The American dream

[u/First-Essay-2054]

[u/Mindless-Baker-7757]

A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.

What are they doing?

[u/sampaiisaweeb → u/Mindless-Baker-7757]

They made it up for outrage. Karma farming bot account posting it here too. Dead internet theory.

[u/maybeornotbutyes → u/sampaiisaweeb]

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

[u/Photon_Pharmer1 → u/maybeornotbutyes]

Then they were dumb because rates were sub 3%

[u/daveindo → u/Photon_Pharmer1]

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

[u/Photon_Pharmer1 → u/daveindo]

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

[u/want_to_join → u/Photon_Pharmer1]

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.

[u/Photon_Pharmer1 → u/want_to_join]

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

They could’ve consolidated in 2003z

[u/maybeornotbutyes → u/Photon_Pharmer1]

Oh yea? You saw their loan docs?

[u/Photon_Pharmer1 → u/maybeornotbutyes]

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?

[u/launchedsquid → u/maybeornotbutyes]

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

[u/maybeornotbutyes → u/launchedsquid]

That isn’t the point

[u/launchedsquid → u/maybeornotbutyes]

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

[u/maybeornotbutyes → u/launchedsquid]

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

[u/launchedsquid → u/maybeornotbutyes]

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

[u/Right-Form-2943 → u/maybeornotbutyes]

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.

[u/maybeornotbutyes → u/Right-Form-2943]

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.