Holly Polly, a TikTok user, took to the website to share the frustration of paying back a predatory student loan.
TikTok user Holly Polly recently posted a video to the app of herself reacting to the amount of money she still owed in student loans. The video, which has since gone viral, shows a distressed Holly breaking down as she realizes she still owes $76,000 in student loans after paying a whopping $120,000 for a loan—that was originally $80,000. The video has become proof for many that the system of student loans is predatory and leaves young professionals trapped in a lifetime of debt. Some folks have uploaded her video to Twitter, where they have ignited a heated debate about student loan forgiveness.
Y’all watch this video. ugh. My heart hurts. This system is so fucked pic.twitter.com/YUDSbNiWKu— Its LawToya, she’s talking. (@ToyaRochelle) August 28, 2020
"The grand total is, I have paid $120,000 and I still owe $76 [thousand]," she states as she raises her voice, "How the f*ck is this possible? What?" The young woman explains that she has been paying off her student loan for the past 10 years. Despite this, her remaining balance has only reduced slightly. Imposed over her shirt, viewers could see the text "7%int," indicating the amount of interest she was charged on her student loan from a decade ago. Unfortunately, high interest rates on student loans are not uncommon. Though this interest rate is higher than the average interest rate at 5.8% in 2017 according to NerdWallet, it still does not place the burden of the predatory nature of these loans on Holly.
It should be a crime to be paid back on a loan 3x over. Education should be free :)— Meghan Tonjes (@meghantonjes) August 30, 2020
She confesses, nonetheless, "I think I might be late to the game learning about this. Student loans are really messed up." However, as a young student who was probably out of her depth when first taking up the loan, it is institutional lending that must be blamed for her evident frustrations. Holly has since started a GoFundMe account requesting folks to donate any amount that can help her pay off her loan amount of $76,000. "People started asking if they could send $1 to help and asked me to start a GoFundMe so here we are," she explains in the description of her fundraiser. "I'll be sharing what I've learned through the experience on TikTok to help others learn about and manage student loans. Any amounts donated will be allocated to directly pay down the principal during this zero percent interest period!"
She probably took the loan as an 18-20 year old w/o knowing much about it. Student borrowing is predatory just like payday loans. The WH stripped away a payday loan regulation last month. Some of those loans are 300-400%. It’s open season.— Dre Green (@imdregreen) August 28, 2020
After some users uploaded her video on Twitter, dozens of people weighed in on the conversation about how student loans are predatory. One user wrote, "Students loan interest should be illegal. Clear all federal and private student loan debt." Another pointed out, "Student loans are meant to be an inescapable form of wage slavery. They are the only form of debt you cannot declare bankruptcy on. This system needs to be overturned." In response to someone who stated that Holly should have just learned more about it, an individual stated, "Who understands at 18, or 20, or 25 for that matter? [The system] is definitely rigged. And understanding doesn’t change the fact that she still owes basically the beginning balance after paying balance and a half off."
guys this tweet is making fun of those assholes that have this mindset because it should be obvious that no matter what degree you receive, student loans are shit and interest should be illegal— fleur 🍊♔ ⬖̇ ♧ (@jsbdreamz) August 29, 2020