Posted on 07/09/2023 9:20:37 AM PDT by Libloather
Jarrett, 38, isn't feeling too hot about President Joe Biden's new plan for student-loan forgiveness.
After graduating with an undergraduate degree during the 2008 financial crisis, Jarrett - who requested his last name be withheld for privacy but whose identity is known to Insider - was laid off from his job. He decided pursuing an MBA would make him more appealing to employers, so that's what he did, and he graduated with his advanced degree in 2012 with the help of student loans.
But Jarrett said the degree didn't pay off as intended. For years after graduating, he struggled to find steady employment and placed his initial student-loan balance of about $60,000 on forbearance. During that period when he was not making payments, interest was still growing, and it surged his balance to about $80,000.
Now, Jarrett's student-debt load is just over $101,000, according to documents reviewed by Insider - and he doesn't see himself ever paying it off.
"I'm never going to be able to pay it down," Jarrett told Insider. "The interest rates on them have put me in a trap where it is literally impossible to do. The interest is accumulating faster than I can put any money down on it, making it impossible to get out from under if you're not being compensated at a much higher level than I've had."
Jarrett now works in the energy industry and earns five figures. He said he felt "fortunate" to be able to live reasonably on his salary during the student-loan payment pause - but that could all change soon when payments resume in October without Biden's broad student-loan forgiveness. At the end of June, the Supreme Court struck down the president's plan to cancel up to $20,000 in student debt for federal borrowers...
(Excerpt) Read more at businessinsider.com ...
#Lern2Code, Jarrett.
Why haven’t we heard of even one of these damn schools offering to refund at least half of the money back to their students. They don’t give a ****, that’s why.
He earns “five figures”, a minimum of $100,000 bucks. Student loan interest is typically 5%. The monthly payment on $100,000 of student debt at 5% and 20 years is $660/month or 7920 per year. Less than 8% of his income.
He will never be able to pay that back, if he doesn’t try.
Jarrett, 38 should have gone to tech. school and become a plumber.
He’d be very comfortable by now.
Now I know why he ( Jarrett Smith) remains anonymous . He is an idiot.
After earning an MBA he does not even understand the term “discharge of debt.”
He is looking for a way not to pay?
While others worked hard to pay ?
I reckon Jarret anonymous is a mamber of the “privileged class” that now runs Washington DC and that is destroying America.
Whoever is paying him now, is paying him far too much.
[[’I’m never going to be able to pay it down’]]
Quit yer lyin jarrett- you can pay it back- you just don’t want to
That's 6 figures.
Nope. And nary a whimper from The Party Of The Little Man about Big Ed price gouging. Guess it all depends wh9se ox is getting gored
“Five figures” is less than $100,000.
Sorry to disagree with you all - these loans should be illegal.
Exactly.
1) Its definitely a slog, but tons of people have paid off that much and more.
2) Why did you BORROW money that wouldn’t ROI? Sounds like you made your own problem.
Oh most certainly. But the predators should clean up the mess, not the taxpayers.
All that education and he didn’t learn the definition of “impossible.”
These loans should have the college as cosigner and the student being able to discharge in bankruptcy.
Suddenly, colleges would STOP admitting unqualified students and stop offering worthless courses.
Jarrett is stupid.
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