This is not a day that many people with student loan repayments have been looking forward to. Borrowers fear that they won’t ever be able to pay off their balances since interest is mounting.
Student loan repayment is a waste (Photo: Bright Horizon)
Student Loan Repayments: As student loan debt grows
Jylonda Hill said, “When I say my heart is pounding in my chest right now, it is,” with fear in her voice. “I wouldn’t have the education I deserve in the first place if I hadn’t taken the money out.”
As the interest on Hill’s six-figure student loan repayments balance rises, she is torn. She questions whether quitting college in the first place was the right decision.
She said, “The student loan repayments in my honest opinion, haven’t been worth it.”
Borrowers lament about student loan repayment
The majority of student loan repayments debt is owed by women like Hill, according to the Census Bureau. Compared to other groups, black women are more likely to graduate with balances.
The Prudent Financial Group’s Arkell Barnes asserts that “it’s going to be bothersome for many individuals and compel them to have student loan repayments for the following 15 to 30 years.”
According to the Durham-based financial expert, accruing interest on student loan repayments prevents borrowers from saving money, investing, or buying a home. Numerous long-term impacts are present.
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