My private student loans gain about $10-13 each day. After our move is complete, I need to focus on making about $15 -20 each day, minimum!
I completed a long, boring survey yesterday that was worth over $13 in e-rewards money. Eventually that will go towards another Upromise reward which will be put towards my student loans. I have a current balance of $49.06 and need $60 for a $20 reward or $120 for a $50 reward.
I saw the below photo circulate on FB a lot the past few days. The comments on this photo piss me off. I know most of the people are either ignorant about the predatory nature of student loans or were just trolling but it’s sickening that people can be so judgmental and just downright horrible. I know too many people who will pay 200-500% of their original principal on their student loans. I’ve seen a lot of similar “Sallie Mae does math” posts like this on OccupyStudentDebt.com.
If I made just the minimum payments on my private loans alone, Sallie Mae expects me to pay over 235% of my original principal. This woman was probably like me and didn’t know her loans were gaining interest while she was in school. Then that interest gets capitalized, added to your principal and for a long time you’re paying interest on that unpaid interest! This grows your loans astronomically! Interest is capitalized once again whenever you enter a new repayment plan and sometimes after taking a forbearance or deferment and depending on your loan terms, could capitalize quarterly or yearly. Maybe this lady was unemployed and couldn’t make payments for a while and wracked up a bunch of late fees or was even in default. Maybe she fell for her servicer’s lies and signed up for two years of interest-only payments like myself and my co-signer fell for!
I’ve been paying for 3 years and this is what my Sallie Mae math would look like:
Paid back to date: $13,000
Still OWE: $96,000
“Forgiveness is not an occasional act, it is a constant attitude.”
― Martin Luther King Jr.
It just sickens me that so many people will attack this photo without knowing how predatory these student loans are or they blame ignorant students and borrowers instead of blaming lenders like Sallie Mae for raping and pillaging our youth and young adults just starting out in life!