I don't even have student loan debt and I struggle to save for anything.
this post was submitted on 30 May 2024
86 points (98.9% liked)
News
36534 readers
2039 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious biased sources will be removed at the mods’ discretion. Supporting links can be added in comments or posted separately but not to the post body. Sources may be checked for reliability using Wikipedia, MBFC, AdFontes, GroundNews, etc.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source. Clickbait titles may be removed.
Posts which titles don’t match the source may be removed. If the site changed their headline, we may ask you to update the post title. Clickbait titles use hyperbolic language and do not accurately describe the article content. When necessary, post titles may be edited, clearly marked with [brackets], but may never be used to editorialize or comment on the content.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials, videos, blogs, press releases, or celebrity gossip will be allowed. All posts will be judged on a case-by-case basis. Mods may use discretion to pre-approve videos or press releases from highly credible sources that provide unique, newsworthy content not available or possible in another format.
7. No duplicate posts.
If an article has already been posted, it will be removed. Different articles reporting on the same subject are permitted. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners or news aggregators.
All posts must link to original article sources. You may include archival links in the post description. News aggregators such as Yahoo, Google, Hacker News, etc. should be avoided in favor of the original source link. Newswire services such as AP, Reuters, or AFP, are frequently republished and may be shared from other credible sources.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 2 years ago
MODERATORS
Same. Everything goes to essentials like rent, food, and utilities. I’ve given up on ever being able to buy a home for my family.
The economy is so bad that student loans are just another drop in a very big, very full bucket.
I just learned my 60 year old mother in law has been moonlighting as a janitor. Only learned because she injured herself in exhaustion. Her reason: needed the cash for her student loans.
How did the loan even wind up lasting that long in the first place? Shouldn't the repayment terms have had it being paid off way before that? I mean, you'd have to have that loan outstanding for something like 40 years for it to reach retirement age. Even house loan terms aren't that long.
kagis
Ah. Apparently federal student loans are normally up to 10 years, but the borrower can get them extended or refinanced. And a private loan could have whatever terms, and some of those run longer.
That's also assuming those all reflect bachelors degrees. You can also get loans for asters, doctorates, medical, and technical degrees, as well as ongoing learning requirements
In my experience, the minimum student loan payments are less than the interest. So if you can only afford the minimum (or less than the interest) then the debt grows faster than you pay it off.
If I lived in some city with a functioning socialist or democratic socialist government, with good public infrastructure, education, and health care, I swear like half my expenses would be gone. I spend more than $400 a month on a car payment (and that was after buying a used one many years old), a similar amount on a student loan, and about $300 a month on my auto insurance (which feels like it tripled recently this last year. Happening all over the west coast I've heard from others for some reason?). Plus there's gas for my long commute, because I can't afford to live near my work. Buying a hybrid car helped with that, but now I've got that car payment. Add in how much I pay for health insurance plus my HSA, and that's basically a whole paycheck gone every month. It's ridiculous when you think about it - that it doesn't have to be that way.