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-   -   Economics July 1st: Federal student loan rate doubles. (http://www.chiefsplanet.com/BB/showthread.php?t=259333)

Direckshun 05-08-2012 05:14 PM

July 1st: Federal student loan rate doubles.
 
The Senate attempted to vote today to prevent that from happening. They were going to keep their vote revenue-neutral by closing a particular tax loophole used by the very wealthy.

It was blocked, by Republicans.

I didn't see a thread up about this. I just figured we needed to know about it.

Our students are doing exactly what Republicans and conservatives want them to -- they are proactively doing what they can to make life better for themselves by getting an education.

We're potentially rewarding them for their efforts by doubling what they will have to pay back, in order to protect a loophole for millionaires.

The Republican Party, theoretically for pulling yourself up by your bootstraps. Theoretically for simplifying the tax code. Is violating both principles, it seems, with their actions today.

We've got a couple months. Maybe things change soon.

Chocolate Hog 05-08-2012 05:16 PM

This should lower the cost of an education long term.

J Diddy 05-08-2012 05:19 PM

Yeah, it kind of ****s me.

vailpass 05-08-2012 05:19 PM

I'm sure there isn't any more to this story and that the OP is relating the situation in an unbiased manner.

J Diddy 05-08-2012 05:19 PM

Quote:

Originally Posted by Bo's Pelini (Post 8602694)
This should lower the cost of an education long term.

How does doubling my interest factor into that equation?

J Diddy 05-08-2012 05:23 PM

Quote:

Originally Posted by vailpass (Post 8602704)
I'm sure there isn't any more to this story and that the OP is relating the situation in an unbiased manner.

There pretty much isn't.

Saul Good 05-08-2012 05:25 PM

We aren't encouraging people to borrow tens of thousands of dollars before they have jobs anymore? Oh no!

cosmo20002 05-08-2012 05:28 PM

If you want a college education, you are a snob. You think you're better than me?

--Rick Santorum - BA, MBA, JD

mlyonsd 05-08-2012 05:32 PM

If the dems are so worried about student loans maybe the senate should just vote in the house version that passed in April that does the same thing.

Chocolate Hog 05-08-2012 05:33 PM

Quote:

Originally Posted by J Diddy (Post 8602705)
How does doubling my interest factor into that equation?

Because lower interest rates have done nothing schools continue to raise rates.

J Diddy 05-08-2012 05:34 PM

Quote:

Originally Posted by Saul Good (Post 8602724)
We aren't encouraging people to borrow tens of thousands of dollars before they have jobs anymore? Oh no!

You think that's going to discourage them? It's just going to make it harder to pay back.

Chocolate Hog 05-08-2012 05:34 PM

Quote:

Originally Posted by Saul Good (Post 8602724)
We aren't encouraging people to borrow tens of thousands of dollars before they have jobs anymore? Oh no!

Exactly. Student loan debt has passed credit card debt.

J Diddy 05-08-2012 05:35 PM

Quote:

Originally Posted by Bo's Pelini (Post 8602755)
Because lower interest rates have done nothing schools continue to raise rates.

and how does doubling my interest rate stop my school from raising their rates?

Chocolate Hog 05-08-2012 05:37 PM

Quote:

Originally Posted by J Diddy (Post 8602763)
and how does doubling my interest rate stop my school from raising their rates?

Less people will be going to college thus creating a lower demand.

J Diddy 05-08-2012 05:39 PM

Quote:

Originally Posted by Bo's Pelini (Post 8602768)
Less people will be going to college thus creating a lower demand.

Well that's a brilliant solution. Take away the opportunity.


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