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$29k is not that much is it? That is about what I ended up with for my degree in Sweden where higher education is free but you borrow for living expenses. I rep
by cipher_system 7y ago
$29k is not that much is it? That is about what I ended up with for my degree in Sweden where higher education is free but you borrow for living expenses. I repay it with about $100 per month for 25 years.
Perhaps the biggest difference is the interest rate which is government backed and around maybe 1-2%. According to first result on Google the interest rates on US student loans seems to be around 6-8%.
- koheripbal 7y ago4.5% for US gov't subsidized loans.
- zitterbewegung 7y agoYes, but you get the 6-8% as a tax deduction if you can pay it as long as the loan is from the govt.
- CydeWeys 7y ago$29k is a decent chunk of change of you don't have a high paying job. It'll take you many years to pay off because of all your other expenses (housing, transportation, healthcare, food, clothing, etc.).
- sokoloff 7y agoYes, but think of it as someone else lent you money to be housed, fed, and clothed for four years while you earned no income. That’s going to cost money anywhere in the world, before a single book is purchased or lecture paid for.