![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
Student Loan
So a FB 'friend' posted a meme/picture about student loans being forgiven, etc. It said,
Imagine the generation of $1000 Iphones, $500 concert tickets and $9 coffees can't pay their student debt.
Wonder if anyone will say anything since my response was: Yet I don't buy an iphone, or go to concerts, or drink $9 coffee. And my student loan debt due to interest and predatory practices was almost 5X the amount of the original loans even with paying on it. I had probably paid off the original amount already and still owed almost 5X the original amount. So yeah very glad my student loan was wiped clean.
Well the poster's response:
Well then my mortgage should be wiped clean.
My response: My mortgage does not compound interest and add it every year. The loan was explained fully when I got it and spelled out. When it was sold the only thing that changed was who I was paying. I could refinance if interest rates got better. Also it can be in a bankruptcy if needed to have it wiped clean.
Imagine the generation of $1000 Iphones, $500 concert tickets and $9 coffees can't pay their student debt.
Wonder if anyone will say anything since my response was: Yet I don't buy an iphone, or go to concerts, or drink $9 coffee. And my student loan debt due to interest and predatory practices was almost 5X the amount of the original loans even with paying on it. I had probably paid off the original amount already and still owed almost 5X the original amount. So yeah very glad my student loan was wiped clean.
Well the poster's response:
Well then my mortgage should be wiped clean.
My response: My mortgage does not compound interest and add it every year. The loan was explained fully when I got it and spelled out. When it was sold the only thing that changed was who I was paying. I could refinance if interest rates got better. Also it can be in a bankruptcy if needed to have it wiped clean.