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<blockquote data-quote="Copabanana" data-source="post: 751238" data-attributes="member: 18958"><p>My experience is like KT. I had a balance of about 50k that ballooned to about 138k over the years. First, when I adopted my son, I could not keep up with the payments. They put penalties of double which brought it up to more than 100k. With interest payments adding up it went higher and higher. This is over a many year period. The most I ever got it down to is 90k. When I worked I paid 1000k a month. But the interest is so unrelenting, even at $1000 or $1200 a month, you pay very little prinicpal. I will die with this debt. The good thing is that it is non-transferble. Death forgives it. </p><p></p><p>There is no incentive for me to pay it down, because I would rather the money goes to my son upon my death. I pay the minimum. </p><p></p><p>It is a kind of debtor's prison. </p><p></p><p>It is was a terrible error to start with the student loans. And mine were the most favorable type, guaranteed by the government.</p><p></p><p>I hope that the loans are fully in your daughter's name and that you are not a guarantor.</p></blockquote><p></p>
[QUOTE="Copabanana, post: 751238, member: 18958"] My experience is like KT. I had a balance of about 50k that ballooned to about 138k over the years. First, when I adopted my son, I could not keep up with the payments. They put penalties of double which brought it up to more than 100k. With interest payments adding up it went higher and higher. This is over a many year period. The most I ever got it down to is 90k. When I worked I paid 1000k a month. But the interest is so unrelenting, even at $1000 or $1200 a month, you pay very little prinicpal. I will die with this debt. The good thing is that it is non-transferble. Death forgives it. There is no incentive for me to pay it down, because I would rather the money goes to my son upon my death. I pay the minimum. It is a kind of debtor's prison. It is was a terrible error to start with the student loans. And mine were the most favorable type, guaranteed by the government. I hope that the loans are fully in your daughter's name and that you are not a guarantor. [/QUOTE]
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