A Boring Dystopia

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40-year-old delivers for DoorDash to help pay down her $100,000 student loan debt—on top of her full-time job (www.cnbc.com)

submitted 7 months ago by [email protected] to c/[email protected]

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[–] [email protected] 11 points 7 months ago (2 children)

I also don't understand borrowing 100k for school

Other than the fact that college tuition has become absurdly expensive, the predatory fees and interest structures of student loans means that most people who have been paying theirs to the best of their ability for several years actually still owe MORE than the original amount borrowed, which I'm guessing is the case here.

The terms and conditions that people who are usually 17-18yo and know fuck all about contract law are coerced into agreeing to in order to "ever make something of themselves" would make Franz Kafka disown The Trial for being utopian sentimentalism in comparison.

[–] [email protected] 4 points 7 months ago* (last edited 7 months ago) (1 children)

Are in-state tuitions not a thing anymore? I'm old but when I went to school it was the difference between something like $30k a year and $5k a year.

Edit: for one local major university in a kinda shitty state (but a good school), I guess now it's 10k/year vs 30k/year

Also, how many 17-18yos are deciding on this stuff without parents' help?? I mean, clearly not all, but surely most?

[–] [email protected] 8 points 7 months ago* (last edited 7 months ago)

My parent encouraged me to take out loans including housing, then overcharged me rent from it lol

Not all parents are helpful

[–] [email protected] -3 points 7 months ago (2 children)

State university in my city is 10k a year

Stop lyin

[–] [email protected] 4 points 7 months ago

Most 4-year universities in the US average around $15k after federal aid, plus rent in a city like Boston or Atlanta will probably cost you a lot more than $15k per year, not including cost of living. Interest rates for student loans can range between 4% and 17% monthly. $100,000 is a little high but very realistic.

[–] [email protected] 1 points 7 months ago

Which part of "most people who have been paying theirs to the best of their ability for several years actually still owe MORE than the original amount borrowed" didn't you understand?

10k/y for 4 years comes out to 40k and it's not at all unusual for people to end up owing 2.5 times the original amount or more in spite of doing the literal best they can to pay it off. That's how awful the terms and conditions of student loans are.