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View Diary: Student loan debt will exceed $1 trillion this year (123 comments)

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  •  Sounds fine (1+ / 0-)
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    Mr Robert

    But not just recent grads.  A bunch of us less-recent grads are striving to make payments on student loans too.   The complaint I have is how you can fork over $1000K a month (yes, really) for years and how slowly that balance creeps down over time.  It is horrific.

    My downfall was that I didn't understand in a practical sense that deferring loans while continuing to go to grad school and take out new loans meant interest was accruing and being capitalized against my loan balance.  I estimate my total student loan burden reflects roughly 50% actual money borrowed and 50% capitalized interest.

    Wow.  Shoot myself in the foot? Yes.  There is no serious option out there to dig out of this problem except to keep paying and hope I don't get unemployed.

    I can afford the payments.  But it's impacted my quality of life and I wouldn't do this again.  

    If we're going to liberate/relieve recent grads from student loan payments, we need to do the same for all student loan holders.

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