MSM Headline vs. Reality.

I’m attaching my favorite comments.

She borrowed $34,000 in student loans. Now she owes over $500,000
CNN via Yahoo | October 2, 2023

As federal student loan payments restart in October, CNN spoke to a lawyer, a doctor, and a scientist about their debt, and how it’s impacted their lives.

Back of the napkin, it would take 28 years for $34K to grow to $500K at 10% interest.

No payments and 9.35% for 30 years get you there.

In 28 years at one late notice per month they would have 336 late notices.

To let 34K balloon into 500K requires a PHD level of stupid.

Even with a 10% loan you’d be close to 55YO before it went from $34K to $500K

From : https://studentaid.gov/understand-aid/types/loans/interest-rates

Direct Subsidized Loans and Direct Unsubsidized Loans Undergraduate
5.50%
Direct Unsubsidized Loans
Graduate or Professional
7.05%
Direct PLUS Loans
Parents and Graduate or Professional Students
8.05%

She would have to have not paid squat like ever. Thats really stupid.

So she either paid nothing for decades or it’s a fake story.

Take a medical doctor: A student loan debt can get up to $1 million; $500k a million, easy. They think they might specialize and get $400k a year income or just do internal medicine and get the national average of $233k. Sounds like a lot of money until you figure out the take home on $233K is about $6,000 biweekly. A student loan for a doctor at $500k is about $3,400 a month, $6,800 if $1 million. Kiss an entire paycheck every month gone for 30 years.

My second doctorate cost $65k over 30 years ago. I was gifted that by the school for the work I was doing for some DoD programs. Other students were freaking out about their school costs. They worked as assistants, lab rats, and other positions, desperate to pay their way through. Few ever did manage it.

It really isn’t hard to get massive student loans. Of course, it takes an idiot to work real hard to make $38k turn into $500k in loans.

This is why democracy is a failed experiment. Stupid people are allowed to vote.