[USER]

It took 120,000 to pay off a 40,000 loan. I used the equity in my home.

[Celeste]

Student Loans are legitimate forms of Highway robbery!

Congrats on paying it off! If only they’d stop the predatory interest rates and compounding, it buries most folks.

[Courtney]

Student loans are the biggest scam. Way to go for you.

[Patty]

If you used the equity in your home, the debt is not paid off.

[Pam]

Sad thing is, the cost of going to college has increased way beyond the rate of inflation. When I went to NC state back in the dark ages (1983), it was $350 a semester for tuition only. When my son graduated in 2021, it was $4500 per semester.

A bargain compared to Ivy League and we both got BS’s in jobs that pay well (engineering-me, data sciences-him). In the time between, NC State went from 25K to 35K+ students. And doubled the size of the campus adding all new buildings, air conditioned all the dorms and buildings, etc.

That is what is driving up the cost of college. Instead of talking about what is driving up the costs (root cause), all we talk about is paying off huge student loans for Doctors earning more than enough to pay themselves (as an example). All the Universities in NC are doing the same thing; building a ton of new buildings and justifying by continuing to raise the number of students that can enroll.

And hence, raising the cost of tuition to a ridiculous amount.

Explore these too: My shovel just got bigger! Paid off two student loans!! YES

[Suzy]

Predatory lending…sadly, it’s the American way. It makes it difficult if not impossible for young people to get ahead.

[Barbara]

Good for you for taking your responsibilities seriously and paying it off.

[Rhonda]

Student loans are completely predatory, and the interest compounds DAILY. Even a car loan compounds monthly. This makes loans nearly impossible to pay off.

It’s sad that our country cannot have restrictions to prevent this. Yes people should pay their own college debt, but with the way they are structured it’s nearly impossible.

Also, check out: I max my Roth IRA account and my home is paid off. What should my next step be?

[Ann]

In Sweden the tuition is almost free and all swedes get a government student loan for living expenses at

Very low interest with forbearance for hardship if needed. Payback terms are manageable . All loans are repaid eventually. BUT there is not so many frills such as college sports or expensive infrastructure as in States .

The backside is that slots to study

The best subjects are limited and competition for those places is very high. Nation gets well educated academic members of society.

[Larry]

Just an FYI. If you consolidate your debt with a home equity loan, you’ll forfeit federal forgiveness opportunities. Meanwhile, paying off private student loans with a HELOC may provide lower interest rates and a reduction in the number of payments.

Also, using your home equity to pay off your student loans could potentially put your home at risk. That’s because you’re combining your student loans and mortgage into one debt, now all tied to your home

[Author]

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