Why aremy student loans at 7% when others are paying 2-3-4 percent? (payment, credit)

[Lowexpectations]

Originally Posted by freemkt

So why can't I refi to get the same lower rate they're getting?

Why can't you get paid what I get paid? It's not fair

[Pitt Chick]

Originally Posted by Jeo123

No one is "changing the rules in the middle of the game." Your complaining is like complaining that a mortgage interest rate isn't the same today as it was 10 years ago. The rules are EXACTLY the same and always have been. You agreed to a rate. You pay the rate. End of story.

Exactly!

[freemkt]

Originally Posted by Lowexpectations

Why can't you get paid what I get paid? It's not fair

Apples and oranges.

B's lower mortgage rate does not stop A from refinancing his mortgage at a lower rate.

[Jeo123]

Originally Posted by freemkt

So why can't I refi to get the same lower rate they're getting?

Because lenders aren't required by law to offer a refi option, especially to refinance money that you borrowed from them to begin with. Suddenly requiring that would be changing the rules in the middle of the game.

If you can find someone offering a lower rate, you can definitely refinance. But no one is obligated to offer you one.

[mizzourah2006]

Originally Posted by freemkt

Reading these forums I see a lot of people with student loans in the neighborhood of 2-4 percent interest.

Mine are at 7 percent.

What's up with that?

Check out SOFI. I know a lot of my friends that went to law school are using that and drastically reducing the interest rates on their loans.

BTW, mine were 6.7%, which is why I paid them off immediately.

[freemkt]

Originally Posted by Lowexpectations

The rules weren't changed in the middle of your game. Your rules stayed the same and people playing in another game had a different set of rules.

Same game, different year. Baseball players in 2015 play the same game that was played in 1915.

[Pitt Chick]

Originally Posted by freemkt

Same game, different year. Baseball players in 2015 play the same game that was played in 1915.

And their contracts are not the same.
Comparing student LOANS to elite athlete paychecks is quite ridiculous, don't you think?

[ringwise]

Originally Posted by freemkt

I hate when government changes the rules in the middle of the game. I signed up for the same interest rate as other borrowers, not a rate 2-3 times as high.

Me too. I had to pay capital gains on a home I sold, then the govt changed the rules and if I'd waited 2 years, I would have been able to keep that money.

It's called life. Deal with it.

[ringwise]

Originally Posted by freemkt

Apples and oranges.

B's lower mortgage rate does not stop A from refinancing his mortgage at a lower rate.

It does if A has crappy credit, and can't refi. Isn't that really the situation here?

Although I'm pretty sure that both mortgages would have been paid off by now. After all, it's been 30 years since the original loan.

[Threestep2]

Originally Posted by freemkt

Apples and oranges.

B's lower mortgage rate does not stop A from refinancing his mortgage at a lower rate.

Nobody stops you from using other financing to pay off your student loans.