At 6.8% it’s till cheaper than what I had to pay. So anyone who is crying about the higher rate can KMLWA.
I heard about two morons this morning who borrowed for a worthless degree. One was a guy who borrowed $180,000 to get a degree at Berkley for “Bass Guitar”. Better yet his parents co-signed. He was lamenting about the depression he feels only making $7 an hour and cannot payback.
The other was a girl who borrowed over $240,000 to get a degree in photography. WTF?
I totally agree that the onus lies on the borrower and on Sallie Mae for loaning the money but there is another factor. Why are degrees costing that much at some of these schools? All things equal I don’t place much more value on a degree from an ivy league school over a school such as a major state university. It might open a few doors but only if you are already in that circle of blue-bloods.