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Thread: Obama to Announce Student Loan Relief Plan

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by j-mac View Post
    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
    I give you credit for not making as bad a mistake on the context of the arguement as others. The I spoke to did not mention them paying less. I would be interested to see how many get away with paying less per month. Those I know have not be allowed to do so, but admit my limited sample is not enough to be representative. Do you have information?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Dickieboy View Post
    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.
    But aren't those government gauranteed loans? if not, I don't think the government can forgive them at all. If so, I would count them under government loans.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  3. #153
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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Boo Radley View Post
    I give you credit for not making as bad a mistake on the context of the arguement as others. The I spoke to did not mention them paying less. I would be interested to see how many get away with paying less per month. Those I know have not be allowed to do so, but admit my limited sample is not enough to be representative. Do you have information?
    I don't know all the specifics but I do know that the Wa Po did a rather in depth piece on what Obama is proposing, and it doesn't seem to be at all what he is selling on the trail....

    Obama’s plan will help millions, but not everyone qualifies - The Washington Post

    j-mac
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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by j-mac View Post
    I don't know all the specifics but I do know that the Wa Po did a rather in depth piece on what Obama is proposing, and it doesn't seem to be at all what he is selling on the trail....

    Obama’s plan will help millions, but not everyone qualifies - The Washington Post

    j-mac
    It doesn't tell us much, and doesn't seem likely to help those most in need, those already in default. A trillion dollar problem that is going to crash. Seems to me we should consider being more proactive. But we can wait for the crash.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Boo Radley View Post
    It doesn't tell us much, and doesn't seem likely to help those most in need, those already in default.
    Absolutely, which is not what he is saying on the trail is it? But in any case, these "bailouts" and the mentality that further them has to stop.

    A trillion dollar problem that is going to crash. Seems to me we should consider being more proactive. But we can wait for the crash.
    And how do you do that? What do you have in mind?

    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

    Usually the problem I see with educational loans is they drive up the price of tuition---the more students can get, the more universities can charge. What does this forgiveness after 20 years rule do to that theory?
    (avatar by Thomas Nast)

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Krhazy View Post
    Usually the problem I see with educational loans is they drive up the price of tuition---the more students can get, the more universities can charge. What does this forgiveness after 20 years rule do to that theory?
    From what I can tell, drive it higher....Much like the housing bubble.

    j-mac
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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Boo Radley View Post
    But aren't those government gauranteed loans? if not, I don't think the government can forgive them at all. If so, I would count them under government loans.
    Not per the article, but with the recent PO they CAN be incorporated with government guaranteed ones and THEN forgiven. The point was that non-government loans are NOT the majority.

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Krhazy View Post
    Usually the problem I see with educational loans is they drive up the price of tuition---the more students can get, the more universities can charge.
    Exactly, standard supply/demand issue. Unfortunately easy student credit distorts the market and thus drives the price up.

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by j-mac View Post
    From what I can tell, drive it higher....Much like the housing bubble.

    j-mac
    Why wouldn't it effectively put a cap on the amount students can get in loans? If loans are to be forgiven after 20 years at payments of 10% of income, you'd think that would eventually cause lenders to refuse to loan more than a certain amount (not sure what it would be, exactly, but should be estimatable).
    Last edited by Cameron; 10-28-11 at 03:04 PM.
    (avatar by Thomas Nast)

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