Students are downing in debt.
40 million students aren't able to "have a life" due to heavy student loan interest rates.
Full time working students are forced to live with their parents, aren't able to have a family, can't buy a car, a house… All many of these students are doomed to paying their student loans for the rest of their lives.
The IBR program allows students to pay 10% of their income.. But in many cases, federal loans are only a very small portion of the total loan.
me:
Tution was around 90 thousand dollars
5 years later and paying my interest for 3 of those years..
my total loan is now 170 thousand dollars.50k of those are Federal Loans
I work hard and earn 40 thousand a year.
Half of what I earn goes to paying Interest rates only! I can never afford to pay principal