46-65% of student loan accounts had INCREASING BALANCES between 2008-2019 even if they were making their monthly payments on time!
I call this the FINANCIAL BLACK HOLE of student loans.
It’s not right, it’s not fair, and it’s not your fault!
Most doctors, lawyers, and other professionals with 6 figures of student loan debt are enrolled in an Income Driven Repayment (IDR) plan. These plans often offer a monthly payment LESS THAN INTEREST which means the debt never actually goes down.
What's worse, after 20-25 years any remaining debt is forgiven but TAXED as income!