A writer and professor’s thread about student loan debt has inspired people to talk about the debt they’re facing, and the amount is truly staggering. Lacy M. Johnson, whose Ph.D. is in creative writing, revealed that despite making timely payments for over a decade to pay back the $70,000 loan she took out, almost equaling the amount of the loan in the first place… it hasn’t gotten any smaller.

The responses to her thread tell the same story: after decades of trying to pay back their student debts and getting absolutely nowhere due to rapidly and unpredictably increasing interest, people feel almost like they are being punished for life just for getting an education.

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Student-Loan-Debt-Impossible-Pay-Stories

mgiannonemd Report

Callie Callie J.
Community Member
1 year ago

It's really unfair, illogical and disgusting that this happens to people. I pay student loans, too. I am thinking I'll never finish paying, either.

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#2

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saturnineba Report

WilvanderHeijden
Community Member
1 year ago

Are student loans some slavery scam in the US? The more I learn about America the more I begin to learn the difference between "developed" and "civiised".

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#3

Student-Loan-Debt-Impossible-Pay-Stories

amyamyamyo Report

Rachel Neye
Community Member
1 year ago

Ridiculous

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Disturbingly, a person from a wealthy family with enough in the bank to pay for university tuition at face value pays less, while those who don’t are forced to spend years after graduation dumping their money into a black hole that can expand to twice the size of the loan itself.

And as you can see from the real stories that keep pouring in as responses to Johnson’s tweet, people in the US are accepting that they’re never going to buy homes, get married, have children, or retire because of it. They’re certainly not enjoying the benefits of the career paths they had to get a higher education in order to gain access to.

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MyP_Chicago Report

Rissie
Community Member
1 year ago

Besides the system being corrupt, this is a very disturbing statement by not being clear about fees and interest percentage and total interest paid. I'm sure it's stated somewhere, but this should be made more transparant.

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#5

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BreezySalazar Report

David Tansey
Community Member
1 year ago

PAYE is an income based repayment program. Your loan will be forgiven after 20 years of payments. I don't know what field they're in, but I'd probably try to pay it off rather than wait 20 years. But it would take 11 years of $410/month to pay it off at 5%. These posts are tragic. What's really awful to me is that we don't make the repayment costs and options clear to borrowers.

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merrill2n Report

Rissie
Community Member
1 year ago (edited)

Interesting. In the Netherlands living together equals marriage when it comes to calculation of the combined income. So if the US would add that detail, it would very visibly undermine whatever a normal life looks like. Now we also have zero interest at this point, but by turning all former grants into loans we are heading towards some strange dynamics ourselves. Just taxing the actual rich would seem so much more obvious.

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Johnson, who started the Twitter thread, stated her support for presidential candidate Elizabeth Warren. The candidate has proposed a plan to cancel or majorly reduce student loan debt for most borrowers based on income, funding the cancellation by driving up taxes on ultra-millionaires.

She’s not the only US presidential candidate who wants people to live debt-free—Bernie Sanders’ goal is to completely erase student loan debt by taxing stock transactions.

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liddlemocovfefe Report

AV7
Community Member
1 year ago

This comment has been deleted.

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#8

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Vicky Zar
Community Member
1 year ago

Don't they tell you in advance how much you will have to pay ultimately? I took out a loan of 10000€ and knew I would have to pay 19000€ in the end, because I chose a very low monthly repayment.

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#9

Student-Loan-Debt-Impossible-Pay-Stories

Gatorlady8 Report

kurisutofu
Community Member
1 year ago

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Well, that's two different matters. What's the price is the house etc...

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Proponents of forgiving student loan debt believe that it would reduce social inequality, incentivize higher education, and enable more people to buy homes and start businesses.

With the US presidential election coming up, people who are being held back by paying off debt will likely turn to candidates who consider solving it a priority.

#10

Student-Loan-Debt-Impossible-Pay-Stories

Betsy_Manning Report

Demi Zwaan
Community Member
1 year ago

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Art college isn't worth anything. You'd be stupid to go into debt for that.

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NanZ
Community Member
1 year ago

Agreed!

#12

Student-Loan-Debt-Impossible-Pay-Stories

Chaosfeminist Report

Jennifer Wilkinson
Community Member
1 year ago

Same situation. Finally finished my bachelors in 2015. Over the years I borrowed the max $53,500. I was suckered by one online university. Come to find out I was completely bamboozled. The AA amounted to nothing. It's embarrassing to even put it on my resume. I now owe $115k in student loans and will never be able to pay it off in my lifetime. This was and IS a huge scam that guaranteed a revenue flow and keep us under the govt. thumb. It's criminal. Loan sharks don't charge this much.

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#13

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AngelaBlueWave Report

Chad Petersen
Community Member
1 year ago (edited)

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Graduated with about 75000 income repayment stated I should pay 238 a month. Been paying 1200 a month. Will have it payed off this year. It's not impossible. You just have to budget to keep expenses low and smash down the debt. Whatever you do. Never go on deferment, and always pay more than the interest. It will go away.

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#14

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Karmathebeagle Report

AV7
Community Member
1 year ago

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Miss college party much?

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#15

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Vicky Zar
Community Member
1 year ago

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The interest is not sudden. Its normal. My interest was roughly the same amount my loan was.

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#18

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rittapokie Report

Zenozenobee
Community Member
1 year ago

I really have trouble understanding how this is possible....

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#19

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Full Name
Community Member
1 year ago

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Who is upvoting this? She's a fucking asshole. At $50/mo it would take over 400 years to pay off $250,000 if it was interest free. So she voluntarily got into this much debt with zero intention to pay it off? The other people's issue is not with the principle, its with the crippling interest. That's different. This girl is the worst.

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#20

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Grandpa_Rufus Report

Fanstacia D
Community Member
1 year ago

How do you add $50,000 to $26.00? Is this a typo?

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#21

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Dreamer1865 Report

Hollis White
Community Member
1 year ago

I can totally relate to this! I have subcumed to the notion that I will die with this debt. I finally finished my BA, almost $80,000 later. Sine 2017 its almost to 110k, on deferment, and IBR. Now businesses want to hire real world experience not just that of an education. I'm in a 28k, temp job, no benefits, no PT, no Vaca, no sick pay and have 2 young children . Something's gotta give!! Talk about a double edge sword!!

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#22

Student-Loan-Debt-Impossible-Pay-Stories

BatmandaForever Report

Katinka Min
Community Member
1 year ago

A ruined life because a busted knee. That's the American dream for you, in a nut shell.

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#23

Student-Loan-Debt-Impossible-Pay-Stories

mermurk1 Report

Bi Nguyen
Community Member
1 year ago

We have a problem coming up. A battle between the people that went to school and the ones that didn't. Will the mass with no higher education choose to help pay off the debt of those with an income exponentially higher than theirs? Or will there finally be the revolution that we have been yearning for inside of all of us for a just world and we break this system where greed, the pursuit of material objects and the profiting off one another finally come around? My dream is that one day, there is a world where we don't even need money or any form of resource that allows people to accumulate it to be traded for another resource. I feel like if we were all given at the minimum at least the basic necessities for life, and allowed the ability to do whatever we wanted in our life that allowed us to freely express our creativity, every single one of us would excel in whatever we did in an unimaginable way. It is possible. We just need to want it bad enough

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#24

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Katelyn Crowner
Community Member
1 year ago

Well You don't qualify for forgiveness simply by having 20 years lapse. you needed to be on IDR for those 20 years.

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Matt Jackson
Community Member
1 year ago

What repayment plan are you on?

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Clint Torris
Community Member
1 year ago

get off income based repayment

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#29

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Andrew Hall
Community Member
1 year ago

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Stupod americams can't do basic math.

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#30

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BehzadDabu Report

Aernout Bakels
Community Member
1 year ago

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It takes 26 posts in this article before somebody seems to understand the concept of interest. It also seems that none of these people, at the time they joined college/uni, was bothered or able to calculate what it would actually cost. And that they would be entering an contract which is designed to keep them paying per month and NOT to have them just pay for their education. A contract with a party; where the party can 'sell' the contract, change the interest rate to their liking and keep you paying till you die. And many of these people complain about the fact that their 'payment plan' does not actually reduce the amount; but none of the people seem to complain about the fact that the interest rates on their debt are ridiculous and that they are not able to pay more to actually reduce the amount, instead of just paying the interest. I started out at 50k debt. I got a job, saved every penny and spend all the money on reducing the debt. I was debt free 2 years after graduation.

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