Quote:
Originally Posted by woj
why are they a scam? it's a loan like any other, only differences are that:
1. often interest rates are subsidized by the government
2. can't be discharged in bankruptcy (for obvious reasons)
and to put things in perspective, according to that chart someone posted earlier, average person graduates with $35k debt... which seems like a significant amount, but if you spread it out over your entire career, it works out to <$1000/year, which works out to <2% of one's income...
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Do you have student loans? I'm thinking you're not talking from experience. There's a whole black market of "loan servicing" where loans are repacked & resold and you start paying a new company, sometimes at a new rate. When you ask to see the documents of your loan transfer it's near impossible. No authorization, No documentation from loan inception, old servicer to new servicer but the loan amount increases with no itemization. I've personally gone through this and I'm too chill right now to go into more detail and get stressed lol
It's a racket that benefits the banks & loan servicers. The only loan that can't be forgiven, give me win for the banks & interest builds on interest year after year so $40k turns to $60k Real quick
