6.
“Graduated 12 years ago into a recession with $99,000 in loans. It took almost two years for me to find full-time employment making about $75,000 a year. Took another 11 years to get my annual salary up to $127,000. As of today, I’ve paid over $90,000 on my loans, but thanks to predatory interest rates, my overall loan balance is still hovering around $89,000. This spring, I found a new job and was able to almost double my salary so that now I make $220,000 a year. For the first time in a decade, I feel like I might actually be able to dig myself out of debt.”
“However, it still stings knowing that by the time I’m done paying off my loans, I will have paid the federal government (all of my loans are fed loans) almost $250,000, which is two and a half times the actual value of my degree. What a stupid investment. To be clear, I’m not mad about repaying the cost of my tuition or even the interest associated with it. I am mad that the total amount I will end up paying so egregiously exceeds the original amount of my loan and the cost it took to administer it. The government shouldn’t be making such a profit by mortgaging the futures of its students.”
—Anonymous
Source: https://www.buzzfeed.com/morgansloss1/people-with-student-loans-share-their-salaries
