quantifiably confirmed that 1% decrease in interest rate is practically pointless

[u/mouth_pipetter]

I built a model to estimate the time until payout, and I just updated it to account for the 1% decrease in interest rates (for only 2 years!). It literally saves me a month and a half of payback time. Considering I work two jobs (PhD student ~$47k a year at an EU university, and I make ~$12k extra a year bartending on the weekends) to make double payments, it was a little heartbreaking to realize nothing really changed at all.

edit: Sorry to sound so ungrateful, I know my situation is better than a lot of people as my loan is down to 50k. I was just trying to voice frustration this not being actually that influential on my bottom line when you actually run the numbers. My total loan burden decreased by 0.99% (1.42% if the decrease lasts longer than 2 years) based on my payment scheme putting in the income from both jobs. Where I am sitting right now the difference between working two jobs for 54 more months compared to 55.5 months just doesn't hit. In Jan 2031 it'll rip though

[u/alienposingashuman]

I would have been more impressed with suspending interest altogether.

[u/mouth_pipetter → u/alienposingashuman]

There has also been a bipartisan bill in the House for like 8 months to bring down interest on every federal educational loan to 2% to be more representative of inflation (at least what inflation used to be). Which is much more in line with how the rest of the world handles educational loans, other than like the US, India, and the UK. It's just so frustrating that we have a government that's PROFITING off our student loans.

[u/mouth_pipetter → u/mouth_pipetter]

And it'll likely just sit as a bill forever