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Comment Re:Credit Scores Big Part - also Compounding (Score 1) 330

Someone with lower credit (~600 or under) easily gets a "penalty" of >10%.

It's not a penalty, it's a higher charge because people with lower scores are more likely to default on their loans.

If you are a young then your score relies heavily on your parents, and while the young person may have done nothing wrong personally, they immediately start life with a lower credit score because of the parents' mistakes.

This is completely false. Your credit has nothing to do with your parents. Your loan rates will have nothing to do with your parents UNLESS they cosign a loan for you. When you start out, you simply have no credit record, and yes, that means you're viewed as riskier.

Also, the key word is compounding interest.

Thanks. I first unlocked the mysteries of compound interest in elementary school. It's not as nefarious as you think.

The on-paper rate might be 15-20% or even lower, but since the interest is then added to the balance when calculating the next interest payment, you're paying interest on interest, making the effective rate numbers like 30% or higher. So even if you pay all of your minimums, the interest can still go up!

A 15% APR compounded daily is 16.1798% effective. 20% is 22.1336%. What you're describing has nothing to do with compounding, it's called negative amortization. I often think that should be illegal.

My wife had a private loan that compounded daily.

This is actually pretty normal, and as I posted above, doesn't have a huge impact on loan rates. Personally, I don't think anybody's trying to screw anybody here, it's a pretty natural consequence of figuring out how to charge interest. If I charge you X% at the beginning of the year, I'm charging you for a full year of borrowing money when you don't borrow all of that money for a full year. You pay some back each month. I can charge you 1/12th of the interest every month (compounding monthly), but not all months have the same length, so that's not quite right. The thing that works and is always correct is compounding daily.

There's even a thing called continuous compounding that reduces that compounding interval to zero, but it doesn't have much effect at all on the rate. 15% compounded continuously is 16.1834% vs 16.1798% for daily compounding.

Predatory lending is definitely a thing and should be stopped, but predatory schooling is the problem in this case. Institutions that offer valueless degrees while lying about the value of those degrees for a lot of money are a problem. Lenders, federal or commercial, who give people money to spend on valueless degrees with no regard for whether they'll get the money back are a problem, too, and should be stopped. Yes, that means some people aren't going to college, but that beats the heck out of sending those people to college for $100,000 that isn't actually worth $100,000.

Comment Re:Yes, there are plenty of them (Score 1) 330

We've been gutting education funding for 20 years. This is the result. College really is un-affordable for some.

Yes, it's not affordable for some, including my own kids. It's not because we've been gutting funding, though. It's because prices have been increasing stupidly faster than inflation with no real justification. Part of the problem is actually that we keep throwing money at the problem. We need to start saying "NO!" to colleges that want $50,000/year in tuition, and even $20,000 IMO. The solution isn't finding more of someone else's money. It's asking why it costs so much in the first place, and fixing it.

Comment Re:I find this hard to believe (Score 1) 330

You do realize thats not 29% apr right?

Nope, I don't know that. That's what he said.

- repaying 70k over 30yr @ ~8.8% interest (total repayment ~200k)

That's plausible. The highest I paid for a student loan was 6.8%, but I can see somebody paying 9. In that case the statement in the article, "he now owes more than $200,000" is false. He'd owe 98k, assuming he hasn't paid back anything yet.

Comment Re: I am? (Score 3, Informative) 219

People think that downloading is legal because people don't get prosecuted for it. The truth of the matter is that downloading is hard to prosecute. The MPAA would need to either operate a honeypot or get access to a torrent server's log files to get a list of IP addresses. Then - for each one - they'd need to get a court to agree that the ISP needs to turn over the information. Finally, they would sue the individual. However, all of this effort would likely be for a single count of copyright infringement. ("He downloaded this ONE movie and that's it.") It's a waste of the MPAA's resources and even they know it.

Thus, they go after the uploaders. Not only do you get multiple counts of infringement for one individual ("he shared a thousand files") but removing the large uploaders leaves the downloaders with nothing to download. (In theory.)

The big trouble downloaders get into is when they don't realize that their software is uploading as well. They think that they're invisible when, in reality, they're telling everyone what they're up to.

Comment Re:So long... (Score 2) 208

Akamai is present at practically every internet exchange, and peers with basically anyone.

I'd speculate that's exactly what they're talking about. Building and maintaining that infrastructure isn't free. If you have one guy using up X% of it, it's pretty reasonable to start thinking that the cost of serving that one guy is X% of your ongoing infrastructure costs.

So, did Krebs personally cost them a ton of money? Probably not. Would he if they committed to keep serving him AND that sort of traffic load continued? Yes.

Comment Re:"it was used for children's writing exercises" (Score 3, Insightful) 235

Atheism is no more a religion than an empty glass contains a kind of beer.

What I detest is asshole, self described 'atheists' who have the need to inform religious people that they are stupid for believing in fairy tales and having faith.

I tend to leave religious people strictly alone, so long as they aren't harming or advocating harming anyone else. I think the notion of believing in a religion, and especially an afterlife, would be very comforting. Certainly, a lot of my extended family find it so. Really, the only time I ever want to argue against religion is when people use it as a weapon against others.

Comment No, what I need is billing simplicity. (Score 1) 222

That's why I prefer unlimited data. It's not because I plan on consuming unlimited amounts of it, but I do want to be able to go to work, plug in the headphones, and not have to think about my data plan when I decide if I want to stream music or listen to music I already bought.

Companies can make up what I "need", but the bottom line is that if your competitor offers a service that makes me happier, as in same quality and I never have to think about billing again, then I'm not your customer anymore.

Comment Re:Good news for me (Score 3, Informative) 181

I was in the market for a new laptop a few years back. Lenovo had a good deal so I ordered it. They said the laptop would be ready to ship in 2 weeks. A day or so before the 2 week mark, they told me it would be delayed to 2 months. To ship it, mind you. It would take an additional week to actually get the laptop.

I called for an explanation and all they would say was that they were waiting on a shipment of some part. (They wouldn't say what part - just that it was a part.) I said I wanted to cancel the order, but they insisted I couldn't cancel it outright but could request to cancel the order. However, if the laptop shipped before the cancellation request was processed, they told me, I'd be charged for the laptop. I had them submit the form to cancel and ordered a Toshiba.

Luckily, they actually cancelled my order. Meanwhile, my Toshiba laptop was assembled, shipped, and arrived in under 2 weeks - before Lenovo cancelled the order and way before they claimed they would have shipped the laptop. I'd highly recommend steering clear of Lenovo.

Comment Re:You folks in the US are getting scammed (Score 1) 209

Yep. I got a notice today, in fact, from Verizon that I was nearing my cap and that it'd be $15/GB over unless I paid $20 to go to the next tier.

I really don't get why they're crowing about faster and faster speeds, 5G, and the like. It's just a recipe for blowing through your plan allowance faster.

Comment Re:It begs to say... (Score 2) 140

Many, many years ago, my company rolled out its first Intranet. Not all staff were able to use computers during their jobs so we set up a kiosk in the cafeteria (a very public area) to let them look up information on their lunch break. On an almost weekly basis, I would be called down to the cafeteria because the kiosk was showing pornographic pop-up ads. (This was before my company installed a web filter.) Needless to say, some night staff member was using the computer to browse porn sites and kept agreeing to install browser toolbars from the sites. It's amazing that we didn't get any virus infestations into our network from the kiosk - just spyware. The kiosk idea was soon scrapped because the work required to keep it spyware-free wasn't worth it.

(Like I said, this was many, many years ago. Were I to do something like this nowadays, I'd know dozens of different ways to lock the device down so that the users wouldn't be able to do what they did to that kiosk.)

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