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

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

We possibly may suggest that the celebrity Tribune commentary on education loan financial obligation completely shows why courses on individual finance may not be an idea that is bad senior high school.

Bill Boegeman, a social studies instructor, had been astonished to learn just exactly how principal that is little been paid down after per year of having to pay their education loan.

Here’s the part that actually makes me personally angry: For one year, i have already been making education loan re re re payments of simply over $500 four weeks. Which means 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 to your time when I started paying down my loans, my total education loan financial obligation had been …

Than I owed a year ago— $700 out of the $6 cashland,000 I put in that actually went toward reducing my debt if you don’t have a calculator handy, that adds up to just under $700 less. Continue reading