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I am, I have some at 0.65% I got a discount after 48 months of payments, a discount for autopay, and some of the loans are from 2003-2005

by prpl 7y ago

jackson1442 7y ago
Student loans? It's truly sickening to me that some people (you included) are paying 15-year-old loans on education.
- t-writescode 7y ago
  The common rate for my mom's student loans are nearly 7%. So are mine (edit: mine are 6.5%), but she has something like 140k in student loans, and I only had about 30k... so I've nearly paid mine off, she will never probably pay hers off.
  - specialist 7y ago
    That's debt bondage. David Graeber's book Debt: The First 5000 Years has historical accounts of what happens when debt gets out of proportion. Also, among the things I learned from Michael Lewis's Against The Rules podcast, which has an episode on student loans, that our modern consumer financing was enabled by overturning the historical ban on usury debt. https://atrpodcast.com/episodes/the-seven-minute-rule-s1!1c964 https://atrpodcast.com/episodes/the-seven-minute-rule-s1!1c9...
- KyleBrandt 7y ago
  Depending on the type of loan, and when it was taken, the interest rates on student loans very greatly. If you have some that were low interest due to timing or subsidizing (0% interest in some cases), it can make sense to pay the loans slowly and invest or save money instead. So the age of the loans isn't a reliable predictor of their burden.
- isoskeles 7y ago
  As someone who chose a worse school and didn’t take out loans (and came from a family that had zero savings to help me), it’s sickening that people pretend there were no other options.
  - prpl 7y ago
    My total loan amount was ~30k for most my loans over 5 years. The initial loans were at 3.25% and whatever the perkins loan rate was, the later loans were at 6.8%, which was super ridiculous and I don’t think they stopped that rate until later. I preferentially paid off the 6.8% loans, the other loans are practically free money (interest rates below 2%) at this point so I pay the minimum.

I am, I have some at 0.65% I got a discount after 48 months of payments, a discount for autopay, and some of the loans are from 2003-2005

by prpl 7y ago

I am, I have some at 0.65% I got a discount after 48 months of payments, a discount for autopay, and some of the loans are from 2003-2005

jackson1442 7y ago

Student loans? It's truly sickening to me that some people (you included) are paying 15-year-old loans on education.

t-writescode 7y ago
The common rate for my mom's student loans are nearly 7%. So are mine (edit: mine are 6.5%), but she has something like 140k in student loans, and I only had about 30k... so I've nearly paid mine off, she will never probably pay hers off.
- specialist 7y ago
  That's debt bondage. David Graeber's book Debt: The First 5000 Years has historical accounts of what happens when debt gets out of proportion. Also, among the things I learned from Michael Lewis's Against The Rules podcast, which has an episode on student loans, that our modern consumer financing was enabled by overturning the historical ban on usury debt. https://atrpodcast.com/episodes/the-seven-minute-rule-s1!1c964 https://atrpodcast.com/episodes/the-seven-minute-rule-s1!1c9...
KyleBrandt 7y ago
Depending on the type of loan, and when it was taken, the interest rates on student loans very greatly. If you have some that were low interest due to timing or subsidizing (0% interest in some cases), it can make sense to pay the loans slowly and invest or save money instead. So the age of the loans isn't a reliable predictor of their burden.
isoskeles 7y ago
As someone who chose a worse school and didn’t take out loans (and came from a family that had zero savings to help me), it’s sickening that people pretend there were no other options.
- prpl 7y ago
  My total loan amount was ~30k for most my loans over 5 years. The initial loans were at 3.25% and whatever the perkins loan rate was, the later loans were at 6.8%, which was super ridiculous and I don’t think they stopped that rate until later. I preferentially paid off the 6.8% loans, the other loans are practically free money (interest rates below 2%) at this point so I pay the minimum.