[somehnguy]

I would *love* to know how you think I 'screwed up' as a high school kid who applied for and accepted the only college loans that were approved. My parents and I went to the planning workshops to prepare for college, we filled out the endless forms, we jumped through all the hoops. That is what I got.

It seems that a whole generation must have screwed up as well - because I am far from a unique case here. The constant talk of student debt forgiveness, default rates, and tuition costs must all just be about nothing then, my bad.

What an absurd comment.

[b9a2cab5]

> constant talk of student debt forgiveness

This is mostly because a lot of people got useless degrees that don't result in high paying jobs, not because of some intrinsic cost of education. The number of STEM degrees awarded [1] is far outstripped by non-STEM degrees in both number of degrees awarded and growth rate [2].

I am merely saying the current private student loan rate is 3-5%. It is not possible for substantial interest to accumulate at that rate, particularly if you factor in inflation (6.8% YoY this month...)

[1]: https://www.nsf.gov/nsb/sei/edTool/data/college-14.html [2]: https://nces.ed.gov/programs/digest/d12/tables/dt12_310.asp

[somehnguy]

Are you under the false impression that the majority of people taking loans for college only utilize government provided ones? I don't believe that to be true, everyone I know (including myself) had to utilize private providers such as Navient (SallieMae) or others to cover college tuition. That is where the insane interest rates come from and aren't reflected in your data of 3-5% rates.

Them being 'private' loans is a bit misleading as well, as they are technically backed by the government, as far as even bankruptcy will not remove them. Navient is just the servicer & middleman to collect the profits. It's more complicated than this of course but that seems to be the gist of it.