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Thread: Student Loan Rates Double After Congressional Inaction

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    Re: Student Loan Rates Double After Congressional Inaction

    Quote Originally Posted by CanadaJohn View Post
    I could be wrong Maggie, but didn't Obama and the Democrats pass legislation to take the banks out of the student loan business and make it a government monopoly? Wasn't that supposed to make borrowing easier and less costly?
    yes.... if i remember right your correct, only MN is exempt from government student loans, i believe it was something under obamcare

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    Student Loan Rates Double After Congressional Inaction

    Rates didn't go up per se; the gov just isn't subsiding these to the same tune as before. It costs money to provide such subsidy.

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    Re: Student Loan Rates Double After Congressional Inaction

    Quote Originally Posted by greyhat View Post
    Rates didn't go up per se; the gov just isn't subsiding these to the same tune as before. It costs money to provide such subsidy.
    They make money off the loans anyway, subsidized or not. They just get less.

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    Student Loan Rates Double After Congressional Inaction

    Quote Originally Posted by digsbe View Post
    They make money off the loans anyway, subsidized or not. They just get less.
    Who makes money?

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    Re: Student Loan Rates Double After Congressional Inaction

    Quote Originally Posted by greyhat View Post
    Who makes money?
    The government.

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    Student Loan Rates Double After Congressional Inaction

    Quote Originally Posted by digsbe View Post
    The government.
    That's not true; most of the student loan debt outstanding is "government guaranteed", however it was privately funded, securitized and is this held privately- investors are the ones who receives the interact payments and when "rates came down", the US Gov stepped in to with a subsidy. Think of it as Uncle Sam subsidizing a mortgage backed by them.

    New loans, started after 2010, are funded directly by the DOE and these reflect lower rates than older loans.

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    Re: Student Loan Rates Double After Congressional Inaction

    Quote Originally Posted by digsbe View Post
    Mine are already at 6.8 and 7.9. Graduate loans receive no subsidies.
    And they shouldn't, I paid for all of my kids educations and they worked an helped out. I should not have to pay for everyone's.

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    Re: Student Loan Rates Double After Congressional Inaction

    Quote Originally Posted by MaggieD View Post
    The only loans that are doubling are NEW loans. So, unless you're borrowing MORE money? You're good.

    Nonetheless, I think it's AWFUL!!!!!!! When banks can borrow from the Fed at near-zero, they don't need 6.something% on a guaranteed loan. Our government should be ashamed.
    Actually, no one's LOAN is doubliing, period.
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    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Student Loan Rates Double After Congressional Inaction

    Heh, suddenly the other options (well, mine is the lone State bank of the United States) are looking better.
    Michael J Petrilli-"Is School Choice Enough?"-A response to the recent timidity of American conservatives toward education reform. https://nationalaffairs.com/publicat...-choice-enough

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    Re: Student Loan Rates Double After Congressional Inaction

    Quote Originally Posted by digsbe View Post
    Mine are already at 6.8 and 7.9. Graduate loans receive no subsidies.
    We rely on GTA/GRA positions, tuition wavers, and scholarships, don't we? Gah. Not that I am particularly worried-it's cool that I'm not taking additional debt now, but it's a fragile notion! My other school option included no financial package, and very few, if any grad students are supported at all!
    Michael J Petrilli-"Is School Choice Enough?"-A response to the recent timidity of American conservatives toward education reform. https://nationalaffairs.com/publicat...-choice-enough

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