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>Student loans (which are much lower interest rate and nothing like these loans) Yo, student loan rates are like 7%. It's not a payday loan, but it is still es

by ouid 5y ago

>Student loans (which are much lower interest rate and nothing like these loans) Yo, student loan rates are like 7%. It's not a payday loan, but it is still essentially unfinanceable.

PragmaticPulp 5y ago
Federal loans are actually sitting under 4% and private rates range all the way down to about 3% Source: https://www.bankrate.com/loans/student-loans/current-interest-rates/ https://www.bankrate.com/loans/student-loans/current-interes... Of course it's always possible to go find higher rates depending on the situation, but the averages are closer to 3-4% than 7%.
- matthewdgreen 5y ago
  There is an upper limit on the amount you can take in these loans and it’s depressingly low, well below the tuition of many private (and some public) colleges. To finance the rest you’re looking at much higher rates.
dragonwriter 5y ago
> Yo, student loan rates are like 7%. Yo, only parent and graduate loans are close to that, of federal loans (private loans are another issue, and also probably involve an unaccredited institution that doesn't qualify for federal loans): https://studentaid.gov/understand-aid/types/loans/interest-rates https://studentaid.gov/understand-aid/types/loans/interest-r...
- criley2 5y ago
  Yo, just because a new student getting loans right now can get 4% doesn't mean that 7% wasn't absolutely the norm for many people over the past decades. Anyone in their 30s has 6 or 7% or more on their loans, before ZIRP took over. And since raising rates is the way they're going to stop inflation, like it or not, that 4% is going to end real soon and kids will be back to 5-7% in the next few years.
  - dragonwriter 5y ago
    > Yo, just because a new student getting loans right now can get 4% doesn't mean that 7% wasn't absolutely the norm for many people over the past decades Subsidized loans were at 6.80% for the first two years they used fixed interest (the academic years 2006-2007 and 2007-2008); this is the highest they have ever been under the fixed interest regime; there are three additional years they were at 5% or higher. Under the variable interest regime before that, they spent some time at 7% or above in the 1990s, but those would have fallen with general interest rates.

by ouid 5y ago

>Student loans (which are much lower interest rate and nothing like these loans) Yo, student loan rates are like 7%. It's not a payday loan, but it is still essentially unfinanceable.

PragmaticPulp 5y ago

Federal loans are actually sitting under 4% and private rates range all the way down to about 3% Source: https://www.bankrate.com/loans/student-loans/current-interest-rates/ https://www.bankrate.com/loans/student-loans/current-interes... Of course it's always possible to go find higher rates depending on the situation, but the averages are closer to 3-4% than 7%.

matthewdgreen 5y ago
There is an upper limit on the amount you can take in these loans and it’s depressingly low, well below the tuition of many private (and some public) colleges. To finance the rest you’re looking at much higher rates.

dragonwriter 5y ago

> Yo, student loan rates are like 7%. Yo, only parent and graduate loans are close to that, of federal loans (private loans are another issue, and also probably involve an unaccredited institution that doesn't qualify for federal loans): https://studentaid.gov/understand-aid/types/loans/interest-rates https://studentaid.gov/understand-aid/types/loans/interest-r...

criley2 5y ago
Yo, just because a new student getting loans right now can get 4% doesn't mean that 7% wasn't absolutely the norm for many people over the past decades. Anyone in their 30s has 6 or 7% or more on their loans, before ZIRP took over. And since raising rates is the way they're going to stop inflation, like it or not, that 4% is going to end real soon and kids will be back to 5-7% in the next few years.
- dragonwriter 5y ago
  > Yo, just because a new student getting loans right now can get 4% doesn't mean that 7% wasn't absolutely the norm for many people over the past decades Subsidized loans were at 6.80% for the first two years they used fixed interest (the academic years 2006-2007 and 2007-2008); this is the highest they have ever been under the fixed interest regime; there are three additional years they were at 5% or higher. Under the variable interest regime before that, they spent some time at 7% or above in the 1990s, but those would have fallen with general interest rates.