I am one of those people that took out loans for a degree that applies to my good career, and broadly to many others as well! I’m happy to pay my loans back. The only problem is that, without any borrower consent, the interest was changed to daily compounding instead of APR years ago—meaning I will probably end up paying back THREE TIMES what I borrowed. Now how is that acceptable? I think a rational solution is to slash interest rates and make them APR instead of daily compounding, and hold these colleges accountable for their prices. I was paying $580/credit hour at a public university. Almost $2500/class. Not possible out of pocket unless you want to take 15 years to get a degree.
I am one of those people that took out loans for a degree that applies to my good career, and broadly to many others as well! I’m happy to pay my loans back. The only problem is that, without any borrower consent, the interest was changed to daily compounding instead of APR years ago—meaning I will probably end up paying back THREE TIMES what I borrowed. Now how is that acceptable? I think a rational solution is to slash interest rates and make them APR instead of daily compounding, and hold these colleges accountable for their prices. I was paying $580/credit hour at a public university. Almost $2500/class. Not possible out of pocket unless you want to take 15 years to get a degree.