Is front-end interest a education loan rip-off?

Is front-end interest a education loan rip-off?

We possibly may claim that the Star Tribune commentary on education loan financial obligation completely shows why courses on personal finance may possibly not be an idea that is bad senior school.

Bill Boegeman, a social studies teacher, ended up being amazed to learn exactly just exactly how small principal has been paid off after per year of spending their education loan.

Here’s the part that actually makes me personally angry: For year, i have already been student that is making payments of just over $500 per month. Meaning that more than this course of the I put about a $6,000 dent into my student loan debt, or so I thought year. On Oct. 17, 2015, per year towards the time when I started paying off my loans, my total education loan financial obligation had been …

In the event that you don’t have a calculator handy, that results in just below $700 significantly less than We owed this past year— $700 out from the $6,000 https://title-max.com We place in that really went toward reducing my financial obligation. Read more