When I was going to college in fall of 1989, I explicitly remember my dad stating to me when discussing taking out a student loan......"You should take out as much as you can because you are never going to get $$ at that low of an interest rate in the future."
The interest rates for student loans was at 8% at that time. Ha!
Insane. I consolidated my law school loans before I graduated because there was a deal back then where if you paid THREE payments on time and did auto deduct your rate was 1.625%. I got it on a 20 or 25 year plan and it was like $200 a month. My wife finally made me pay it off because she got sick of seeing the money going out of the account and didn't trust my plan to YOLO the amount on AIG stock. I remember taking the payoff letter to work and showing the kids who graduated a few years later. Man, those kids got fucked. Commissar Obama had changed the student loan program so that the entire loan base was designed to subsidize anyone who earned below a certain amount so the low earners didn't have to pay back their loans at all. The rate was 6.8%. There was one kid who went to University of Chicago who had a $270k principal on his loans just from law school. At 6.8%. I can't fathom the level of desperation that would create. So of course I showed him my payoff letter and told him awesome Dubya was.