LOL $20k wiped wouldn't make a dent in my debt, thanks to capitalization of interest.
You don't get to pay back what you borrowed. You don't get to pay back what you borrowed plus a reasonable, understandable amount of interest.
Instead, they periodically take the interest, add it to your loan, and PRETEND IT IS PRINCIPAL. I am not making this up. This way they accelerate the deepening of the debt, and continue forever to charge ever-increasing amounts of interest on interest...on interest on interest...without end.
They put a 25-year time limit on the scheme, after which they're supposed to drop it...and then when that time elapses, they keep billing. Thanks, Uncle Government!
At least the debt stops when you die. So there is that to look forward to. For now, anyway. I expect Congress will find a way to fix that before too long. :p
LOL $20k wiped wouldn't make a dent in my debt, thanks to capitalization of interest.
You don't get to pay back what you borrowed. You don't get to pay back what you borrowed plus a reasonable, understandable amount of interest.
Instead, they periodically take the interest, add it to your loan, and PRETEND IT IS PRINCIPAL. I am not making this up. This way they accelerate the deepening of the debt, and continue forever to charge ever-increasing amounts of interest on interest...on interest on interest...without end.
They put a 25-year time limit on the scheme, after which they're supposed to drop it...and then when that time elapses, they keep billing. Thanks, Uncle Government!
At least the debt stops when you die. So there is that to look forward to. For now, anyway. I expect Congress will find a way to fix that before too long. :p