View Poll Results: Are student loan interest rates to high?

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Thread: Are student loan interest rates to high?

  1. #201
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    If your wife has a 13% Sallie Mae loan, it's because she is deemed a credit risk.
    The interest constantly changes. For instance, it was high up to 08, they dropped down post 08, and are climbing again now. And as said, they range from low to high. Her credit is actually very good.
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    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    I don't even understand what you're trying to say. How do lower interest rates lead to high rates?
    Higher monthly rates, as in instead of paying $150 per month a person may pay $200. For some, that just isn't an option.


    And how does the DoE take in tens of billions of dollars from "struggling young citizens"? The "struggling young citizens" want to borrow money from the government (which should not be in the lending business to begin with) or government sponsored entities. What is the Constitutional right that "struggling young citizens" have to cheap loans from the government - or anyone for that matter?
    What on Earth does this have to do with the Constitution? Congressmen set the interest rate. Why not make it more manageable? It astounds me how much you are trying to justify the federal govt trying to squeeze more money from the citizens.
    "Men did not make the earth ... it is the value of the improvement only, and not the earth itself, that is individual property... Every proprietor owes to the community a ground rent for the land which he holds." -- Thomas Paine, Agrarian Justice
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by KevinKohler View Post
    The interest constantly changes. For instance, it was high up to 08, they dropped down post 08, and are climbing again now. And as said, they range from low to high. Her credit is actually very good.
    If her credit is good, she can refinance that 13% loan with a personal unsecured loan to a lower rate.
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  4. #204
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by Geoist View Post
    Higher monthly rates, as in instead of paying $150 per month a person may pay $200. For some, that just isn't an option.




    What on Earth does this have to do with the Constitution? Congressmen set the interest rate. Why not make it more manageable? It astounds me how much you are trying to justify the federal govt trying to squeeze more money from the citizens.
    Low interest rates lead to high interest rates. That's what you said. What the hell does it mean (and no, your explanation above doesn't do it)?
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    Low interest rates lead to high interest rates.
    Please quote it if I said that.
    "Men did not make the earth ... it is the value of the improvement only, and not the earth itself, that is individual property... Every proprietor owes to the community a ground rent for the land which he holds." -- Thomas Paine, Agrarian Justice
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by Geoist View Post
    Please quote it if I said that.
    I'm sorry. I've been trying to get you to explain yourself for so many posts I forgot what you originally said. Here it is:

    Quote Originally Posted by Geoist View Post
    I am talking about through government. Refinancing through a private institution may help lower interest rates but usually means higher monthly rates.

    <snip>
    So let me try again. How does lower interesting rates lead to higher monthly rates?
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    I know a lot of people who started paying their student loans 9 months after graduating and starting their new jobs. Nobody said it was easier for new graduates to pay, but pay they did. In fact, most of them do pay, as agreed, and on time.

    As far as the inflation discussion, I wasn't talking about inflation in terms of the impact on the borrowers, but rather inflation as it impacts the lenders who would be holding on to loans at very low rates for too long.
    True student loans are made by the government now. This is an Obama change.

    But lot's of people borrow private (non governmental) money and use the proceeds for living expenses or for a car and then pretend like that was a student loan. That's why so many people claim to owe far more than the federal student loan cap. If someone borrows money and blows it, I don't really consider it a student loan, I consider it stupidity on their part.
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    I see a big problem with the idea that whatever the majority wants is OK.

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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    If her credit is good, she can refinance that 13% loan with a personal unsecured loan to a lower rate.
    Hmmmm...

    Ok, since you appear to know something about it, let's see if you can help shed some light on what that actually means in a practical sense. IF I recall correctly, average student indebtedness is around $27,000. What FICO score would you need to get an unsecured loan of $27,000.00?

  9. #209
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by MildSteel View Post
    Hmmmm...

    Ok, since you appear to know something about it, let's see if you can help shed some light on what that actually means in a practical sense. IF I recall correctly, average student indebtedness is around $27,000. What FICO score would you need to get an unsecured loan of $27,000.00?
    Not sure how helpful this would be for that question, but...

    Personal Loans Top 10 Personal Loans

    Some of the listed max rates are insane

    450%?!?!?
    Last edited by The Mark; 03-27-15 at 02:37 AM.
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  10. #210
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by The Mark View Post
    Not sure how helpful this would be for that question, but...

    Personal Loans – Top 10 Personal Loans

    Some of the listed max rates are insane

    450%?!?!?
    That was a stab at it, but I don't think that those were unsecured loans. I highly doubt a lender would give someone an unsecured loan of $30000 to someone with a FICO score of 560.

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