October 5, 2023 at 12:55 am

‘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

by Laura Lynott

Source: TikTok/@stacyann370

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.”

Source: TikTok/@stacyann370

“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!

Source: TikTok/@stacyann370

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.”

Source: TikTok/@stacyann370

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

♬ original sound – Stacy

Here’s what y’all thought:

Folks are NOT impressed.

Source: TikTok/@stacyann370

Someone saying how much things have changed.

Source: TikTok/@stacyann370

And folks feel this is way too high a loan to get an education!

Source: TikTok/@stacyann370

Yeah, I definitely second that one person who said, “Don’t sign that!”