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Old 05-08-2012, 05:14 PM   Topic Starter
Direckshun Direckshun is offline
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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.
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Old 05-08-2012, 05:16 PM   #2
Chocolate Hog Chocolate Hog is offline
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This should lower the cost of an education long term.
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Old 05-08-2012, 05:19 PM   #3
J Diddy J Diddy is offline
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Quote:
Originally Posted by Bo's Pelini View Post
This should lower the cost of an education long term.
How does doubling my interest factor into that equation?
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Old 05-08-2012, 05:33 PM   #4
Chocolate Hog Chocolate Hog is offline
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Originally Posted by J Diddy View Post
How does doubling my interest factor into that equation?
Because lower interest rates have done nothing schools continue to raise rates.
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Old 05-08-2012, 05:35 PM   #5
J Diddy J Diddy is offline
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Originally Posted by Bo's Pelini View Post
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?
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Old 05-08-2012, 05:37 PM   #6
Chocolate Hog Chocolate Hog is offline
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Quote:
Originally Posted by J Diddy View Post
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.
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Old 05-08-2012, 06:25 PM   #7
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Quote:
Originally Posted by J Diddy View Post
and how does doubling my interest rate stop my school from raising their rates?
Colleges should stop gouging students and profiteering on education inflation. They should unilaterally cut tuition costs and forgive all outstanding debts for students who have paid more than 50% of the principle calculated by applying the total amount paid in both interest and principle to date against the initial loan.
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Old 05-08-2012, 05:19 PM   #8
J Diddy J Diddy is offline
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Old 05-08-2012, 05:19 PM   #9
vailpass vailpass is offline
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I'm sure there isn't any more to this story and that the OP is relating the situation in an unbiased manner.
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Old 05-08-2012, 05:23 PM   #10
J Diddy J Diddy is offline
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Originally Posted by vailpass View Post
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.
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Old 05-08-2012, 05:28 PM   #11
cosmo20002 cosmo20002 is offline
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Old 05-08-2012, 05:25 PM   #12
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We aren't encouraging people to borrow tens of thousands of dollars before they have jobs anymore? Oh no!
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Saul 2014
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Old 05-08-2012, 05:34 PM   #13
J Diddy J Diddy is offline
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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.
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Old 05-08-2012, 05:34 PM   #14
Chocolate Hog Chocolate Hog is offline
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Quote:
Originally Posted by Saul Good View Post
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.
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Old 05-08-2012, 05:44 PM   #15
vailpass vailpass is offline
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Quote:
Originally Posted by Saul Good View Post
We aren't encouraging people to borrow tens of thousands of dollars before they have jobs anymore? Oh no!
I'm in touch with that emotion for sure.

OTOH are there federal dollars spent on things that are far less important than the education of our nation? Do we make education a thing only obtainable by those whose parents can afford to buy it for them?

Can't we look at funneling some federal $ away from non-critical programs both domestic and abroad, look at working with states to keep state university tuition as a viable option, look at revamping the student aid program to make it more merit based (e.g. grades, field of study, etc. as criteria for aid qualification)?

How many things are we spending big $ on that are more important than educating that percentage of our population who are interested and qualified in obtaining higher education?
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