Ooh Goodie

S

Satchel

2,500+ Posts
Senate Republicans filibustered the bill that would prevent student loans interest rates from skyrocketing.

Good deal.
 
Students need to be a little smarter about how the go about college. For a debt of 20K this makes a difference of about $650 per year. That should be manageable.

If the student is electing to, and the government is supporting students, taking on bigger student debt than this....They both need to rethink their strategies. Maybe, these students should spend a year or two working and saving BEFORE they jump into the debt pool.

If you don't have the cash to go to a four year college, live at home, knock out 1-2 years at ComCollege and then move to big time U.

Better yet, take advantage of the dual credit courses offered by many high schools now.

Join the service. let them pay for you.

Take 15 hrs per semester and get out early. save on room and board.

Several strategies for the student and families (that don't involve increasing our debt AGAIN)
 
The student loan issue is interesting and is not served well by election year politics. If gov't makes it easier to obtain student loans or decreases the cost of student loans, universities and colleges will have an easier time raising prices. Thus, lowering interest rates (which in theory I am for) will cause an increase in the cost of college for both students dependent on student loans and students who are not dependent on student loans.

One of the big problems for the young today and their parents is the cost of education. This cost is increasing way faster than inflation and at a time when working family wages are stagnant. One of the main reasons for the rise in costs is that the government guarantees that student loans are repaid and unlike other forms of debt must be repaid in full even if the individual declares bankruptcy. This dynamic which leads to the rapidly rising cost of education needs to change and college needs to be more affordable.
 
I didn’t realize student loan interest was given to the government. All my student loans are held by private banks, and I assumed the government only “secured” the debt against default.

The government makes a profit off our student loan debt? Do they share that profit with lending institution and at what rate? The state makes profit from my payment and the fed does, too?
 
Please. Don't get it twisted. There was nothing noble about the GOP's obstruction. Republicans objected because Democrats wanted to close a tax loophole to fund the plan,

Read more here:The Link
 
The House already approved a plan so the Senate could just approve that one and get the deal done if they truly wanted to get a deal done.
 
It was the Ds who passed the legislation with this increase in loan rates to begin with.

Frankly, we have about 50% more people than our society needs attending college and wasting their time getting college degrees in, say women's studies, just to take one example - or in whatever the hell Satchel's diploma says to take a second. What we need are more opportunities for kids to begin learning a skilled trade during high school if that's what they prefer, rather than assuming that all kids need to go to college. Many college diplomas are about as valuable as used toilet paper, but they tend to come with $100K worth of debt attached to them. The answer isn't to piss and moan about loan rates, it is to question the necessity and efficacy of incurring the loans in the first place.
 
Sangre - I remember an Occupy Wall Street protester bitching about how she had a college degree and couldn't find a job. Major - something like Middle Eastern Literature (I'm making that up - can't remember what her major was, just something relatively useless like that.)

You want to slap her and say "Seriously??? You thought you could find a job with that major??? You took out student loans to pay for a degree with no real future??? Geez. Just because you can go to college doesn't mean you should or that it will get you anywhere."
brickwall.gif
 
It is a farce that tax changes would pay for it. We have a deficit of $1.5 trillion annually. If an increase in revenue occurs, the money should mostly go towards decreasing the current deficit and national debt. New programs only makes the debt problem worse.
 
Was a long time ago, but my school loans were fixed rate with Bank One.

Are they signing variable rate school loans? Maybe we just consider a teaching simple finance in high school?
 
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