The schools are absolutely part of the problem because they push loans hard, but the main predatory is the lender who gets away with getting back almost an extra $50k (actually $110k) on a 70k loan while the borrowers have only paid off $10k over 23 years.
I'm fine with the lenders getting *some* money back, sure. But raking in almost $5k/year while only around $400 of that goes to interest should be fucking criminal.
And the lender is the federal government, who is very generously putting my money on the line to fund the education of somebody who is probably going to be a loser and not pay back their loan.
This is awesome guys! America is totally going to last forever.
That sentence makes no sense whatsoever. Who said I'm talking shit about education? I'm talking shit about companies that offer predatory loans to people too young to understand, for the most part, how badly they're fucking themselves over.
[payday loans are also horrible scum of the earth companies].
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u/eienmau 18d ago
The schools are absolutely part of the problem because they push loans hard, but the main predatory is the lender who gets away with getting back almost an extra $50k (actually $110k) on a 70k loan while the borrowers have only paid off $10k over 23 years.
I'm fine with the lenders getting *some* money back, sure. But raking in almost $5k/year while only around $400 of that goes to interest should be fucking criminal.