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Political Discussion
Reply to "involuntary collections of student loans"
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[quote=Anonymous][quote=Anonymous]Just a reminder that all of you complaining about the interest rate of student loans have Obama to thank for that. Prior to the government taking over the student loans, the interest rate was much lower. The government needs to get out of the student loan business. [/quote] Prior to Obama, there were few income-based repayment options. Private banks underwrote and serviced the loans; this led to many predatory practices. Moving to direct loans from the federal govt to the students eliminated a lot of rent seeking middle men. Banks also couldn't wait to get out of student loans - default rates are high, its an unsecured loan. The rates were only low with banks because it was just after the financial crisis and the Fed dropped rates to zero. [/quote]
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