Quote:
Originally Posted by miked
My brother graduated in the early 2000s (maybe 2002), he had a rate of like 3% locked in while he was in school. As soon as he graduated, the company that held his loan sold it to a different servicer and they increased his rate to nearly 10% saying he did not have a long credit history (no shit). After years of paying it and fighting, he finally got them to reduce it to like 7% if he accelerated and paid it off in 2 years or something.
Mine was like 4% and I got deferrals while I was in grad school, and then paid it off as soon as I could. Hard to do when you are making $15k as a grad student and then $35k as a postdoc for 4 more years after that.
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Changing rates seems pretty shady, especially for one who hadn't missed a payment.