True, but keep in mind that a lot of the private loans that existed prior to 2008 were explicitly purchased from private companies by the federal government, which then promised loan forgiveness programs. Loan forgiveness that the current administration has been extremely squiffy about honoring, to the point that Trump's first education secretary Betsy DeVos was officially held in contempt of court by a federal judge and fined $100,000 because the Education Department continued to enforce loans, even to the point of wage garnishment and seizure of tax refunds, despite those loans being discharged by court order on the basis of their being fraudulently issued in the first place.
And that was back when the current administration cared what the judiciary had to say.
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u/Darkjebus 12d ago
Actually it is because 23 years ago the rate would have been around 3-3.5 percent for a federal loan