this post was submitted on 27 Sep 2024
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When I made the last payment on my student loan I got a similar letter. Something along the lines of "it appears you have made your last payment, but we still need to review the account to confirm. If you dont get another invoice from us then it's all good." I then got an invoice for about $1 which was the interest that gained on the account from the time I mailed the last cheque and the time they cashed it.
I'm going to assume this person sent in something that looked like a payment which triggered the "looks like you made your last payment" letter but then accounting realized the payment was phony and sent an invoice.
Wait, you paid off your student loan and not your great-grandchildren?
I did the same in my mid 30s. It's called money management. It's a skill that has mostly been lost to us boomers.
It has nothing to do with money management. It's virtually impossible to pay off student loans anymore. People pay them off until they die now. That you're a boomer is why you were able to do it. College was affordable when you went.
Ok...this boomer held three jobs to pay for his first year of college and got loans for his last three. I really don't have any idea what the hell you're talking about claiming that college (let alone life) in NYC was affordable. Don't be jealous that we understood how to get GSLs and PELL grants while you and lots of your generation fell for the private companies ripping off students who wanted "free" rides. Your generation screwed it up so damn bad, that's why Biden is forgiving student loans.
How much was one year of college for you?
Because it's this much now.
https://educationdata.org/average-cost-of-college-by-state
Also, which generation is mine? Just curious.
This was back in the 80s. Best I recall, all expenses totaled something like 16000 for the first year. But remember, in the 80s tuition prices were increasing so fast it would make your head spin,
So far, far less than now. Because I only showed tuition, not other expenses.
As was the price of everything and the worth of a dollar. It's nobody's fault but your own that you failed to learn simple economics...do you have a problem? You really should speak to a therapist Mr. Squid.
Are you really not aware that college is far more expensive now that it has ever been? Really? In 2024?
But let's look at the economics...
Firstly:
You can see that fees are up substantially over where they should be if inflation is taken into account- https://www.usnews.com/education/best-colleges/paying-for-college/articles/see-20-years-of-tuition-growth-at-national-universities
Secondly:
https://www.cbsnews.com/news/college-tuition-cost-rise-loans-administrative-bloat/
Thirdly:
This is actually being studied academically- https://www.forbes.com/sites/prestoncooper2/2020/08/31/a-new-study-investigates-why-college-tuition-is-so-expensive/
Fourthly:
It's gone up almost 5% in the last five years alone- https://www.bls.gov/opub/ted/2023/college-tuition-and-fees-up-4-7-percent-since-february-2020.htm
I know I supposedly failed simple economics, but I am able to keep abreast of things like this.
You're out of your mind if you think tuition in the 80s cost anywhere near what it does now, adjusted for inflation.
Does "adjusted for inflation" really even need to be spelled out when comparing generational economics? Isn't it just sort of commonly understood that we're comparing them with that in mind?
How ignorant do you think people under 50 are??
i think you need to go back to school to learn reading comprehension.