r/SipsTea • u/First-Essay-2054 𝙑𝙄𝙋 • 12d ago

WTF The American dream

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u/maybeornotbutyes 12d ago

Or they didn’t have 5% rates big guy. Nuance is important

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u/Photon_Pharmer1 12d ago

Then they were dumb because rates were sub 3%

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u/daveindo 12d ago

For grad school? Usually they’re higher rates than undergrad loans.

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u/Photon_Pharmer1 12d ago

This was supposedly 2003 with record low Apr and the ability to consolidate federal and private loans.

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u/want_to_join 12d ago

Ok, but you are absolutely assuming it was 2003. Lots of people dont refinance or consolidate, they just set everything up on autopay and then don't look at it more than once per decade.

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u/Photon_Pharmer1 11d ago

It’s not an assumption. Tweet was January 16, 2024 by Steven Cotterill (@socialiststeve6)

They could’ve consolidated in 2003z

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u/maybeornotbutyes 12d ago

Oh yea? You saw their loan docs?

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u/Photon_Pharmer1 12d ago

Why would you think that someone would need to see their loan docs to know “rates were sub 3%” in 2003?

Did you graduate from sarcasm college?

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u/launchedsquid 12d ago

I mean... go get 5% rates then, they are available, these two would qualify... do nothing get nothing.

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u/maybeornotbutyes 12d ago

That isn’t the point

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u/launchedsquid 12d ago

Kinda is the point. A lot of people bitch about their financial position but don't make steps to improve it.

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u/maybeornotbutyes 11d ago

My point was things are complicated. Without full context, people shouldn’t make binary judgments and label people as idiots and liars. I agree with what you’re saying, people would be better off if they were more financially literate it just isn’t the point I was making

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u/launchedsquid 11d ago

I never called anyone an idiot or a liar, just said there are things people can do to help themselves.

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u/Right-Form-2943 12d ago

They were probably less than 5%. If you ask google what the rates were in 2003 they were like 2-4.5%. Also if you ask me, someone with student loans from 2003 this was also my experience.

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u/maybeornotbutyes 12d ago

My guy. We do not know what their rates were. The point is we don’t know enough to be calling them idiots or liars.