Interest on student-debt is keeping borrowers from paying it off

on student-loan payments and interest during the pandemic. But even so, Mavin said being free from interest on even just one of her loans saved her $377 a month, which she put toward savings and helped her pay off, in full, her hospital bills from giving birth during the pandemic.'I'm financially paralyzed by crippling debt'

Daniel Tapia, 41, graduated a decade ago with a bachelor's degree in dental hygiene — the first in his family to do so. Since then, he told Insider, he's been driving used cars, living in"crappy" apartments, and moved back in with his mom thanks to the growing student debt he's been trying to pay off for 10 years.

"I'm financially paralyzed by crippling debt and I can't get ahead in life," Tapia said."Murdered by the student-loan industry."To afford his bachelor's degree, Tapia borrowed $60,000 in private student loans with a 9% interest rate, and his student-debt load currently stands at just under $86,000, including $22,000 owned by the government, even after making a decade's worth of monthly payments.

"What I don't get is if I took out a certain amount, and I paid that amount already, and I still owe more than I originally owed, it's just nuts," Tapia said."It's mind boggling to me that this total amount is not going down. It's not going away.

Source: News Formal (newsformal.com)

Can’t wait to read this. Being one of those people studentloansforlife

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