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EXCL: Education minister defends student loan system, despite high interest rates ADDING debt to some, over and above repayments. Figures show £15bn in interest was added to student loans in England last year while just £5bn was paid back. Jacqui Smith tells LBC it’s ‘fair’.

Fraser Knight

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23,374 görüntüleme • 8 ay önce •via X (Twitter)

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"I'm fighting a losing battle against the interest.. it wasn't what we were sold when we took out the loan" Last year Katie paid £2,038 towards her student debt while the interest added was £3,445. And what does the govt say about the scandal of student loans? "tough choices"

"I'm fighting a losing battle against the interest.. it wasn't what we were sold when we took out the loan" Last year Katie paid £2,038 towards her student debt while the interest added was £3,445. And what does the govt say about the scandal of student loans? "tough choices"

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American has $197,000 in student loans The interest rate is 5.12%, which means she is accruing about $10,086 of interest every single year on her student loans That’s $840 a month just in interest just to break even without paying anything on the loan “It feels so crushing” Student loans in America are predatory. Americans cannot pay these back and they’ll be trapped in debt forever

American has $197,000 in student loans The interest rate is 5.12%, which means she is accruing about $10,086 of interest every single year on her student loans That’s $840 a month just in interest just to break even without paying anything on the loan “It feels so crushing” Student loans in America are predatory. Americans cannot pay these back and they’ll be trapped in debt forever

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Student loan lenders are having an amazing year. While Americans drown in $2 trillion of student loan debt, private lenders are charging up to 18% interest on their loans and making hundreds of thousands of dollars on just one loan. Sallie Mae and SoFi are reporting record numbers right now, as borrowers suffer.

Student loan lenders are having an amazing year. While Americans drown in $2 trillion of student loan debt, private lenders are charging up to 18% interest on their loans and making hundreds of thousands of dollars on just one loan. Sallie Mae and SoFi are reporting record numbers right now, as borrowers suffer.

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Speaking to Channel 4 News’ Ciaran Jenkins, Education Secretary Lucy Powell said there was "inherent unfairness" in some student loan repayments, and that she would “magic away” problems if she could. She pointed to measures already taken, including capping interest rates at 6%, but said that fixing the wider system will take time. The Education Secretary said any policy changes would need to be worked out with the Treasury and properly funded.

Speaking to Channel 4 News’ Ciaran Jenkins, Education Secretary Lucy Powell said there was "inherent unfairness" in some student loan repayments, and that she would “magic away” problems if she could. She pointed to measures already taken, including capping interest rates at 6%, but said that fixing the wider system will take time. The Education Secretary said any policy changes would need to be worked out with the Treasury and properly funded.

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American healthcare worker says she has $105,309.76 of student loan debt Between her loans she’s accruing roughly $464 in interest debt alone every single month If she was to pay $1,000 per month, it would still take her 10 years to pay off this loan. Even at a $1,000 per month payment she would pay roughly $51,000 just in interest This is predatory lending. This is a scam

American healthcare worker says she has $105,309.76 of student loan debt Between her loans she’s accruing roughly $464 in interest debt alone every single month If she was to pay $1,000 per month, it would still take her 10 years to pay off this loan. Even at a $1,000 per month payment she would pay roughly $51,000 just in interest This is predatory lending. This is a scam

Wall Street Apes

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I don’t have much of a sympathetic ear for people with student loans debt but this one hits a little different, she borrowed just north of $96 K she has paid just north of $165 K and still owes north of $220K, she applied for student loan forgiveness eight times and was denied all eight, somehow unbeknownst to her the loan ended up in forbearance, because of glitches the Department of Education cannot seem to figure out she is stuck in this never-ending cycle of interest compiling nonsense, meanwhile the debt total climbed to $222K. .Secretary Linda McMahon

I don’t have much of a sympathetic ear for people with student loans debt but this one hits a little different, she borrowed just north of $96 K she has paid just north of $165 K and still owes north of $220K, she applied for student loan forgiveness eight times and was denied all eight, somehow unbeknownst to her the loan ended up in forbearance, because of glitches the Department of Education cannot seem to figure out she is stuck in this never-ending cycle of interest compiling nonsense, meanwhile the debt total climbed to $222K. .Secretary Linda McMahon

𝓜𝓐𝓖𝓐 𝕏 𝓣𝓘𝓜𝓔𝓢 𝓓𝓐𝓘𝓛𝓨 𝓝𝓔𝓦𝓢🇺🇸

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The interest terms on student loans should be federally illegal - American shows you can’t pay any loan principal until you pay the accrued interest first - Accrued interest is $771.71 per month - After payments she’s still already accumulated $5,000 in interest since taking out the loan - So she would have to pay the full $5,000 and then the $771 in monthly interest before ever being able to pay on the principal - This will be roughly $9,252 just in interest every year added This is criminal. Americans can never escape these payments

The interest terms on student loans should be federally illegal - American shows you can’t pay any loan principal until you pay the accrued interest first - Accrued interest is $771.71 per month - After payments she’s still already accumulated $5,000 in interest since taking out the loan - So she would have to pay the full $5,000 and then the $771 in monthly interest before ever being able to pay on the principal - This will be roughly $9,252 just in interest every year added This is criminal. Americans can never escape these payments

Wall Street Apes

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Dave Ramsey couldn’t believe this couple was drowning in over $800,000 of debt and loans. Caller: “my husband and I have just under $1 Million in debt and we want to know how to get debt free without filing bankruptcy” Caller: Mortgage = $210,000 Student Loans = $335,000 Credit card loans= $136,000 Car Loans = $35,000 Personal loans = $44,000 Dave Ramsey: “What in the world!”

Dave Ramsey couldn’t believe this couple was drowning in over $800,000 of debt and loans. Caller: “my husband and I have just under $1 Million in debt and we want to know how to get debt free without filing bankruptcy” Caller: Mortgage = $210,000 Student Loans = $335,000 Credit card loans= $136,000 Car Loans = $35,000 Personal loans = $44,000 Dave Ramsey: “What in the world!”

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🚨 PA STUDENT SHOCKED TO REALIZE HER STUDENT LOANS WERE NEVER MEANT TO BE PAID OFF An American physician assistant student called in about her loans… and froze. Her debt racks up $30 in interest EVERY DAY. That’s roughly $900 a month gone before a single dollar even touches the balance. She pays nearly $1,000 a month, and the loan barely moves. There’s no option to pay principal first. No pause. No finish line. She’s not behind on payments, and she’s not irresponsible. This is the system working exactly as designed. So is this student aid… or a financial life sentence?

🚨 PA STUDENT SHOCKED TO REALIZE HER STUDENT LOANS WERE NEVER MEANT TO BE PAID OFF An American physician assistant student called in about her loans… and froze. Her debt racks up $30 in interest EVERY DAY. That’s roughly $900 a month gone before a single dollar even touches the balance. She pays nearly $1,000 a month, and the loan barely moves. There’s no option to pay principal first. No pause. No finish line. She’s not behind on payments, and she’s not irresponsible. This is the system working exactly as designed. So is this student aid… or a financial life sentence?

HustleBitch

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Labour brought in tuition fees. The Conservatives tripled them. The result is a generation of doctors starting work with £100,000+ of debt hanging over them. Interest rates are so high on Plan 2 loans that balances can grow even while repayments are being made. I went to state school. I was the first from my family to study medicine. I graduated with around £75,000 of student debt. I’ve been paying it back for years. Despite that, I now owe around £90,000 due to astronomically high interest rates on the Plan 2 loans. That is not a system built on fairness. It is a system that traps people in decades of repayments for choosing a public service profession. Medicine already demands years of training, antisocial hours, and delayed earning potential. Adding six figure debt on top of that tilts the scales even further against anyone without a privileged financial background. If you come from a working-class background, the message is clear: you can come in, but you will carry the financial burden for decades. This policy restricts social mobility. It entrenches inequality. And it weighs down an entire generation of graduates before their careers have even properly begun. The system must change.

Labour brought in tuition fees. The Conservatives tripled them. The result is a generation of doctors starting work with £100,000+ of debt hanging over them. Interest rates are so high on Plan 2 loans that balances can grow even while repayments are being made. I went to state school. I was the first from my family to study medicine. I graduated with around £75,000 of student debt. I’ve been paying it back for years. Despite that, I now owe around £90,000 due to astronomically high interest rates on the Plan 2 loans. That is not a system built on fairness. It is a system that traps people in decades of repayments for choosing a public service profession. Medicine already demands years of training, antisocial hours, and delayed earning potential. Adding six figure debt on top of that tilts the scales even further against anyone without a privileged financial background. If you come from a working-class background, the message is clear: you can come in, but you will carry the financial burden for decades. This policy restricts social mobility. It entrenches inequality. And it weighs down an entire generation of graduates before their careers have even properly begun. The system must change.

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Dave Ramsey advises a guy that amassed a $430,000 student loan and eventually failed out from medical school. “I have about $430,000 in student loans. I was in medical school, I failed and recently got dismissed” “So right now I have the debt but no degree that I was planning to use to pay that back”

Dave Ramsey advises a guy that amassed a $430,000 student loan and eventually failed out from medical school. “I have about $430,000 in student loans. I was in medical school, I failed and recently got dismissed” “So right now I have the debt but no degree that I was planning to use to pay that back”

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Caller: “My wife and I have about $2.3M in debt, but it’s all low interest. Mortgage, rental property, student loans, car loan. We make about $1.5M a year, and our net worth is around $5.2M . I’m wondering if we should just invest instead of rushing to pay it off.” Dave Ramsey: “Hold on. Break that down for me.” Caller: “$2M on our primary home at 2.4%, $250K rental at 3%, $80K student loans at 1.6%, and a $40K car loan at 4%.” Dave Ramsey: “So you’re looking at it like, ‘why pay 2% when I can earn 4% in the market?’” “That’s the mistake. You’re treating it like math only. Debt isn’t just interest rates. Debt is risk.” “The more you stack it up, even when it’s cheap, the more exposed you are when life changes.”

Caller: “My wife and I have about $2.3M in debt, but it’s all low interest. Mortgage, rental property, student loans, car loan. We make about $1.5M a year, and our net worth is around $5.2M . I’m wondering if we should just invest instead of rushing to pay it off.” Dave Ramsey: “Hold on. Break that down for me.” Caller: “$2M on our primary home at 2.4%, $250K rental at 3%, $80K student loans at 1.6%, and a $40K car loan at 4%.” Dave Ramsey: “So you’re looking at it like, ‘why pay 2% when I can earn 4% in the market?’” “That’s the mistake. You’re treating it like math only. Debt isn’t just interest rates. Debt is risk.” “The more you stack it up, even when it’s cheap, the more exposed you are when life changes.”

KΞRL_✂️

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Every day, students look for ways to stay in school and keep their dreams alive Now, there’s real help The NELFUND Student Loan portal is open for verified students in public tertiary institutions Get interest-free tuition loans and upkeep allowances (paid while school’s in session). Repayment starts 2 years after NYSC

Every day, students look for ways to stay in school and keep their dreams alive Now, there’s real help The NELFUND Student Loan portal is open for verified students in public tertiary institutions Get interest-free tuition loans and upkeep allowances (paid while school’s in session). Repayment starts 2 years after NYSC

NELFUND

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Sallie Mae is a student loan company American shows a $40k dollar student loan payback amount turns into $118,305.59 You pay over $77k dollars just in interest. This is pure insanity and interest terms like this be federally illegal “Sallie Mae really got me out here fighting for my LIFE over a $40K loan that turned into $120K — The fact that for financing the money they want $77,383.59 is asinine. Now back in my day when I was in college, I don't even think I paid that much for the four years I went. So to think they should get that for one year of schooling is insane.”

Sallie Mae is a student loan company American shows a $40k dollar student loan payback amount turns into $118,305.59 You pay over $77k dollars just in interest. This is pure insanity and interest terms like this be federally illegal “Sallie Mae really got me out here fighting for my LIFE over a $40K loan that turned into $120K — The fact that for financing the money they want $77,383.59 is asinine. Now back in my day when I was in college, I don't even think I paid that much for the four years I went. So to think they should get that for one year of schooling is insane.”

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"This is how hard it is to pay off your property in Canada right now" "This guy has a loan of $1.25 million" "Last year alone, he paid over $74,000 on interest payments alone" "He has only paid $1,600 just towards the principal" "This will take him 63 years to pay off the whole loan" "What do you guys think?" "Would you still buy with these interest rates, or would you pass?" (Banks don’t offer 30 year fixed interest rate mortgages in Canada) 🚨🚨🚨

"This is how hard it is to pay off your property in Canada right now" "This guy has a loan of $1.25 million" "Last year alone, he paid over $74,000 on interest payments alone" "He has only paid $1,600 just towards the principal" "This will take him 63 years to pay off the whole loan" "What do you guys think?" "Would you still buy with these interest rates, or would you pass?" (Banks don’t offer 30 year fixed interest rate mortgages in Canada) 🚨🚨🚨

Wall Street Mav

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A guy graduates with student loans and lands a job as a sales rep at a tile store, making around $4–6K a month. When repayment starts, instead of paying his loans directly, he decides to put them on a credit card to “buy some time.” Months later, he realizes what he’s done; his student loan interest was between 4–10%, but now he’s dealing with credit card interest climbing into the high 20s or even 30's. This is how small financial misunderstandings turn into big problems. Credit cards aren’t a safety net; they’re one of the most expensive ways to carry debt if you don’t pay them off immediately. Swapping lower-interest debt for higher-interest debt is basically moving backward financially. Do you think schools should require basic financial education before graduation, or is this something people should be expected to learn on their own?

A guy graduates with student loans and lands a job as a sales rep at a tile store, making around $4–6K a month. When repayment starts, instead of paying his loans directly, he decides to put them on a credit card to “buy some time.” Months later, he realizes what he’s done; his student loan interest was between 4–10%, but now he’s dealing with credit card interest climbing into the high 20s or even 30's. This is how small financial misunderstandings turn into big problems. Credit cards aren’t a safety net; they’re one of the most expensive ways to carry debt if you don’t pay them off immediately. Swapping lower-interest debt for higher-interest debt is basically moving backward financially. Do you think schools should require basic financial education before graduation, or is this something people should be expected to learn on their own?

Dr.L

182,106 görüntüleme • 5 ay önce

American just called to check on her student loans She was told she is accumulating $30 of interest a day, that’s $900 per month just in interest At $30 a day interest and her current payment the balance will ever only go up. This is criminal “So I could pay a thousand dollars a month and only 10% of that is going to my principal. And there is no option for me, according to her, to pay like each payment part of the principal, part of the interest. No, it all goes towards interest until you have no interest left, which will basically never happen. As I'm occurring. $30 a day, it doesn't take a day off” It’s not that Americans aren’t paying their student loans, it’s that they can literally NEVER pay them off with these predatory loan traps

American just called to check on her student loans She was told she is accumulating $30 of interest a day, that’s $900 per month just in interest At $30 a day interest and her current payment the balance will ever only go up. This is criminal “So I could pay a thousand dollars a month and only 10% of that is going to my principal. And there is no option for me, according to her, to pay like each payment part of the principal, part of the interest. No, it all goes towards interest until you have no interest left, which will basically never happen. As I'm occurring. $30 a day, it doesn't take a day off” It’s not that Americans aren’t paying their student loans, it’s that they can literally NEVER pay them off with these predatory loan traps

Wall Street Apes

2,698,183 görüntüleme • 1 yıl önce

Rep. Jim Clyburn needs a basic lesson in economics. Clyburn: “What has happened in the last four years on student debt for instance. Joe Biden has eliminated…over $60 billion for people saddled with student loan debt.” Neil Cavuto “Who’s paying for that Congressman?” Clyburn: “What do you mean who’s paying for it!” Cavuto: “Who’s paying for that debt relief?” Clyburn: “Nobody is paying for that relief! This is interest! This is not the principal. The principal was paid back a long, long time ago.”

Rep. Jim Clyburn needs a basic lesson in economics. Clyburn: “What has happened in the last four years on student debt for instance. Joe Biden has eliminated…over $60 billion for people saddled with student loan debt.” Neil Cavuto “Who’s paying for that Congressman?” Clyburn: “What do you mean who’s paying for it!” Cavuto: “Who’s paying for that debt relief?” Clyburn: “Nobody is paying for that relief! This is interest! This is not the principal. The principal was paid back a long, long time ago.”

Ian Miles

1,674,245 görüntüleme • 2 yıl önce

American took out a student loan - She borrowed under $28k - She’s paid back $38k - Her current balance owed is $58k - That’s $68k of interest on a $28k loan (so far) I don’t care what anyone says, this is criminal. Interest terms like this need to be illegal “I have been paying on my student loan since 2008. I have never been delinquent. I have never missed a payment and I've always made the payment that is requested and even I've made additional payments or sometimes more than my payment.” “I graduated college — with a little under $28,000 in student loans. I, to date, have paid $37,000 back to my student loans since 2008, but I still owe like $58,000. The math isn't math-ing. I'm not great at math, but the math isn't math-ing there.” Americans have no chance of ever paying back these predatory loans

American took out a student loan - She borrowed under $28k - She’s paid back $38k - Her current balance owed is $58k - That’s $68k of interest on a $28k loan (so far) I don’t care what anyone says, this is criminal. Interest terms like this need to be illegal “I have been paying on my student loan since 2008. I have never been delinquent. I have never missed a payment and I've always made the payment that is requested and even I've made additional payments or sometimes more than my payment.” “I graduated college — with a little under $28,000 in student loans. I, to date, have paid $37,000 back to my student loans since 2008, but I still owe like $58,000. The math isn't math-ing. I'm not great at math, but the math isn't math-ing there.” Americans have no chance of ever paying back these predatory loans

Wall Street Apes

7,867,466 görüntüleme • 1 yıl önce