Student Loans

[Mormon Red Death]

huh?

I meant highest interest rate.

[TripletDaddy]

As the saint said, I got my loans nearly a decade ago when the rates were 2-3% for student loans. On top of that, if I did automatic withdrawal, it knocked it down even more. When I paid it consecutively for 3 or 4 years, they knocked it down even more. Yeah, it sits at 1.25%. Crazy, but I aint complaining.

I think they also give a discount for consolidating loans.

[SuperGabers]

I think they also give a discount for consolidating loans.

Some programs will also allow a drop of you make so many consecutive payments on time.

[UteStar]

I think they also give a discount for consolidating loans.

You are right. I think my original loan was like 2.75% and then they cut 1% off for consolidating my loan. They knocked off another .25% for doing it all online and another .25% for making my payments on time for a few years.

[Donuthole]

Here's one guy's (tacky) alternative to student loans.

http://www.pleasefund.com/pages/3586

Only $83,900 to go!

[old_gregg]

$85k for a comm degree? And a rejection of western medicine? Great combo.

[Uncle Ted]

Zero hedge claims the student loan bubble has popped...

This is how the Fed described this "anomaly":

Outstanding student loan debt now stands at $956 billion, an increase of $42 billion since last quarter. However, of the $42 billion, $23 billion is new debt while the remaining $19 billion is attributed to previously defaulted student loans that have been updated on credit reports this quarter. As a result, the percent of student loan balances 90+ days delinquent increased to 11 percent this quarter.

[...]


We'll let readers calculate on their own what a surge in 90+ day delinquency from 9% to 11% (or as footnote 2 explains: 22%) in one quarter on $1 trillion in student debt means. For those confused, read all about it in this September article: "The Next Subprime Crisis Is Here: Over $120 Billion In Federal Student Loans In Default" which predicted just this.

* * *

And so it's official: Pop goes the student loan bubble, as just confirmed by the Fed.

Luckily student debt is dischargeable in bankruptcy. Oh wait. It isn't.

[Maximus]

Okay, so is ther ea way to refinance student loans? I am at 6.8% because I went the government route. I should have shopped around but its too late obviously. My rate will go down a little based on some stuff, but is it possible to refinance?

[doctorcoug]

Okay, so is ther ea way to refinance student loans? I am at 6.8% because I went the government route. I should have shopped around but its too late obviously. My rate will go down a little based on some stuff, but is it possible to refinance?

Income based repayment and work for a not for profit

via a galaxy s3 far far away

[frank ryan]

$85k for a comm degree? And a rejection of western medicine? Great combo.

I knew a girl who got a criminal justice degree from Gonzaga and had 90 k in student loan debt. She was nice but a little zany.

The people I feel bad are the Steven's Henegar crowd.

[old_gregg]

I knew a girl who got a criminal justice degree from Gonzaga and had 90 k in student loan debt. She was nice but a little zany.

The people I feel bad are the Steven's Henegar crowd.

word. for profit colleges are generally a bad idea.

[FMCoug]

word. for profit colleges are generally a bad idea.

I generally agree ... but there are exceptions to every rule. Neumont University in Salt Lake turns out fantastic programmers. I've been very impressed with them and their program.

[CardiacCoug]

I thought this was interesting. Yeah that sounds like a really stressful situation.

http://www.ksl.com/?sid=23072685&nid...&s_cid=queue-1

[clackamascoug]

I thought this was interesting. Yeah that sounds like a really stressful situation.

http://www.ksl.com/?sid=23072685&nid...&s_cid=queue-1

Sounds like a humble brag. (Six kids...)

[Uncle Ted]

Federal government books $41.3 billion in profits on student loans

The federal government made enough money on student loans over the last year that, if it wanted, it could provide maximum-level Pell Grants of $5,645 to 7.3 million college students.

The $41.3-billion profit for the 2013 fiscal year is down $3.6 billion from the previous year but still enough to pay for one year of tuition at the University of Michigan for 2,955,426 Michigan residents.


It’s a higher profit level than all but two companies in the world: Exxon Mobil cleared $44.9 billion in 2012, and Apple cleared $41.7 billion.
[...]

http://www.freep.com/article/20131125/NEWS05/311250021/Federal-government-profits-on-student-loans