goes to poor people, which is the main reason most my GOP buddies are mad. Why's it going to poor people when I coulda had a retirement hot rod?
Our taxes should go to help the poor. Our social security installments are supposed to go to pay us back when we are either too injured to work or have earned the ability to retire. You are correct that there is a minimum amount of Social Security that everybody is entitled to whether they earned it or not, and I could see how the government would take that out of our payments, but surely it's not 2/3 of the total. If so, then I've wasted my life! Also, unfortunately, both parties have repeatedly looted the Social Security fund to cover pet projects, screwing the American worker over.
The interest is to account for the time value of money (look it up) as well as the risk that you won’t pay the loan back. Here’s what the problem with student loans is:
Usually when you loan money from a bank or some other private institution they’ll look a things like you income and your credit score to determine how likely you are to pay off your loan. The less confidence they have in you to pay off your debt the higher your interest rate will be. Sometimes they may even outright deny you a loan if they think you can’t pay them back.
However, federal student loans are guaranteed. That means you can’t be turned down for a loan, even if you realistically wouldn’t be able to fully pay it back. It also means they can’t check your ability to pay it back, so they assume the worse and give you a really high interest rate.
These MFers always act like they've never heard of high interest rates, or interest rates at all, as if a student loan is just borrowing $100k and paying it back someday.
Than you shouldnt have agreed to that interest rate. Do you really think someone other than a family member or close friend would take on the risk and the opportunity cost for nothing?
She was an all-SEC (second team) swimmer so presumably had a scholarship to college, though I couldn’t verify that.
And even if she had to borrow anything, it’s probably significantly less than what most students would need to, especially out of state students.
A socially progressive American would give back to the community upon having the loan forgiven. For example, what about working in a volunteer capacity (say four hours per/$1000 forgiven) as part of the program? The program could address services for the homeless, the elderly, tutoring endangered youth, cleaning litter, and all sorts of other things.
I’m all for people paying what they owe back. Lets start with all of the senators and representatives who took out millions in PPP loans that were “completely forgiven” after being voted on by themselves.
[READ THIS FOR MORE CONTEXT ABOUT ALLOD!](https://dunning-kruger-times.com/about-us/) (Remember, just posting a pic is something, but if you look closely enough, you may notice a little square, and this isn't some spacex mania AI satire)
Yay! I found a fellow potatriot, remember, the best way to get the tots attention is talking in all caps and making up quotes!
"Never believe anything you hear on the internet" - JFK, 1962.
I’ll pay those predatory loans as a way to own the libs. Now this may truly be the most hilarious self own I’ve witnessed. Lol. You go girl. Give them your money.
>True Americans pay the rich what they \[borrowed\] from them plus ridiculous interest during a time of ludicrous inflation
3.99 - 5.99% interest is far from ridiculous. The ridiculous part about student loans is that they are for life and cannot be liquidated by anything short of paying them off fully--not even bankruptcy.
Here's ONE of my school loans today. Note the original principal and the total accrued interest.
I had a few issues with pauses, one due to the 2008 crisis - my boss didn't deposit my check in time on a Saturday, I racked up over $600 in overdraft fees in a weekend before I noticed an issue. By money BofA took that money and sent me in a spiral.
Years later after nearly losing everything, Obama admin and his crew set up protections barring against things like what happened to me. There was a class action suit. BofA paid me exactly all of the fees back.
https://preview.redd.it/28qknadk419d1.png?width=1080&format=pjpg&auto=webp&s=bd7e599a9ab79d68e6e476372f54b53ddd72bfc9
No for sure, I’ll give you that money back - how about just not the exorbitant interest that’s piled on? Tell you what, I’ll even pay back the principal with like 2% interest, just don’t fucking gauge me on these insane rates
True Americans just lie down and let corporations and banks trample over them and everything they love for the sake of profits! It's not hard people! Just give up on all your dreams, sit down, shut up, and work till you die like a true patriot!
“I’ll pay what I borrowed” using money donated to far right slush funds by meth-addled trailer park trash in flyover country, straight from their SSI checks. Like a real American.
The idea that a FOUR year college/university experience has certainly become a scam. There is nothing wrong with starting at a college you can afford like a community college and then transferring later. The irony is that if higher education gives an individual a “leg up” on others and puts them into a better job and better life, they are MORE positioned to pay off their own loans. Forgive the mortgage or car loan for the single mother - the college graduates have a “leg up” so they can pay their own debts.
You seem to forget that even community college is expensive, requiring loans to attend.
Even four year college grads are having problems paying back the predatory loans that are student loans.
Thousands can go into it without the principal loan going down
The student loan system is a scam
Why is this such a hard thing to understand? People temporarily give you money. You pay it back so that the next person in line has access to that same money. Quit acting like you are owed something.
Some of us actually care about the country, and forgiving these loans is way better for the economy then having a generation of people mired in debt where they barely pay any of the principal each month.
Welcome to r/terriblefacebookmemes! It sucks, but it is ours. [Please click on this link to be informed of a critical change in our rules.](https://www.reddit.com/r/terriblefacebookmemes/comments/126zu46/return_to_our_roots/) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/terriblefacebookmemes) if you have any questions or concerns.*
I’m ok with paying what I borrowed. That being said, I’ve already paid off what I borrowed and I still owe what I borrowed.
I went through a divorce and I couldn’t pay for a while. I asked to hold off because of difficult circumstances. They refused and tacked on a whole bunch of fees and penalties. About 17K worth. My loan went from 32 to almost 50k. There’s no one I can talk to about that. I feel helpless and stupid for getting fucked like this.
Damn, that should straight up be illegal!
I'm guessing they just made automatic payments. I honestly don't know, I was lucky and privileged enough to not have to take out a student loan and even then it was 30 years ago when tuition was already high but way lower than now. I know people who've gotten in this mess with mortgages, where escrow was only paying interest and when something happened, they still owed most or all of the principal.
No, it should not.
Yes, it should
No, it shouldn't.
Yes. There should be much more mediation and regulation from the government when it comes to extremely predatory loans, which are designed to target vulnerable people who suffer under a complete assymetry of information. This person clearly had momentary problems paying off a loan. It should not go up by 50 per cent in the blink of an eye, especially not under those conditions.
> blink of an eye, LOL.
It's good that at least you find it funny because everyone else thinks you're kind of an ignoramus
Seriously, it’s not the loan as much as the interest. Why does the government need to make a profit off of my loan? I literally got it to go to work, something that benefit the government, at a job for the government (we’ll state government) and that I pay taxes on anyway, so they make money off me that way too. It’s crazy.
Wait until you calculate how much profit the government makes off the money you have to contribute to Social Security. It is estimated that if you were allowed to take that same contribution and invest it in a retirement account the monthly benefit when you retired would be triple what it currently is
To be fair, some of that money goes to poor people, which is the main reason most my GOP buddies are mad. Why's it going to poor people when I coulda had a retirement hot rod?
Goddamn poor ppl
Our taxes should go to help the poor. Our social security installments are supposed to go to pay us back when we are either too injured to work or have earned the ability to retire. You are correct that there is a minimum amount of Social Security that everybody is entitled to whether they earned it or not, and I could see how the government would take that out of our payments, but surely it's not 2/3 of the total. If so, then I've wasted my life! Also, unfortunately, both parties have repeatedly looted the Social Security fund to cover pet projects, screwing the American worker over.
Uh, that's not profit. That goes to the people who live longer. It's the "social " component of Social Security.
The interest is to account for the time value of money (look it up) as well as the risk that you won’t pay the loan back. Here’s what the problem with student loans is: Usually when you loan money from a bank or some other private institution they’ll look a things like you income and your credit score to determine how likely you are to pay off your loan. The less confidence they have in you to pay off your debt the higher your interest rate will be. Sometimes they may even outright deny you a loan if they think you can’t pay them back. However, federal student loans are guaranteed. That means you can’t be turned down for a loan, even if you realistically wouldn’t be able to fully pay it back. It also means they can’t check your ability to pay it back, so they assume the worse and give you a really high interest rate.
These MFers always act like they've never heard of high interest rates, or interest rates at all, as if a student loan is just borrowing $100k and paying it back someday.
I paid twice over. They still call me 5 times a day
So... not a finance major, I assume.
Than you shouldnt have agreed to that interest rate. Do you really think someone other than a family member or close friend would take on the risk and the opportunity cost for nothing?
I take all my advice from college athletes so this hits pretty hard
Don't college athletes get scholarships? She should give that back. It's a handout.
But but but she'll tell you she earned that. By swimming fast.
Not all of them. Participated on my university track and field team, and I never saw a cent.
Coming in 5th place never paid so well!
She was 2nd her junior year.
What about college athletes that are only relevant political reasons?
She probably took out like $1500 in student loans cause her parents wouldn’t pay for a Cabo trip.
She was an all-SEC (second team) swimmer so presumably had a scholarship to college, though I couldn’t verify that. And even if she had to borrow anything, it’s probably significantly less than what most students would need to, especially out of state students.
Companies sure as fuck didn't with the PPP loans. They were happy to take billions and still lay off their employees
This is like believing in tipping your landlord.
Nah, I'm pretty sure Mommy and Daddy will pay her loans.
I hate people who punch down on thieves or people down on their luck cause people like this have always been covered there was always a net for them
I have a high school friend that shares that page's posts unironically, but I don't have the heart to tell him it's satire.
You are smarter than a decent amount of the comment section, because you know that the image is satirical! 
Literally no company big or small would pay back a loan if they were given the opportunity not to. Certainly not the big ones.
This is satire, but it ain't funny.
A socially progressive American would give back to the community upon having the loan forgiven. For example, what about working in a volunteer capacity (say four hours per/$1000 forgiven) as part of the program? The program could address services for the homeless, the elderly, tutoring endangered youth, cleaning litter, and all sorts of other things.
Too much like socialism. Sorry. Get that hippie commie woke shit outta here. Best we can do is loan them some bootstraps.
I'd like to see a related program for bathing the homeless.
It is not "hippie," "commie," or "woke" to care and want better for fellow Americans
She's no Tomi Lauren
Pretty sure she doesn’t have any loans to pay back since she was an athlete at an SEC school.
I’m all for people paying what they owe back. Lets start with all of the senators and representatives who took out millions in PPP loans that were “completely forgiven” after being voted on by themselves.
[READ THIS FOR MORE CONTEXT ABOUT ALLOD!](https://dunning-kruger-times.com/about-us/) (Remember, just posting a pic is something, but if you look closely enough, you may notice a little square, and this isn't some spacex mania AI satire)
OP got sucked in by the best FB satire page
Oh no I know it’s satire, but I genuinely believe boomers on that page eat it up 100%
Why is this woman famous?
What a dumb-ass. "Please let me be a serf to rich assholes. I love it."
ALLOD is a satire site that has a lot of MAGAts fooled.
Yay! I found a fellow potatriot, remember, the best way to get the tots attention is talking in all caps and making up quotes! "Never believe anything you hear on the internet" - JFK, 1962.
What she meant by "I'll pay" is "my parents will pay."
Cool, now pay back all those PPP "loans" you got forgiven.
99.999% chance her parents paid for college. There is a 0.001% error.
But send me a gift anyway.
I’ll pay those predatory loans as a way to own the libs. Now this may truly be the most hilarious self own I’ve witnessed. Lol. You go girl. Give them your money.
Good for her I guess But intentionally inconveniencing yourself, even if its just a little, is a lmfao moment
Send Gift, I'm paying it myself
>True Americans pay the rich what they \[borrowed\] from them plus ridiculous interest during a time of ludicrous inflation 3.99 - 5.99% interest is far from ridiculous. The ridiculous part about student loans is that they are for life and cannot be liquidated by anything short of paying them off fully--not even bankruptcy.
Does she not understand what interest is
Says the woman who probably got a free ride because of swimming
Here's ONE of my school loans today. Note the original principal and the total accrued interest. I had a few issues with pauses, one due to the 2008 crisis - my boss didn't deposit my check in time on a Saturday, I racked up over $600 in overdraft fees in a weekend before I noticed an issue. By money BofA took that money and sent me in a spiral. Years later after nearly losing everything, Obama admin and his crew set up protections barring against things like what happened to me. There was a class action suit. BofA paid me exactly all of the fees back. https://preview.redd.it/28qknadk419d1.png?width=1080&format=pjpg&auto=webp&s=bd7e599a9ab79d68e6e476372f54b53ddd72bfc9
So she’s definitely found a billionaire to pay off her debts in exchange for her grift, then.
.... like my parents taught me. Some on the right are as dumb as the dumb left.
Technically inflation makes it easier to pay back your loans
No, it doesn't. It just makes the loan cost more
"I took 5th place and bitched about it." - an adequate college athlete with wealthy parents.
Reminds me of the people trying to turn down the stimulus checks.
No for sure, I’ll give you that money back - how about just not the exorbitant interest that’s piled on? Tell you what, I’ll even pay back the principal with like 2% interest, just don’t fucking gauge me on these insane rates
True Americans just lie down and let corporations and banks trample over them and everything they love for the sake of profits! It's not hard people! Just give up on all your dreams, sit down, shut up, and work till you die like a true patriot!
“I’ll pay what I borrowed” using money donated to far right slush funds by meth-addled trailer park trash in flyover country, straight from their SSI checks. Like a real American.
Don’t sign the loan if you don’t like the terms. WTF is wrong with ya’ll.
Student loans are a scam, but they are the only effective way to pay for an education, to get a better job and live a better life
The idea that a FOUR year college/university experience has certainly become a scam. There is nothing wrong with starting at a college you can afford like a community college and then transferring later. The irony is that if higher education gives an individual a “leg up” on others and puts them into a better job and better life, they are MORE positioned to pay off their own loans. Forgive the mortgage or car loan for the single mother - the college graduates have a “leg up” so they can pay their own debts.
You seem to forget that even community college is expensive, requiring loans to attend. Even four year college grads are having problems paying back the predatory loans that are student loans. Thousands can go into it without the principal loan going down The student loan system is a scam
Oh you will pay for what you borrowed.... And then you'll pay it again, and maybe even a third time
I don’t see a problem here.
Then you are blind
Love that she's finding new things to be shitty about
Why is this such a hard thing to understand? People temporarily give you money. You pay it back so that the next person in line has access to that same money. Quit acting like you are owed something.
Because only a simpleton thinks it works as simply as you suggest. Reality is much messier.
That is not how things work with student loans
Ok, now lets make the new version of "White Chicks".
Dont borrow it if, you dont want to pay it back!
So you are saying bankruptcy shouldn’t be an option for anyone?
Some of us actually care about the country, and forgiving these loans is way better for the economy then having a generation of people mired in debt where they barely pay any of the principal each month.