She borrowed $34,000 in student loans. Now she owes over $500,000 [video]

CNN via Yahoo ^ | October 2, 2023

[grundle]

As federal student loan payments restart in October, CNN spoke to a lawyer, a doctor, and a scientist about their debt, and how it’s impacted their lives.

[grundle]

This is a video with her and several other people who don't seem to understand the concept of compound interest.

[riverrunner]

Or the fact that they really do have to pay loads back.

[moovova]

She musta got a Bachelors of Stupid.

[ifinnegan]

How many years would it take to go from 34K to 500K?

[Jonty30]

I don’t believe that she only borrowed $34,000, even if she never made any payments in that time.

[Signalman]

Wasn’t the interest rate, when they received the original loan, locked in?

I don’t understand how this could occur.

[Vermont Lt]

Certainly not a finance degree. She would have learned about compound interest.

[albie]

Why must we be exposed to her stupidity? I’ve made a lot of financial errors in my life and didn’t ever whine on a video about it. I learned from my mistakes. So...try and learn from this, dummy. And pay up buttercup.

[rarestia]

Student loan repayment is deferred while the student is enrolled. Not buying this.

[blackdog]

The #1 source of loan funding for student loans is the federal employees retirement investment plans. Did any of the idiots really think those loans would be cancelled?

[Mariner]

They should have paid the scheduled payments.

But we should not pay for their stupid, criminal irresponsibility.

[Zuriel]

Well... number one, yahooz is ‘reporting’ this story. Two, the borrowers were likely not telling yahooz the rest of the story.

Paging Paul Harvey!

[cgbg]

They should sue their colleges/universities for giving them degrees when they were obvious idiots.

[Jonny7797]

Back of the napkin, it would take 28 years for $34K to grow to $500K at 10% interest.

[glorgau]

Zero pity.

[cgbg]

Here is my calculation:

In 28 years at one late notice per month they would have 336 late notices.

:-)

[alternatives?]

No payments and 9.35% for 30 years get you there.

[Newtoidaho]

Pay your debts, deadbeat losers.

[Deo volente]

I didn’t know student loans were issued by loan sharks now. That’s the only way $34,000 could grow to $500,000.
There must be more to this story.

[The Sons of Liberty]

This is a video with her and several other people who don't seem to understand the concept of compound interest.

Did these loans continue to accrue interest during the years Biden was trying to pull his illegal stunt?