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The actual protection being rolled back: "That [protection] forbid the agencies from charging fees for up to 16 percent of the principal and accrued interest o
by aresant 10y ago
The actual protection being rolled back:
"That [protection] forbid the agencies from charging fees for up to 16 percent of the principal and accrued interest owed on the loans, if the borrower entered the government’s loan rehabilitation program within 60 days of default."
- notadoc 10y ago16% interest on student loans is basically usury
- distances 10y agoFor loans you can't default on it should be the market rate plus a tiny margin. So maybe 2% or so nowadays.
- zeroer 10y agoThe lendee can't default, but that doesn't mean the loan gets paid. Some people just don't have money/income/assets to seize, and courts will not garnish poverty wages.