'When you start with almost $55,000 and you're barely paying off half the interest every month, you get to the mentality — it's like, what's the point?”
Musician and zoologist hopeful William Criel took out almost $55,000 in federal and private student loans to attend Oakland University in Michigan. Since graduating a few years ago, Criel tells, the interest rates on his loans have ballooned his balance to nearly $70,000. Despite working several part-time jobs and being on an income-driven repayment plan, Criel can’t afford to make regular monthly payments; even when he can, it isn’t enough to get past his interest.
, says stories like this are not unusual or new. But the federal government didn’t start gathering data on student loans until 2008, and it wasn’t until the end of Barack Obama’s presidency, says Shermer, that researchers even discovered one of the most depressing repayment trends: “We have new data now that shows us that a lot of borrowers are paying in their first five years and
Federal student loan payments are due monthly, but interest accrues daily according to the individual “Literally, until the government put a pause on [making payments], it was stressing me out,” says Gonzales, 37, adding that his loan payments were $500 per month before the moratorium kicked in. “The fact that I haven't been paying that during the pandemic has been a huge relief. It's always been a burden; it's always going to be a burden.
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