Looking Forward to the Apocalypse – On Being Raped by Student Loans

Just made my first of what will be MANY student loan payments.

Here’s a depressing thought: 

If I keep making $100 payments every month, it’ll take me over 30 years to pay off all of my debt.

Here’s an even more depressing thought:

My first naive calculation lacked that little detail called interest.

Correction: If I continue to pay $100 a month, these payments won’t even cover interest so I will NEVER repay my debt and will actually accumulate even more.

Interest is a bitch.

student loans meme

(Source)

But seriously.

2 comments

  1. American student loans are crazy. Everyone in Britain has a student loan but you never have to pay it off until you earn over a certain amount each month. Most people don’t end up making that amount EVER (especially with the way the economy is now) so it’ll never be paid off. 😛

    Like

    1. That’s how it is in Australia too! I studied abroad there last year and couldn’t believe it when my friends told me they possibly would never have to pay back their loans! Granted, everyone waaants to make over that specific amount, but just the principle is nice 🙂

      Like

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