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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, 06:56 PM   #91
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Old 05-08-2012, 06:57 PM   #92
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Government broke it. As much as it pains me to say this, they should buy it.
There are currently two versions to "buy it". One raises taxes and the other cuts money out of the federal budget.

Although I'm not certain for how long. I think either version just lowers the rate for one more year. Not sure about that.
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Old 05-08-2012, 06:58 PM   #93
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It's too bad none of them will listen. My age group is stupid.
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Old 05-08-2012, 07:00 PM   #94
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It very well can be.
What utter and complete bullshit. If the interest rate on a loan is life altering then you, not you but the rhetorical you, was destined to be a failure and no interest rate can change that.
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Old 05-08-2012, 07:02 PM   #95
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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.
Tuition has been skyrocketing for decades at least partly because the government is pumping money into the system through grants and subsidized loans (much like the effect government money has had on healthcare).
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Old 05-08-2012, 07:07 PM   #96
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Old 05-08-2012, 07:07 PM   #97
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I've only skimmed the article, and I've got a couple of Bully's in me, but let me do a quick bit of math here. (And I'm making up numbers.)

Let's say that the current interest on student loans is 4%. Let's also say that college tuition is $15,000 per year at a "cheap" state school. The interest is $600 per year.

Now, let's double that rate. The interest is now $1,200 per year.

Is the extra $600 per year really the part that's out of balance in this equation?

If you want to go to school, work your way through school. Maybe you can't earn $30,000 while going to school, but you can earn $15,000. Furthermore, any idiot can get at least a partial scholarship. If you can't, maybe you don't belong in school. I got paid to go to school via a National Merit scholarship, and I'm an asshole.

The students who really value an education will find a way to make it happen. The kids who want to party for 5 years and get a piece of paper when they're done might be screwed. I can deal with that. Maybe they'll be discouraged from going to school, and the tuition rates will drop accordingly.
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Old 05-08-2012, 08:55 PM   #98
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Originally Posted by mlyonsd View Post
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.
but what else is in that house version?

a requirement that obama submit to drug counseling?

a ban on chickens?

massive cuts to the safety net?

how does it propose to pay for the extension of the low interest rates?

by killing planned parenthood?

defunding medicare?

cutting taxes?
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Old 05-08-2012, 08:57 PM   #99
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Originally Posted by tredadda View Post
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.
yep...

and good on you, mate, for getting a good education...

and even better, you've found a way to do it without incurring debt, kudos to you...
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Old 05-09-2012, 06:59 AM   #100
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There's a very unfortunate dynamic at work here.

1. every American considers going to college to be an absolute necessity for their children.

2. every college is far too focused on raising rates and making as much money as possible, despite being non-profits, for various reasons.

3. no college takes on ANY risk that the students they graduate will be unable to repay their loans.

4. the federal government is either directly lending, or standing behind, every loan, with little regard for whether the student will be able to repay.

5. as a result, college tuition keeps going up at rates FAR above inflation. College students tap their parents ever harder, squeezing the middle class, and take out more and more laons which add to the deficit in the short term and, if they can't be repaid, permanently.


The colleges have NO reason to hold rates down to anything remotely resembling reasonable rates. ONE YEAR can now run $50,000 or more at very good colleges. Meanwhile, they have no reason to care if the kid gets a job after graduating, or if the loan ever gets repaid. That is someone else's problem.

There will come a point, if we haven't already, where there is a serious disconnect between the costs and benefits of a college education.
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Old 05-09-2012, 07:29 AM   #101
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.


The colleges have NO reason to hold rates down to anything remotely resembling reasonable rates. ONE YEAR can now run $50,000 or more at very good colleges. Meanwhile, they have no reason to care if the kid gets a job after graduating, or if the loan ever gets repaid. That is someone else's problem.

There will come a point, if we haven't already, where there is a serious disconnect between the costs and benefits of a college education.

I think your point is legit. But in addition, there needs to be some assessment of the investment. Should little Joey be going to college? Look at his/her track record leading to college. How many dumb asses are being sent with the expectation that the light will come on and actually get their rear in gear and end up graduating with a degree that gives them a good job? The failure/drop out rate of college is pretty high. Lots of wasted loan and or daddy's money going down a rat hole.
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Old 05-09-2012, 07:31 AM   #102
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I think your point is legit. But in addition, there needs to be some assessment of the investment. Should little Joey be going to college? Look at his/her track record leading to college. How many dumb asses are being sent with the expectation that the light will come on and actually get their rear in gear and end up graduating with a degree that gives them a good job? The failure/drop out rate of college is pretty high. Lots of wasted loan and or daddy's money going down a rat hole.

That ties into my first point

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1. every American considers going to college to be an absolute necessity for their children.
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Old 05-09-2012, 07:32 AM   #103
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There will come a point, if we haven't already, where there is a serious disconnect between the costs and benefits of a college education.
I think we're there now. Especially when I listen to the horror stories my wife comes home with from the local university. She's in charge of transfer credit and what she is being forced to allow in because of $$$'s just so the admission numbers look good is hideous.

This once fine university is starting to look like a community college.
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Old 05-09-2012, 07:46 AM   #104
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I think we're there now. Especially when I listen to the horror stories my wife comes home with from the local university. She's in charge of transfer credit and what she is being forced to allow in because of $$$'s just so the admission numbers look good is hideous.

This once fine university is starting to look like a community college.

We may be. The issue isn't so much identifying the problem as figuring out how to fix it. Even if it wasn't politically impossible, which it probably is, I'm still not sure how best to fix it. Ending all federal involvement in student loans/grants doesn't seem like a very good idea either, though I know that's what TJ/BEP would advocate of course.
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Old 05-09-2012, 07:56 AM   #105
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Furthermore, all this comes down to is the republicans trying to bully something off the table in the health care law.
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