One woman says she has made no progress with paying off her student loans, claiming her mother has been paying off one of her loans every month for seven years and that the loan amount is basically still the same amount as it was in 2016.
In a viral TikTok that has amassed more 350,000 views, user Jordan (@jordxn.simone) argued that student loans may outlive their borrowers because of accrued interest.
“So I went to college in 2016 and my freshman year I had to take out a couple of loans so I could go to school,” she began in the clip. “You know, like most people do.”
@jordxn.simone these loans will outlive us if something doesnt give #studentloans #studentloanforgiveness #studentdebtcrisis #scotus ♬ original sound – jordan
Jordan said that she worked multiple jobs, so she wouldn’t have to take out anymore loans and in fact was able to pay for most of her education by herself. However, the loan that her mother took to help her pay college costs continued to be a nuisance Apparently, her mom has been paying down on the loan since 2016, but has only been paying on the interest, not the actual owed amount.
“She told me that as of a couple of weeks ago, she still owes the same amount of money on that loan as she did in 2016,” the TikToker explained. “Can’t even make a dent in it.”
The Daily Dot reached out to Jordan via TikTok comment.
In the comments section, many TikTokers agreed that interest accrued on student loans make it especially difficult to pay back what is owed.
“EXACTLY!” one user commented. “People keep on saying ‘just payback what you owe’ when that’s not the problem. The problem is the INTEREST.”
“Then there’s NO point in paying I’m hearing,” another person said.
“This is why I will ALWAYS scream community college,” another user commented. “I just got my associates debt free and am a senior at NYU this year, basically free.”
The U.S. Department of Education’s COVID-19 relief for student loans is ended Sept. 1, according to NBC News. Interest will begin to immediately accrue and payments on the loan will come due in October. Many, however, anticipate young Americans will struggle with resuming payments.
“I think there is going to be a mass default on the loans and they’ll be forced to concede some things,” one user wrote. “Maybe I’m being too hopeful.”
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Source: https://www.dailydot.com/news/student-loans-after-7-years/
