Forgive them all

By fuckall - This FML is from back in 2011 but it's good stuff - United States

Today, I worked out that if I paid the minimum monthly amount on my student loans, I'd be paying them until I'm 65. FML
I agree, your life sucks 30 302
You deserved it 5 987
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Top comments

aback 4

If you pay the minimum on any debt, you'll be paying many times over the original loan amount in accrued interest. That's why you don't play the game and you pay more than the minimum every month.

28 0
splitsides 4

I think (hope) #2 meant don't pay the minimum amount, but more than the minimum amount.

27 0

Comments

Brittneyyyy 7

Don't you figure these things about before you take out a loan? I'm going to need a pretty decent sized loan to go to pharmacy school, but I know exactly how long it'll take me to pay it off (assuming my parents won't help, although they said they would a little) so at the most, it'll take me 10 years and I can live with that. Unless OP did do that and is 55 years old, although it still shouldn't be an FML.

2 0
theuglyone906 4

See, THIS is why I never even took out a student loan!!!! FYL, dude, that really does suck.

3 0
Lord_of_0 4

Pretty simple. Just don't pay the minimum. Even if it's impossible now, once you use your education, you can get a job. Then, it's a matter of "working up the social ladder" until you have a job which you can pay more than the minimum amount. Also. Never. Pay. The. Minimum. On. Any. Debt. Ever, unless you absolutely cannot. If you pay only the minimum, it will obviously increase.

3 0
spoo 24

If you have multiple debts, I wouldn't pay more than the minimum on all.. Pay off the highest interest asap, and work your way down. Think of additional money put toward it as an investment. Invest all your money at the highest you can. Dont go for 4% if you can get 19%

2 0
Skatejock21 0

the more interest you leave sitting around, the more the item will cost, and interest will increase to a degree. I would pay more then minimum... it also depends what type of debt you're in, whether it's a house, just plain spending, or school loans.

2 0
spoo 24

I dont follow. Does this assume variant rate interest? Btw, im assuming that these other objects are non government based debt (where you cant freeze them)

0 0
outsidetheblocks 3

just in time for your social security to kick in!

1 1
deladouceur 0

thats why im joining the usaf. they pay for my collage

0 1
KingOfTheBrocean 2

That's why you should have had a trust fund!

1 1
marc_with_a_c 3

That's why it's the MINIMUM payment.. You should could pay more than minimum, and be done with it sooner. Sorta like credit cards.. if you only ever pay the minimum, you'll have huge credit card bills all your life.. But hey, if you like being in debts.. you should have looked it up sooner

1 0
snafu63 0

so then don't pay the minimum. can't believe you can't figure that after going to college.

1 0