My student loan is gaining interest while I'm in school but I'm not allowed to start paying it off yet

Comments

• IrateAnteater@sh.itjust.works ⁨3⁩ ⁨hours⁩ ago

  If you have extra money that you aren’t allowed to put against the principal, you could at least put that money into a GIC that matures once you graduate. Depending on the rates involved, you may even come out ahead doing that.

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• DarrinBrunner@lemmy.world ⁨3⁩ ⁨hours⁩ ago

  It’s predatory to allow teens to sign these things without fully explaining them and ensuring they understand.

  It’s not taught at all in grade school, no one tells them about interest rates, or amortization tables or how to pay extra toward the principal, or that their wages will be garnished if they don’t pay, or if they get married, then their spouse’s wages might be garnished without warning, and so on… It’s just, “sign here, and we’ll give you the money.”

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  • fluffykittycat@slrpnk.net ⁨17⁩ ⁨minutes⁩ ago

    The thing is, I understood perfectly I was getting fucked, it’s just that without a degree you can’t get a good job. That’s the most predatory part

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    • Switorik@sh.itjust.works ⁨4⁩ ⁨minutes⁩ ago

      What do you consider good job?

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  • bitjunkie@lemmy.world ⁨2⁩ ⁨hours⁩ ago

    We 100% did learn about amortization in high school math, no idea if it’s still taught though

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    • thejml@sh.itjust.works ⁨2⁩ ⁨hours⁩ ago

      It is. Actually my daughter learned it in middle school (7-8th grades). Not that people have many other choices for college cash.

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  • danc4498@lemmy.world ⁨2⁩ ⁨hours⁩ ago

    Also, they make loans standard so they can charge more for the services.

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• 11111one11111@lemmy.world ⁨3⁩ ⁨hours⁩ ago

  Why arent you allowed tp start paying it off? Ive never heard of a student loan you couldnt at least make interest payments on while in school.

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  • FenrirIII@lemmy.world ⁨1⁩ ⁨hour⁩ ago

    The provider shows a $0 balance because it’s “Not available for repayment” which blocks me from making a payment. It’s a government loan, which may be why

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  • LodeMike@lemmy.today ⁨1⁩ ⁨hour⁩ ago

    Is it not like, really illegal to prevent people from paying back debt?

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    • Makhno@lemmy.world ⁨39⁩ ⁨minutes⁩ ago

      When has legality ever stopped them fucking over regular people?

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  • HobbitFoot@thelemmy.club ⁨2⁩ ⁨hours⁩ ago

    Yeah. Or in the worst case, put the money in a savings account now and use the money to pay for part of tuition next semester.

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• fartsparkles@lemmy.world ⁨3⁩ ⁨hours⁩ ago

  This sounds infuriating, not just mildly infuriating.

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• TropicalDingdong@lemmy.world ⁨2⁩ ⁨hours⁩ ago

  Your student loan:

  Image

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• krellor@fedia.io ⁨2⁩ ⁨hours⁩ ago

  Is this the US? There are laws that protect penalty free prepayments on student loans, federal or private. Depending on the rates it may or may not be better to invest or have as a rainy day fund, depending on the overall state of finances. But you have a legal right to prepayment and it would have to be a pretty backwater lender not to be aware of this. That said, the system could be clunky.

  What bank or federal payment processor?

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  • FenrirIII@lemmy.world ⁨1⁩ ⁨hour⁩ ago

    Mohela, federal loan

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• Nighed@feddit.uk ⁨3⁩ ⁨hours⁩ ago

  Why did you take the full loan if you didn’t need to? Or was it not an option not to?

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  • fluffykittycat@slrpnk.net ⁨16⁩ ⁨minutes⁩ ago

    Do you know how much college costs?

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  • eager_eagle@lemmy.world ⁨3⁩ ⁨hours⁩ ago

    Or maybe they got a job, maybe a relative helped, maybe they found $1000 by the curb. That’s beside the point.

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