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RR Valley, ND; MN native | The mistake here is paying the minimal?? payment that the loan plan was calling for.
I graduated college around '91 with something like $12k in loans if I recall right... EDIT: I think some of that was a private loan so not all $12k was .gov loans.
The monthly payment was supposed to be $110/mo for 10yrs as best I remember. It was something like 7% or a bit more.
I payed in about 4x that once I had a job and was able to close all that out in 4-5yrs or so. Same with my house mortgage a few years later. 20yr and paid off in 10. Been debt free since 2007.
I want to say that those Stafford loans at least 30yrs ago had a standard repayment schedule of that 10yrs. To still be paying >20yrs in means paying less than the expected amount. Maybe there was a minimum payment, I don't know anymore.
Maybe those graduate degrees are in some field that pays for crap and they could not afford to pay more. Being poor is expensive too.
Edited by Jeff in ND 12/23/2024 16:19
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This doesn’t make any sense to me.
