Patrick Thomas
speaker
995 appearances
15 recordings
1 series
first heard Jul 2018
last heard May 2024
Patrick Thomas’s voice in public audio — every appearance, attributed to the second.
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Appearances
And there's a couple reasons for that in terms of students going to Harvard only took out like $41,000 in federal loans.
And
There's a variety of reasons of why that is, including the data we look at only accounted for federal loans, and they only wanted to take out a small number at the best interest rate.
A lot of the top schools have students going there who are very savvy about the interest rate they're getting on their debt.
So naturally, they found ways to make it look a lot lower.
They maybe have more savings if they come from an affluent background in finance or consulting.
They're going to have a decent amount of savings.
There's a couple of different factors that go into that.
The federal government allows graduate students to take out a fixed amount of relatively low-interest loans.
They can do that for about a little more than $20,000 annually, so for a two-year MBA, that comes out to about $10,000.
about $41,000 for two years.
That's a very popular option for those who want some of the lower ones.
And if they need more money, they can always turn to the grad plus loans.
And those have no cap on the amount that you can borrow.
They have a little bit of a higher interest rate, around 7%, but there's no cap on the amount you can borrow.
So if you need to borrow $100,000 to $150,000, that's the way you do it if you don't want to go into the private loan market.
There is a smaller, about 10%, that
that do rely on more private loans, especially at top schools, because they think they can get better interest rates because they might be from a more affluent background, have more work experience, better credit rate, and they can get a loan for about 2% to 3% as opposed to the grad plus program, which is more around 7%.
So MBAs at top schools, they're pretty good at finding ways around high interest rates and giving themselves the most manageable debt load and make their numbers look better just by
By using all kind of these tricks and mixing and matching loans.
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