4 ms·
A $50,000 loan with a high interest rate is not good AT ALL.
by thehappypm 5y ago
A $50,000 loan with a high interest rate is not good AT ALL.
- xhkkffbf 5y agoExactly. The fellow above is foolish to think that even $10k is manageable for people in entry level jobs. Even good coders have to strain to pay off $10k-20k. Plus, you're right that the interest rate is insane when banks are paying 1%.
- vorpalhex 5y ago"Below $50,000". And student loans have low rates unless you go private. Of course, who is more likely to need private loans they may not be able to pay? Probably not the trust fund kids.
- selectodude 5y agoFederal loan maximums for dependent students is $31,000. Huge numbers of students need to dip into the private loan kitty and get fucked.
- giaour 5y ago"Low rates" here meaning 8%?! It's lower than credit card APR, but would you take a large installment loan at that rate? The interest rate especially shocking when you consider that interest is supposed to pay for the creditor taking on the risk of default, which is almost impossible with student loans.
- swagasaurus-rex 5y agoYou hit on a key point. Lender sees non-dischargeable loans as FREE MONEY. They're pushing these onto kids who are barely adults because its FREE MONEY to them.
- paulpauper 5y agoBy that logic there should be much more outrage about credit card debt, car loan debt.
- giaour 5y agoUnlike student loans, those debts can be discharged in bankruptcy.
- thehappypm 5y agoSpoiler alert, many people think these are predatory too