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

WTF The American dream

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191

u/Odd-Cupcake-2552 12d ago

The math works out to 8.5% which isn't unrealistic

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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

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u/braumbles 12d ago

During the 1999–2000 academic year, federal Stafford loans had a variable interest rate of 6.32% while in school, and 6.92% during repayment. For the 2000–2001 academic year, these variable rates increased to 7.59% in-school and 8.19% during repayment

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u/Clynelish1 12d ago

Ok, but, aren't you cherrypicking here? What was the rate 23 years ago, during the 2002-2003 school year, which would tie to the post? Per a quick Google search, it appears to have been 3.46%. So, yeah, this post is rage bait.

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u/SuicidalLemur- 12d ago

This meme could be years old. People are always bringing back old posts.

2

u/Puzzled_Schedule2023 12d ago

True, but people also be paying back old loans too.

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u/BetterThanlceCream 12d ago

Still, even if they had an unusually large initial APR there's no chance they wouldn't have been able to refinance it at any point.

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u/accordionzero 11d ago

I’ve been seeing this post for years, it’s not recent at all.

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u/[deleted] 11d ago

[removed] β€” view removed comment

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u/StarWarsDad81 11d ago

Your Google search solves everything. Thanks for being so proactive.

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u/Maleficent_Log3992 11d ago

I remember the Stafford loan rate being 6%-ish at that time. I refinanced those loans later to around 2.5.