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Low rates compared to what? Wall Street banks? Lenient default terms compared to what? Government assistance for the borrowers in what form? And stacked agai
by ChuckFrank 11y ago
Low rates compared to what? Wall Street banks?
Lenient default terms compared to what?
Government assistance for the borrowers in what form?
And stacked against the borrowers due to the rapacious secondary market servicers. More money can be made off late fee and penalties than off simply servicing the loans, so they do everything in their power to make that the case, including misdirecting funds, misstating loan amounts, requiring burdensome documentation, while at the same time setting penalties on accounts.
- pbreit 11y agoI guess I'm thinking mainly of the government loans which require little or no credit, rates in the single digits, 25 years to pay and I'm not really sure much happens after that.
- norea-armozel 11y agoIt's why I won't refinance my student debt since all of it comes under an income based repayment. At worse, I will get dinged in 25 years for the remaining as a tax bracket jump, but I hope by then Congress will be forced to even drop that provision since it would literally sink quite a few people's fortunes who would be eligible and active voters.
- ChuckFrank 11y agoYou are smart. Good thinking. The best solutions, like this, should be available to us all.