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re: Help me understand college student loan options
Posted on 6/7/24 at 9:37 am to meansonny
Posted on 6/7/24 at 9:37 am to meansonny
I don't disagree with you, but I think the biggest difference between the college loan system and the ones you threw out is that the government guarantees many of the college loans and you cannot walk away by selling the house/car/business or through bankruptcy.
Trying to fix the interest rate aspect is pointless until you fix the costs issues at the colleges. But the idea of a lower interest program would work much better than the system we're in. However, I would add a condition that in order to qualify for the lower interest you must finish your degree path.
Trying to fix the interest rate aspect is pointless until you fix the costs issues at the colleges. But the idea of a lower interest program would work much better than the system we're in. However, I would add a condition that in order to qualify for the lower interest you must finish your degree path.
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Posted on 6/10/24 at 10:41 am to tigerfoot
quote:
What is the degree program she is interested in? I would be hard pressed to encourage my kid to start life 70k in the hole.
It’s a video arts degree (videographer) that’s specific to her school. That’s why she’s going there. It’s a state school so it’s not some expensive private liberal arts school
This post was edited on 6/10/24 at 10:43 am
Posted on 6/10/24 at 10:44 am to Bourre
quote:
After her scholarship is accounted for, she will owe about 17k per year.
I've identified your problem.
Posted on 6/11/24 at 8:19 am to meansonny
Your response does not change the fact that the price of attending college has gone up dramatically for most.
I maintain there should be low interest loans available to college students. This change alone would go a ways towards the many that carry student debt long after college.
I maintain there should be low interest loans available to college students. This change alone would go a ways towards the many that carry student debt long after college.
Posted on 6/11/24 at 1:03 pm to KWL85
quote:
I maintain there should be low interest loans available to college students. This change alone would go a ways towards the many that carry student debt long after college.
There are, they're student loans. The undergraduate direct loan rate for the upcoming school year is 6.53%. LINK While that is considerably higher than it was in 2019, that's because all interest rates are higher due to trying to control inflation.
The average personal loan interest rate as of June 5 was 12.22% LINK
Obviously that is going to vary based on income, credit rating, etc but an 18 year old kid with little to no income or credit history is getting a rate just over half of the average personal loan rate. That rate is a great deal for them.
Posted on 6/12/24 at 10:25 am to Lightning
That is good relatively speaking, but not good enough. When you factor in 4 years of these loans that take most many years to repay, then it becomes quite the burden for the average graduate. The total cost is quite the burden. A student borrowing $80k (20k/year) can pay $300k-400k+) over the life of the loan.
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