Quote:
Originally Posted by Rick Lee
How so? Where else can you get a six figure signature loan with payments deferred for several years without having to demonstrate any ability or even willingness to repay it? I think student loans should be more expensive than credit cards. At least with credit cards, before getting a huge credit line, you usually need some credit worthiness and underwriting. With student loans, you can study basket weaving and stagecoach design for as many years as you want and you'll never get turned down for more loans.
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7% is loans sharking in my mind. 4-5% would still be a great profit for the lender and would make it more manageable for the borrowers.