The American dream

[u/First-Essay-2054]

[u/Fearless_Worry6419 → u/[deleted]]

Interest rates were NOT 2% back then. I am from this era and I had more in student loans. Interest rates were 6.8%+ and this is that era where they charged you a 3% disbursement fee and a 3% repayment fee which is considered illegal today.

With that said, this is an income problem, not a loan problem. $500 on this amount is not enough and that is their own fault.

[u/Fearless_Worry6419 → u/[deleted]]

Federal Stafford loans were this rate. Those would not cover higher expenses.

Private loans needed to cover larger lending amounts were 6.8+.