[–] 1 point 2 years ago (1 child)

The biggest differences are that the interest rate is so jacked up, there's no actual end date for the loan, and there's little regard to the person's ability to pay the loan back when getting it.

They're more akin to sub prime mortgages than regular mortgages or auto loans in that last respect which were insanely predatory

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  • [–] 6 points 2 years ago (3 children)

    Most of these loans are interest paying first. Which means the principle (which the interest is being calculated from) doesn't go down. No other major loan is this fucked.

    You get a car loan or mortgage, it's set up so that you pay it off in X number years.

    Good luck finding a student loan that you could do that with, especially when 75+% of your income goes to rent.

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