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Thread: Obama to Announce Student Loan Relief Plan

  1. #121
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    Re: Obama to Announce Student Loan Relief Plan

    Here's a question. Why is college so expensive? I'll attempt first, since I asked...

    It's a controlled market. Who here would like to open their own school? Anyone? Well, if you do, too bad, because unless you're a kabizzilionair, you can't afford to pay for everything needed to open a state accredited school. In short, then, while there IS competition in the market, NEW competition is few and far between, ans VERY slow to rise. Regulation.

    So, fine, just don't go to college, right? But those jobs you want...you can't get them without the proper acredidation. You can't be a CPA without going to college, legally not allowed. Can't be a mechanic without being ACE certified, and a few others. Can't be a chef, can't be ANYTHING, without the proper, state approved certification, from a proper, state approved certification administer; college. Regulation.


    In short, regulation creates the demand for college, regulation limits the supply of college.

    And what is value? Supply and demand.

    Couple that with government backed places like Sally Mae, and other loan institutions, and colleges can charge most anything they want, because they know most can get the loan, no matter how absurd, and what do they care about a student's ability to pay? That's the loan companies problem, not theirs, right?
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

  2. #122
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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by j-mac View Post
    Poor choices are no excuse to disregard a contract. No one forced these people to take these loans.

    j-mac
    When the person who I made a contract WITH is no longer around, I consider my contract null and void.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

  3. #123
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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Boo Radley View Post
    Which is what I said. 10-25 years. And then said if you've been paying for 25 years, what would you have left. Later he said Obama was considering 20 years. Which still means a lot would likely already been paid.
    Oh so that is just great! Didn't he also mention something about capping the repayment at 10% of anual income? So let's see here, you graduate with a loan bill that is gaining interest at 6% annually, on $150K of loans for your Brazilian Bongo degree, and you get a job out of collage that makes 35K a year. So you repay $3500 per year for 20 years which would add up to roughly half of the principle of the loan then it is just forgiven? Who picks that up? Me?

    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by j-mac View Post
    The bottom line is that when you took the original contract out to receive the loan, the terms were clearly laid out in that contract. This doesn't change when the loan is sold. As long as you live up to what you said you would by signing it, then there is no problem.

    j-mac
    I agreed to the terms laid out from that lender...when it went to another lender, those terms changed.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

  5. #125
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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Boo Radley View Post
    That's where most the loans are, so specify the terms of the laons you're speaking of, what you think Obama is speaking of, and how many are likley to be more than 25 years. Maybe link something supporting that?
    Technically, not 'where most the loans are':

    •Nonfederal student loans grew rapidly for most of the decade, increasing from 7% of education loans in 1997–1998 to 23% in 2005–2006. However, the growth in these loans, which carry no subsidy and generally have less favorable terms than federal loans, slowed in 2006–2007. Private loan volume declined slightly in inflation-adjusted dollars in 2007–2008 but still represents 23% of the total loan volume.(Source: The College Board, Trends in Student Aid, 2008)

    Yes, 3 years old but the latest data I found...I doubt the 23% reported has moved to about 50% in those three years as, per the exerpt, it didn't change from '05-'08.

  6. #126
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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by KevinKohler View Post
    I agreed to the terms laid out from that lender...when it went to another lender, those terms changed.
    No that is untrue, if that has happened you have a case, however any lender that buys an existing loan can not reset the terms without your agreement.

    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by j-mac View Post
    No that is untrue, if that has happened you have a case, however any lender that buys an existing loan can not reset the terms without your agreement.

    j-mac
    I thought that sounded fishy...
    I'm coming to see that no matter what law we regulate, be it the stand your ground act, there is never an objective morally right answer to any morale question; in fact, since there are multiple objectively right answers to every moral question that leaves us with a lot of grey area and a lot of black area (not in the racial since).
    -Jryan

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by j-mac View Post
    No that is untrue, if that has happened you have a case, however any lender that buys an existing loan can not reset the terms without your agreement.

    j-mac
    Yes, but not their business practices. Let's say...you wanna borrow some money. You got two guys to borrow from...one kinda shady, and with a rep of popping a cap in guys that make late payments, and the other who is upstanding, with a rep of being a pretty good guy to deal with. So you go to the nice guy. He says, yeah, he can spot you the 50K, so long as you pay it back within X amount of time. You say deal.

    4 years later, the nice guy is dead, killed by the shady one, and his business practice? Kill people that make late payments.

    EXTREME example, yes, but I'm trying to keep this as simple as possible.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

  9. #129
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    Re: Obama to Announce Student Loan Relief Plan

    Oh, and for the record, I make my payments just fine, despite the crap I've gone through. This argument is about other people who are not as well off as myself. Not everybody out there has a wife who makes 40K a year, to balance out one's unemployment.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

  10. #130
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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by KevinKohler View Post
    Yes, but not their business practices. Let's say...you wanna borrow some money. You got two guys to borrow from...one kinda shady, and with a rep of popping a cap in guys that make late payments, and the other who is upstanding, with a rep of being a pretty good guy to deal with. So you go to the nice guy. He says, yeah, he can spot you the 50K, so long as you pay it back within X amount of time. You say deal.

    4 years later, the nice guy is dead, killed by the shady one, and his business practice? Kill people that make late payments.

    EXTREME example, yes, but I'm trying to keep this as simple as possible.
    Wait, what the.....Tell me the student lender in America that is "popping a cap" in anyone that doesn't pay up? Who the hell are you borrowing from Tony Soprano?

    Look, the bottom line is that if you think you will not be able to afford the repayment of the loan you agree to, then DON'T SIGN THE NOTE!!!!!

    take some responsibility for God's sake!

    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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