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Old 05-08-2012, 05:14 PM  
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, 06:38 PM   #76
J Diddy J Diddy is offline
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Originally Posted by HonestChieffan View Post
Increasing the interest rate from what to what? And does that "double the amount they have to pay back"?

Perhaps they will consider the cost before they borrow more than is necessary. Or actually get a job while a student like many do so they don't have to borrow so much. Or complete a degree in 4 years.

Somehow I don't think this is a life altering issue.
It very well can be.
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Old 05-08-2012, 06:39 PM   #77
mnchiefsguy mnchiefsguy is online now
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No, now is now and the republican plan for actually paying for something without dumping money into a payroll tax, which, of course will be raided for something else later, makes sense.

Do you even know what part of Obamacare will get cut with the republican plan? The Prevention and Public Health Fund. The same Prevention and Public Health Fund the democrats wanted to raid for the payroll tax cut extension that passed this year.

Too funny.

Hey I'm for extending lower student loan rates. I just think we could easily find something to cut rather than raising a tax on someone that will eventually get raided by either/both parties.

I would support a budget cut to preserve the student rate.
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Old 05-08-2012, 06:39 PM   #78
Chocolate Hog Chocolate Hog is offline
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Originally Posted by J Diddy View Post
Kind of like the housing bubble? What caused the burst of the housing bubble? Balloon payments that people couldn't afford.

So your solution to solving a payment crisis is to up the interest?
People can't afford it now with low interest rates. Raising the interest rates would atleast help correct the bubble.
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Old 05-08-2012, 06:41 PM   #79
Chocolate Hog Chocolate Hog is offline
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I like Valipass idea of reform. Give student loans to certain majors on top of that I would add a kids performance throughout high school should be considered as well as if a student withdraws from a class he shouldn't be allowed to just keep the money.
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Old 05-08-2012, 06:42 PM   #80
J Diddy J Diddy is offline
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Originally Posted by Bo's Pelini View Post
People can't afford it now with low interest rates. Raising the interest rates would atleast help correct the bubble.
I disagree. It would lead to more default.
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Old 05-08-2012, 06:43 PM   #81
J Diddy J Diddy is offline
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Originally Posted by Bo's Pelini View Post
I like Valipass idea of reform. Give student loans to certain majors on top of that I would add a kids performance throughout high school should be considered as well as if a student withdraws from a class he shouldn't be allowed to just keep the money.
You aren't allowed to keep the money. You are given aid on a full time or half time basis. If you drop a class that moves you below full time you have to pay that back immediately.
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Old 05-08-2012, 06:44 PM   #82
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What I don't get is what is gained by doubling the interest rates making it that much harder to pay off student loans.

Also how is it that "for profit" schools are so bad because they actually make a profit but the supposed "not for profit" government subsidized state universities are so good even though they make money hand over fist. If they are not supposed to be making a profit then why are they skyrocketing tuition rates? Also where is the money that the major schools make off of athletics? Shouldn't they use it to lower tuition?

I was fortunate to earn my Bachelors without debt and I am currently working on my Masters without debt, but not all are as fortunate and I feel for their plight. They are being given an unfair start on their adult life by needing an education to succeed but being strapped with high debt to pay for it.
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Old 05-08-2012, 06:45 PM   #83
Chocolate Hog Chocolate Hog is offline
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Originally Posted by J Diddy View Post
You aren't allowed to keep the money. You are given aid on a full time or half time basis. If you drop a class that moves you below full time you have to pay that back immediately.
I didn't.
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Old 05-08-2012, 06:47 PM   #84
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Something should be done to protect students from this butt****ery.

The federal government handles all student loans now. They're in charge of it all. Most banks don't offer student loans any more.

Students say, "Okay, whatever. I guess I'm getting loans from the government now."

Government can't work properly, so it allows interest rates to get raised.

No amount of common sense decision making on the students' part could have prevented this. It wasn't foreseeable for a majority of them. A bunch of students started taking out college loans before Obamacare passed, and had no way of deciding if the interest rate increase was okay for them or not.

Government broke it. As much as it pains me to say this, they should buy it.
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I would read an entire blog of SNR breaking down athletes' musical capabilities like draft scouting reports.
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Old 05-08-2012, 06:48 PM   #85
J Diddy J Diddy is offline
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Originally Posted by Bo's Pelini View Post
I didn't.
Then it's your ****ing fault the bubbles bursting cock sucker.

They changed it because of dicks like you.
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Old 05-08-2012, 06:51 PM   #86
Chocolate Hog Chocolate Hog is offline
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Originally Posted by J Diddy View Post
Then it's your ****ing fault the bubbles bursting cock sucker.

They changed it because of dicks like you.
It's my fault because I dropped a class that UMKC would not give me credit when I transferred there? No that would be the counselors fault for not telling me.


You're another dumbass who the government wasted spending money on. Now everyone can see why this country is in bad shape.
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Old 05-08-2012, 06:52 PM   #87
J Diddy J Diddy is offline
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Originally Posted by Bo's Pelini View Post
It's my fault because I dropped a class that UMKC would not give me credit when I transferred there? No that would be the counselors fault for not telling me.


You're another dumbass who the government wasted spending money on. Now everyone can see why this country is in bad shape.
Dude i was kidding I forgot the
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Old 05-08-2012, 06:53 PM   #88
Chocolate Hog Chocolate Hog is offline
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Originally Posted by SNR View Post
Something should be done to protect students from this butt****ery.

The federal government handles all student loans now. They're in charge of it all. Most banks don't offer student loans any more.

Students say, "Okay, whatever. I guess I'm getting loans from the government now."

Government can't work properly, so it allows interest rates to get raised.

No amount of common sense decision making on the students' part could have prevented this. It wasn't foreseeable for a majority of them. A bunch of students started taking out college loans before Obamacare passed, and had no way of deciding if the interest rate increase was okay for them or not.

Government broke it. As much as it pains me to say this, they should buy it.
Yeah it was government who said they would lower interest rates on student loans for only 5 years. 5 years is up and now Democrats want to make this into a political issue.
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Old 05-08-2012, 06:54 PM   #89
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Originally Posted by Bo's Pelini View Post
Yeah it was government who said they would lower interest rates on student loans for only 5 years. 5 years is up and now Democrats want to make this into a political issue.
Students at least had a choice to get their loans from private banks instead of the government some time ago.
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Old 05-08-2012, 06:56 PM   #90
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What holds the price of a good down? What prevents the seller of a thing from charging an exorbitant price in order to make more money? The fact that buyers have only so much money.

By contrast, higher education figured out long ago they can charge whatever they want. Because the credit is freely available and people are given 20 years of more to pay it off, and because of the perception that you can't live without this good, you get prices skyrocketing. Opulent campuses. Opulent salaries. They've got quite a lucrative racket going.

It was the same with cars and homes. Back before anyone could get credit they weren't so expensive, because you actually had to have the money to buy something. Once anyone could obtain credit, anyone could "afford" to buy anything.

Credit for all at bargain basement rates IS the cause of all this. Is taking that away the answer? I'm not sure that it is, but artificially controlling just one aspect of this market has created a huge bubble. Who is to say we won't see a student loan crisis like we saw a mortgage one? The makings are there.

Of course there would just be a bailout, but the point remains. This is hamfisted but at least they have the cause identified as to why theater degrees with no earning potential cost $50,000.
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