When student loans have high interest rates (such as 17%), monthly payments may only cover the interest accrued, meaning borrowers can pay for years without reducing their principal balance, potentially resulting in owing more than the original loan amount.
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$1,500 a Month CRASHOUTAñadido:
So, as it turns out, the student loans that I've been paying $1,500 a month for for 2 years have a 17% interest rate.
So, what I thought I've been paying off for all this time, I'm actually like I owe more than what I started off with. What the [ __ ] Oh, great. Starting off with a complete crash out. Firstly, how do you pay $1,500 a month for 2 years and not realize you're only covering the interest?
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