Student loans are a f**king scam

According to her math she's paying a 70% interest rate if this was in the course of a year. Considering the national average is 4.45%-7.00% this shit is just not possible.

Holy shit. It’s around 2% in Norway and a normal loan is 11k pr year, so a bachelors degree (3 years) is 33k. And if you pass all your exams (this is done per semester) 40% gets turned into a scholarship. So you only pay 60% of your loan with a 2% interest.

Just a sidenote: since education is free in Norway the loan is not for tuition but to live for. Basically food and housing. So if you work on the side you don’t really need to get a loan.

What about if you send in the amount that is supposed to go to your interest built up over a year of low income payments and they say you paid it one or two days early and put it towards regular payments and capitalize the interest anyway. Is that legal? Cause they did that to me.

No, that is not legal unless you specifically gave them authorization to do so or signed an agreement noting they could when you took the loan. If you note is as a payment towards the principle, even if it's an early payment on your next installment, they are required by law to apply it accordingly.

I'm not sure that I specifically marked it. I figured since they sent me a letter to tell me about the interest and I sent in that exact amount they would just do that. I don't have the time or money to try and get them on it. I have considered seeing if I could gather up a class action thing....

Your best bet would be to refinance the loan with a different servicer and just make sure you read through every single part of the agreement before signing it. You could try to litigate, but at the end of the day you're the one who signed on the dotted line and it would be difficult for any judge to rule in your favor unless they could determine a real direct intention on the loaning party to have done intentional harm or have been negligent in some way or form... which basically degrades to he-said/he-said and would usually have to go to trial for you to have any chance at success... and even then it's far from guaranteed and you'd be shelling out a small fortune in legal fees.