With student loans now the second-largest source of debt in US households and the student-loan-debt rate growing faster than all other sources of borrowed money, one may argue the last thing college students need is somebody else offering up-front cash for principal and interest down the road.
But hey, a kid’s gotta get to the Rose Bowl, right?
The Michigan State Federal Credit Union, responding to a football team that just won the Big Ten and made the Rose Bowl, coupled with a student body strapped for cash and looking to get to Pasadena, Calif., is offering a "Bowl Loan" with an interest rate as low as 6.9 percent for 18 months to help fans get to the big game against Stanford on Jan. 1.
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The loans must be at least $1,000 and come with no prepayment penalties. So, in theory, this one shouldn’t break the bank.