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Current Events > How are American college loans paid back?

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Sunhawk
10/30/21 9:39:53 AM
#1:


What time frame? Do they call you up to harrass you? What can happen if you don't or won't pay a loan back? How big are the loans?

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whitelytning
10/30/21 9:41:03 AM
#2:


The answer to all of your questions is, it depends.

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Antifar
10/30/21 9:41:24 AM
#3:


Very carefully

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Solid Sonic
10/30/21 9:42:08 AM
#4:


Ever heard of that early payment penalty bullshit?

Like that should be illegal.

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lilORANG
10/30/21 9:51:22 AM
#5:


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Feline_Heart
10/30/21 9:57:31 AM
#6:


Sunhawk posted...
What time frame? Do they call you up to harrass you? What can happen if you don't or won't pay a loan back? How big are the loans?
Youre supposed to start paying it back about 6 months after you graduate. But you can tell them that you need to defer it because you dont have a job yet. So they let you put it off for 3 months and then you can say that same thing again one more time. So thats 1 year total that you dont need to pay it. The coronavirus bought me an extra year and half of not having to pay it though. My loan was $20k

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Xavier_On_High
10/30/21 10:05:02 AM
#7:


In the UK, we start repaying our loans once we're earning over ~27,000 per year. Once we're over that threshold, they take 9% of the money we earn over that threshold, so if I earn 28,000, they take 90.

I'm sure the American system is just as fair and even handed.

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Relient_K
10/30/21 10:14:18 AM
#8:


Xavier_On_High posted...
In the UK, we start repaying our loans once we're earning over ~27,000 per year. Once we're over that threshold, they take 9% of the money we earn over that threshold, so if I earn 28,000, they take 90.

I'm sure the American system is just as fair and even handed.

I'm on an income based repayment plan working for a nonprofit. After 10 years of on time payments I am supposed to have my loans forgiven. I currently need to pay $25 a month but I'm paying double, not really sure why. It gets recalculated each year based on my income. I got a fairly big raise this year (from 13.58 to 17.25 hourly) so I expect I'll owe more like 75 a month next year. If I wasn't on income based repayment I would instead owe about 750 a month which is about half of what I have left after taxes and insurance.

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g980
10/30/21 10:14:35 AM
#9:


Solid Sonic posted...
Ever heard of that early payment penalty bullshit?

Like that should be illegal.


P sure prepayment penalties on student loans already are illegal
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