‘My 19-year-old daughter would have to pay back $127k just to borrow $28k.’ Woman Shows The Insane 16% Interest Rate Of Student Loan Servicing
This mom has revealed the insane price her daughter faces for going to college – with a $28K loan set to cost her over $127k.
The Boston woman said she wanted to highlight the bill quoted to her 19-year-old daughter, to help combat all those who are stating students “shouldn’t get help with their college loans.”
“Let’s just do this breakdown, so everybody can see what these predatory banks have been doing to kids that have just been trying to get a ****ing education,” the irate mom told her followers.
She told how her daughter’s going into her sophomore year but she couldn’t believe her eyes when she was asked to co-sign the loan agreement!!!
The teenager needs to borrow $28,000 . She received $10,000 financial aid already. But without grants or a scholarship, she had to fill a huge gap.
But the mom said the loan company wanted to give her daughter a interest rate of over 16 per cent!
And the finance on that loan was $99K!!!! The mom said: “So, then my 19-year-old daughter would have to pay back $127,777.11… just to borrow $28,000.
“Let that sink in. These kids are 19-years-old. They just want an education. They are signing these loans thinking that they’ll be able to pay them back. They’re not realizing how long it’s going to take.”
The mom said this is for just one year of school. She told people complaining about young folk trying to catch a break on loans, that they are “a part of the problem.”
Here’s the full clip:
@stacyann370 Kkisa trying to get an education shoulsnt have to pay four times the amount back, putting them in debt for 40-plus years so the bank CEO cab have five vacation homes, its om when big companies get loans forgiven but so many complain about kids getting forgiveness from predatory loans #salliemae#college#bankloans#settingkidsupforfailure#enough
Here’s what y’all thought:
Folks are NOT impressed.
Someone saying how much things have changed.
And folks feel this is way too high a loan to get an education!
Yeah, I definitely second that one person who said, “Don’t sign that!”
