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Student Loan Math
Something doesn't add up...
(a short tweet thread where I complain about my student loans. Some may say that I’m jealous, and I probably am. But I’m also angry. Angry at myself for my poor choices in the past, angry at the system that I feel completely manipulated by, and angry that no matter what I do, I’m going to be stuck with this albatross around my neck until I’m old and gray.)
Some Fun Math Right before bed: I currently owe 192% of my original student loan balance to Navient, and for the 21 years I've been paying, I've paid over 162% of the original amount. #studentloans
Even more fun? Over 31 days, the loan accrues 86% of my payment amount in interest, so when I make my payment, only 14% of it goes to the actual principle of the loan. How is this legal? #studentloans
I guess I could make myself feel better about NOT getting debt relief because it would only make my loan slightly smaller, and I'll still end up paying 319% more than the original loan amount, if I pay it off by 2035.
Which means, I will have spent 34 years paying off a loan that I took out when I was 20, and I will be close to retirement age by then. If only that interest was going into a retirement fund instead, huh?
And my story isn't unique. We're going to end up with an entire generation of elderly Gen X/Older Millennials who were misinformed about student loans, who didn't get to save for retirement, and are going to work until they drop dead because they can't afford not to.
But you kids who took out loans in the 2010s, knowing that we were facing a student debt crisis, are going to get the relief that we so desperately need - and while I don't begrudge your good fortune ...
But I can't help but think that we entered into this with ignorance and naivete, you all knew full well that things were bad, as early as 2008. So, enjoy your relief, but be ready to support us old timers; we're going to need it.