Re:Regulators Shut Down Lending Platform (YC Alum) LendUp
by dragonwriter on Wednesday December 22, 2021 @11:45PM
(#29658741)
> Federal Plus loans were 8.5% until that program was shut down in 2010.
Federal PLUS loans were never shut down, are still available [0]; what was shut down was non-Direct federal loans, including the non-Direct PLUS loans, which had a higher interest rate than Direct PLUS loans. [1]
[0] https://studentaid.gov/understand-aid/types/loans/plus
[1] scroll down to “Interest Rates on Federal PLUS loans” which shows historical direct and non-Direct (FFEL) rates: https://www.savingforcollege.com/article/historical-federal-...
Re:Regulators Shut Down Lending Platform (YC Alum) LendUp
by bredren on Thursday December 23, 2021 @07:14PM
(#29668222)
Thank you for clarifying this.
Re:Regulators Shut Down Lending Platform (YC Alum) LendUp
by gambiting on Thursday December 23, 2021 @02:56AM
(#29659669)
Yeah, that's insane level of interest. My own student debt here in UK has the interest rate of 1.1%. I've just remortgaged our house at 1.29%, and our car is on 4% finance. All standard deals, nothing crazy. 7.9 or even 6.3% interest on the student loans that Americans get would be ruinous.
Re:Regulators Shut Down Lending Platform (YC Alum) LendUp
by rocqua on Thursday December 23, 2021 @03:37AM
(#29659890)
Dang those rates are crazy.
In the Netherlands, students loans are guven by the state. The interest rate is legally set to a mix of government bond interest (10 and 5 years). They included a clause that the interest never goes negative.
Federal Plus loans were 8.5% until that program was shut down in 2010. [0][1]
Graduate Direct Subsidized and Subsidized Federal loan rates were 7.9% from 2006-2013 and have not dropped below 6.3% since. [1]
[0] https://en.wikipedia.org/wiki/Federal_Family_Education_Loan_... [1] https://www.finder.com/federal-student-loan-interest-rates-b...