Funny Political Memes
- Thread starter Bowers3
- Start date
Whoever started this did a funny troll job and caught quite a few that didn’t stop and do the math.
What are you finding wrong with the math?
The dude was trolling those promoting Biden’s loan forgiveness. An undergrad borrower of a $20K federal student loan who actually did pay back $250/month for 10 years would have paid off their $20K student loan in under nine years (even using higher interest rates). And a grad student just under 10-years.
It's a poor example of how student loans work. The industry is predatory.
A lot of times they will offer graduated payment plans. They promote it as a way for you to pay less initially and then more as your income goes up. Sounds good when you are starting out but the catch is you aren't putting a dime towards your principle and will often be losing ground on what you owe for years. This was a hard lesson for me. Fortunately I only stated out with something like 12K and had the luck to wise up eventually (but not before I spent 5 years going backwards without missing a payment). Someone with 50K in debt who gets the same "deal" I did and they are still paying after 20 years and probably a lot longer.
And that's if their payment centers are on the up and up. It's fair to claim ignorance is no excuse-I thought making payments on time was the right thing and just saw it as a bill. Not reading the fine print is on me (and millions of others) but there is more to the story.
In my day it wasn't uncommon for payments to get "lost in the mail." Sure they would forgive the late fees when you proved it was sent on time but that compounding interest didn't go away. And then there are instances where they will apply payments to the wrong loan and charge fees to what the payment was intended for. This happened with me and my ex wife when we were married alot. As the main earner I was paying her student loans. Navient was notorious for taking a check I sent on her account and applying it to my loan with the lower balance. At first I thought it was an honest mistake or maybe I had my pay slips mixed up but it kept happening. I read later that it was a common problem with the company and was intentional. Their practice was to use couples who had separate student loans through their company to rip off the one with the higher balance.
Tldr: student loan borrowers are scummy and have been ripping off their borrowers for years. If the administration wants to do something about it, this shouldn't be a partisan argument.
Want grounds for a great class action suit? Your explanation reminded me of PNC Bank. I’m not sure why I’m protecting a credit score anymore but I was. So instead of buying a car, I got a loan since there were no other contracts on my credit. They got the loan.
I set up autopay. Paid a little extra. Once that extra equaled a complete car payment, they canceled my autopay and didn’t tell me. Two months later I get a credit ding because they reported me late because of what they did.
I’m livid. I actually find small print on their site that says they reserve the right to cancel autopay. Your only recourse was to submit a written request before a committee to petition it back on. Could take 6 months.
I call the Texas AG office and they tell me they got thousands of complaints. They’d be more than happy to give me their contact information if I was starting a class action suit. Actually thought about online law school and follow in the great steps of Saul Goodman for whole day.
Instead, I paid the note off immediately and yelled a lot.
2 minutes on Google and it looks like anything against Navient right now would only be for people who still owe a balance. And like I said my mistake was not reading the fine print. I'm just lucky it wasn't life changing money I was dealing with.
My ex though-seems like I remember something about a lawsuit when I figured out what they were doing on hers but that was years ago. It looks like there is something going on with them about misleading people into forbearance and I'm guessing she took that route when we separated. Hers are paid off too (at least that's what she told me) so probably no luck for her as well.
When a companies business model has line items anticipating lawsuits from their customers it's not someone you want to get involved with.
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