I saw a post saying that two people left school 23 years ago with a combined debt of 70k. They paid 500 USD monthly for 23 years and still owe 60k.
I’m thoroughly confused. obligatory not from America.
In: Mathematics
It works like any other debt:
– you take out money
– it gets charged interest
– you pay it back
– on student loans if you can’t make payments for xyz reason you can do partial
This last point is important because it leads to compound interest
If you fall below the minimum payment on your student loans, the accruing interest, known as compound interest, can cause the total debt to grow.
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