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

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Thread: Are student loan interest rates to high?

  1. #211
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by ocean515 View Post
    I would assume they are what they appear to be. Do you think the loan servicers are paid up front for 30 years of loan servicing, since loan fees are applied to the whole loan amount?
    Do you think the fees are insufficient to service the loan? Does a $100000 loan cost more to service than a $10000 loan if both borrowers pay on time?

    Quote Originally Posted by ocean515 View Post
    And what about the 8.5% loan rate you have been referring to? That rate only applies to a small percentage of the student loans being generated. I think you lose some credibility to your argument when you try to suggest all student loans fall into that category, with 6% spreads.
    I don't think that the argument loses credibility because nowhere did I say all loans fall into that category. I think that your argument losses credibility when you suggest that I said something that I did not say. Furthermore, I gave a whole list of rates and spreads in a subsequent post.

  2. #212
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by imagep View Post
    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.
    You can't pretend a private loan is for student loan purposes if it isn't. That law also changed when the law was changed to take private lenders (with the exception of one bank somewhere in the Midwest) out of student loans. If you borrow from a private lender to pay for education, the purpose of the loan has to be defined in the note as "education". Those same lenders are required to disclose competitive information about education loans with the disclosures. It compares the loan they are making with the federal programs. It was a change to Regulation Z in 2009.
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  3. #213
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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?
    You have to ask the lender. All lenders have different credit score requirements. There is no blanket answer to that.
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    You have to ask the lender. All lenders have different credit score requirements. There is no blanket answer to that.
    You were the one that suggested that an unsecured loan could be obtained with good credit. So what do you think "good credit" means for an unsecured loan, since you think that is practical?

  5. #215
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by MildSteel View Post
    You were the one that suggested that an unsecured loan could be obtained with good credit. So what do you think "good credit" means for an unsecured loan, since you think that is practical?
    One more time. You have to ask the lender. They all have different FICO score requirements. One may require 720 and one may require 750 and one may require 810.

    You can Google some banks in your area and ask each one of them.
    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 MildSteel View Post
    Do you think the fees are insufficient to service the loan? Does a $100000 loan cost more to service than a $10000 loan if both borrowers pay on time?



    I don't think that the argument loses credibility because nowhere did I say all loans fall into that category. I think that your argument losses credibility when you suggest that I said something that I did not say. Furthermore, I gave a whole list of rates and spreads in a subsequent post.
    I don't read every post in a thread, so sorry if I didn't catch that you posted all the rates, etc. in some subsequent post. In every post to me, and that I've seen, you've mentioned 8.5%, and 6% spreads.

    "However it forces parents to pay as much as 8.5 percent for a loan."

    I don't know what it costs to service a loan. Do you know what it costs, other than what appears to be a feeling you have?

    Bottom line, you have your opinion, and I have mine. We'll just have to leave it at that.


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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    One more time. You have to ask the lender. They all have different FICO score requirements. One may require 720 and one may require 750 and one may require 810.

    You can Google some banks in your area and ask each one of them.
    Well, according to this SOURCE 720 or better is good. By that criteria I have good credit, at least the last time my credit was run, which was in December. However something tells me that one would need quite a bit more than that to obtain a $27,000 line of unsecured credit. As such, my response to you is that obtaining such a line of credit is not a practical option, for most borrowers.

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    Re: Are student loan interest rates to high?

    Quote Originally Posted by ocean515 View Post
    I don't read every post in a thread, so sorry if I didn't catch that you posted all the rates, etc. in some subsequent post. In every post to me, and that I've seen, you've mentioned 8.5%, and 6% spreads.

    "However it forces parents to pay as much as 8.5 percent for a loan."

    I don't know what it costs to service a loan. Do you know what it costs, other than what appears to be a feeling you have?

    Bottom line, you have your opinion, and I have mine. We'll just have to leave it at that.

    No problem ocean. Thanks for the discussion. I hope we can have more in the future.

  9. #219
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by MildSteel View Post
    Well, according to this SOURCE 720 or better is good. By that criteria I have good credit, at least the last time my credit was run, which was in December. However something tells me that one would need quite a bit more than that to obtain a $27,000 line of unsecured credit. As such, my response to you is that obtaining such a line of credit is not a practical option, for most borrowers.
    So once again, you have to ask your lender. How many times do I have to say that before you understand it?

    If you need a $27,000 unsecured credit line, ask for it. I'm not your bank advisor.
    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
    So once again, you have to ask your lender. How many times do I have to say that before you understand it?

    If you need a $27,000 unsecured credit line, ask for it. I'm not your bank advisor.
    I did not ask for your financial advice.

    What you did was suggest that someone could refinance a 13% loan with an unsecured loan at a cheaper rate. So again, that is something that is not a practical option for most borrowers. How many times do I have to say it before you understand it?

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