Posts:
4,682
Registered:
3/4/08
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Why are home loans 6% and Student Loans 8.5% ?
Posted:
Oct 21, 2009 7:41 PM
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> A spokeswoman for the Department of Education blamed Congress for the rates which she conceded 'may seem high today,' but suggested that students are a credit-unworthy lot who should thank their lucky stars that rates aren't 12% or higher.
The spokeswoman is full of sh_t. If you default on student loan the IRS can garnish your wages. This means a student loan is far more secure than a home loan. A home can lose value, or you can go bankrupt. You can not avoid student loan repayments even though bankruptcy.
> federal student loans are the only loans in the nation that are largely non-dischargeable in bankruptcy, have no statutes of limitations, and can't be refinanced after consolidation
> And unlike mortgages on million-dollar vacation homes, student loans have very limited tax deductability.
http://news.slashdot.org/story/09/10/18/2356226/Student-Loan-Interest-Rankles-College-Grads
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Posts:
651
Registered:
7/28/08
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Re: Why are home loans 6% and Student Loans 8.5% ?
Posted:
Nov 4, 2009 12:37 PM
in response to: walterbyrd
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You gotta be insane to pay your own money for grad school (with the exception of few fields)
And taking loans to pay for your undergrad does not make any financial sense anymore
it's over folks
it's far better to be unemployed with no degree and no debt than unemployed with a degree and 80K in student loans
The great american educational system is'n worth sh1t anymore
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Posts:
126
Registered:
2/15/08
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Re: Why are home loans 6% and Student Loans 8.5% ?
Posted:
Dec 11, 2009 1:49 AM
in response to: fatalist
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> You gotta be insane to pay your own money for grad
> school (with the exception of few fields)
>
> And taking loans to pay for your undergrad does not
> make any financial sense anymore
>
> it's over folks
>
> it's far better to be unemployed with no degree and
> no debt than unemployed with a degree and 80K in
> student loans
>
> The great american educational system is'n worth sh1t
> anymore
LOL Someone clearly couldn't hack it in college
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Posts:
869
Registered:
3/8/08
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Re: Why are home loans 6% and Student Loans 8.5% ?
Posted:
Dec 11, 2009 2:42 PM
in response to: nixuru
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LOL Someone clearly couldn't hack it in college
Why? He's right. Tell that to the millions of grads this decade who are unemployed and haven't seen wage increases that come anywhere near covering the increased replacement cost of education.
Tell that to all the tech grads of this decade who have seen all their work offshored to H1-B's, send out thousands of resumes and applications, and are merely told that they're either 'underexperienced', or magically, "overqualified".
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Posts:
651
Registered:
7/28/08
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Re: Why are home loans 6% and Student Loans 8.5% ?
Posted:
Dec 16, 2009 2:14 PM
in response to: nixuru
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LOL
I had 3.9 GPA all the way to my PhD from one of the top private US universities
Didn't save me from being unemployed for over 6 months 10 years ago
Like I said, the great american educational system isn't worth sh1t anymore
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Legend
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Helpful Answer
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Correct Answer
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