Alex Buscemi
Student loan debt is a massive problem in America. Almost every desk job requires a college degree to even be considered these days. But you can expect to fork out at least $40K to get that degree. So 18-year-olds are taking out loans to cover the cost. And sky-high interest rates ensure they’ll be paying off that debt for a long, long time.
A Boston woman recently took to TikTok to show the insane interest rate on her daughter’s student loan, and the internet is outraged at the loan company’s predatory tactics.
“My 19-year-old daughter would have to pay back $127k just to borrow $28k”
The mom made the video as a response to people who say student loan debt shouldn’t be forgiven.
“Let’s just do this breakdown, so everybody can see what these predatory banks have been doing to kids that have just been trying to get a ****ing education,” she says in the clip.
Her daughter is going into her sophomore year — and the mom couldn’t believe her eyes when she saw the interest rates.
The bank wants 16 percent on the loan. On top of that, the finance on that loan is a whopping $99K. That’s a total of $127K to borrow just $28K.
“Let that sink in. These kids are 19-years-old. They just want an education. They are signing these loans thinking that they’ll be able to pay them back. They’re not realizing how long it’s going to take.”
The mom says that this price covers only one year of college. She adds that the people who oppose student loan forgiveness are “part of the problem.”
Watch the full video here
@stacy.health.happiness Kkisa trying to get an education shoulsnt have to pay four times the amount back, putting them in debt for 40-plus years so the bank CEO cab have five vacation homes, its om when big companies get loans forgiven but so many complain about kids getting forgiveness from predatory loans #salliemae#college#bankloans#settingkidsupforfailure#enough
Here’s what the internet had to say about it
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