View Poll Results: Should anything be done for graduate/professional students?

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  • Lower interest rates and subsidize interest

    9 36.00%
  • Raise interest rates

    2 8.00%
  • Provide more government aid to needy students

    6 24.00%
  • Raise taxes to make all education essentially free

    5 20.00%
  • Raise tuition to generate revenue for the gov.

    0 0%
  • Decrease funding for undergrads and increase funding for grad students

    1 4.00%
  • Do nothing/other

    13 52.00%
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Thread: Should anything be done for graduate/professional students?

  1. #41
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    Re: Should anything be done for graduate/professional students?

    I think the interest rates on student loans should be a low as possible and run through the government, not banks. Banks should not be profiting from this. 6.8% is very high Digs, higher than the current mortgage rates too.

    I agree for more funding for grad schools. There are many professions, for instance, teaching, that require a masters or higher, in order to be gainfully employed or keep employed.

    The debt incurred by our college students is bracing. Yes they will ultimately benefit from higher paying jobs, but how terrible to have such an anchor around their necks when they are just starting out in life.
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  2. #42
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    Re: Should anything be done for graduate/professional students?

    Quote Originally Posted by Gina View Post
    I think the interest rates on student loans should be a low as possible and run through the government, not banks. Banks should not be profiting from this. 6.8% is very high Digs, higher than the current mortgage rates too.

    I agree for more funding for grad schools. There are many professions, for instance, teaching, that require a masters or higher, in order to be gainfully employed or keep employed.

    The debt incurred by our college students is bracing. Yes they will ultimately benefit from higher paying jobs, but how terrible to have such an anchor around their necks when they are just starting out in life.
    6.8% is not high at all.
    Especially for people with unproven or thin credit histories.

    Mortgages, at least, are backed by real property.
    The only thing student loans have going for them, is that they're non bankruptable.
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  3. #43
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    Re: Should anything be done for graduate/professional students?

    Quote Originally Posted by digsbe View Post
    Student loans do not operate like this though. Stafford is assessed based on personal aid, not credit (grad plus loans are based on credit). Is it right that funding goes to all undergrads regardless of major/GPA while no funding goes to graduate students under the premise that "they can afford to pay it, let's give all the money to those who cannot directly due to their career choices." Should grad students get any aid aside from loans?
    If education is, as you say, an investment for the government then there has to be some expectation of a return on that investment, doesn't there? They advance you the money because they think you're a good investment but, once you start making money (that you would not have made but for the degree), I don't see it at all unreasonable for them to expected to be paid back with interest.

  4. #44
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    Re: Should anything be done for graduate/professional students?

    Quote Originally Posted by Harry Guerrilla View Post
    There are a fair share of grad degrees that are just as stupid to obtain.

    The cost of tuition will not go down, with further subsidization.
    Unsubsidized Stafford loans, is a misnomer, they're still subsidized.

    Did you take grant money and aid, when you were an undergrad?
    Why are you complaining, now that you just got into grad school?

    Investing in education, is just like anything else.
    There is such a thing as too much.

    Taxes would have to go up to pay for further subsidization, so either way, someone pays.
    It's just much more efficient to have the borrower pay.
    The difference though is that this is government lending, not private lending dictated by the market. The nature of the loans is different. I cannot erase my debt with bankruptcy, is follows me. Not only this, but they can garnish my wages and force payment. You cannot simply quit paying, the nature of the loans are not the same.

    Let me ask this, why should undergrads get free money (aid) and subsidized loans, while grads get no free money (no aid) and no subsidized loans? My belief is that graduate students, he receive basically nothing, should be given aid and interest rates should be lower or loans subsidized just like in undergrad. I don't think it's right that grad students must pay more in interest while others do not. What if the gift horse says "you get to ride for free" to undergrads and then says "you'll provide me with the feed if you want me to carry you."

    Again, I'm all about repaying loans, but I don't support taking advantage of those who will be able to pay back by offering no aid, higher interest, and higher fees while those who will make less/be charged less interest may not be able to. The government bailed out credit card debts, mortgages and banks. Yet grad students are left to pay everything at high interest with no form of debt easement (more minimal risk to the lender). I just think grads should be given aid like undergrads and that it's not right to deny aid to someone because they will be able to payback one day while shoveling the money to someone else because they cannot pay back/cannot handle your interest rate. I view this as being akin to increasing taxes on the wealthy/middle class to pay for the social programs of others that refuse to work. The mentality of "you pay more and get less so that someone else can get more and not pay as much" isn't right to me.
    Quote Originally Posted by Harry Guerrilla View Post
    6.8% is not high at all.
    Especially for people with unproven or thin credit histories.

    Mortgages, at least, are backed by real property.
    The only thing student loans have going for them, is that they're non bankruptable.
    I think the non-bankruptable aspect is the key along with being forced to pay out of your wages. You cannot erase that debt, they are guaranteed their money as long as you work. Bankrupting on debts is one of the major risks. If someone can get a mortgage rate on a home for 4% why can't I be allowed to get the same on student loan debt of equal value? Really the only way to ever avoid paying it back is to never work and earn money which isn't going to happen, I'm not sure but I think the government may also be able to seize your assets to pay back the loans. Do I think there should be no interest? No, but I think it should be lower (around 1-5%) and I do not think the federal government should be in the business of making money off students. Like I said, my main problem is the government using grad students to make money off of us in order to fund others that they will not make as much on/make less on (people who receive net aid surpassing their interest payments).
    Last edited by digsbe; 05-20-12 at 01:24 AM.
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  5. #45
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    Re: Should anything be done for graduate/professional students?

    Quote Originally Posted by digsbe View Post
    The difference though is that this is government lending, not private lending dictated by the market. The nature of the loans is different. I cannot erase my debt with bankruptcy, is follows me. Not only this, but they can garnish my wages and force payment. You cannot simply quit paying, the nature of the loans are not the same.
    Of course they can stop paying.
    There are many, unemployed students, who have defaulted on their loans.

    Quote Originally Posted by digsbe View Post
    Let me ask this, why should undergrads get free money (aid) and subsidized loans, while grads get no free money (no aid) and no subsidized loans? My belief is that graduate students, he receive basically nothing, should be given aid and interest rates should be lower or loans subsidized just like in undergrad. I don't think it's right that grad students must pay more in interest while others do not. What if the gift horse says "you get to ride for free" to undergrads and then says "you'll provide me with the feed if you want me to carry you."
    You got the same aid, as an undergrad, that all other undergrads get.
    Graduate school is much more expensive, which represents a greater risk to the lender.

    Quote Originally Posted by digsbe View Post
    Again, I'm all about repaying loans, but I don't support taking advantage of those who will be able to pay back by offering no aid, higher interest, and higher fees while those who will make less/be charged less interest may not be able to. The government bailed out credit card debts, mortgages and banks. Yet grad students are left to pay everything at high interest with no form of debt easement (more minimal risk to the lender). I just think grads should be given aid like undergrads and that it's not right to deny aid to someone because they will be able to payback one day while shoveling the money to someone else because they cannot pay back/cannot handle your interest rate. I view this as being akin to increasing taxes on the wealthy/middle class to pay for the social programs of others that refuse to work. The mentality of "you pay more and get less so that someone else can get more and not pay as much" isn't right to me.
    Seriously, 6.8% is not, "high interest" for loans with no collateral, borrowers with no or little credit history and no down payment.
    That's a joke.

    I think you need more experience in the world, before you start saying these things.
    The market alternative to student loans, with no cosigner, is interest rates at least double, which accrue interest immediately and require a thorough credit check.
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  6. #46
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    Re: Should anything be done for graduate/professional students?

    Quote Originally Posted by digsbe View Post
    I think the non-bankruptable aspect is the key along with being forced to pay out of your wages. You cannot erase that debt, they are guaranteed their money as long as you work. Bankrupting on debts is one of the major risks. If someone can get a mortgage rate on a home for 4% why can't I be allowed to get the same on student loan debt of equal value? Really the only way to ever avoid paying it back is to never work and earn money which isn't going to happen, I'm not sure but I think the government may also be able to seize your assets to pay back the loans. Do I think there should be no interest? No, but I think it should be lower (around 1-5%) and I do not think the federal government should be in the business of making money off students. Like I said, my main problem is the government using grad students to make money off of us in order to fund others that they will not make as much on/make less on (people who receive net aid surpassing their interest payments).
    Mortgages are backed by real property and down payments.
    Not only that, but many of these people have much more substantial credit histories, than students.

    Graduate and undergraduate students are being subsidized by tax payers, not by graduate student interest.
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    Re: Should anything be done for graduate/professional students?

    Quote Originally Posted by Gina View Post
    I think the interest rates on student loans should be a low as possible and run through the government, not banks. Banks should not be profiting from this. 6.8% is very high Digs, higher than the current mortgage rates too.

    I agree for more funding for grad schools. There are many professions, for instance, teaching, that require a masters or higher, in order to be gainfully employed or keep employed.

    The debt incurred by our college students is bracing. Yes they will ultimately benefit from higher paying jobs, but how terrible to have such an anchor around their necks when they are just starting out in life.
    Gina, if it wasn't for the loans some of us might not have a ship to anchor in the first place (I think I lost myself somewhere in the metaphor. ).

  8. #48
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    Re: Should anything be done for graduate/professional students?

    Quote Originally Posted by Harry Guerrilla View Post
    Of course they can stop paying.
    There are many, unemployed students, who have defaulted on their loans.
    When they start working they must pay on them. You cannot default in the sense of going bankrupt and having it erased. At least not with grad school debt.
    You got the same aid, as an undergrad, that all other undergrads get.
    Graduate school is much more expensive, which represents a greater risk to the lender.
    No we don't. Like I said, undergrads get subsidized loans and free money to them, get do not.
    Seriously, 6.8% is not, "high interest" for loans with no collateral, borrowers with no or little credit history and no down payment.
    That's a joke.

    I think you need more experience in the world, before you start saying these things.
    The market alternative to student loans, with no cosigner, is interest rates at least double, which accrue interest immediately and require a thorough credit check.
    You can refinance for interest rates in the 3% bracket. There is absolutely no way for a student to do this with student loans. The government is not a private bank or private lender. What they make on me is pure profit for them. I may not have tangible property, but I do have my income which is garnished by the feds if I don't make payments that are expected of me. I cannot default on those loans. If I work, my loans kick in. If I don't work, my interest builds up. The government bailed out credit cards, mortgages and banks. Student loan debt now surpasses credit card debt and will only increase. Tuition goes up, loans go up, students in the long run suffer more. Tuition for grad school was nothing like this 10 years ago or 20 years ago. More debt is required for private and public. There will be a bubble burst eventually and the economy and nation will suffer. Financially speaking, why should undergrad degrees get lower interest rates and subsidized interest when future employment and repayment are more uncertain, while graduate loans are more expensive and depending on the field repayment is certain with the debtor making 6+ figures upon graduation? Isn't it more sound to give the lower interest rate to the latter and not the former?

    My main premise is that the funding should be more equal for grads and undergrads. I personally don't think it's right that grad students are made out to be the net payers to carry the slack of others.
    Last edited by digsbe; 05-20-12 at 01:36 AM.
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    Re: Should anything be done for graduate/professional students?

    Digs, you know that the only thing subsidized in a subsidized loan is interest while in school, right? You're still obligated to pay those back and interest does start accruing once you graduate.

  10. #50
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    Re: Should anything be done for graduate/professional students?

    Quote Originally Posted by digsbe View Post
    When they start working they must pay on them. You cannot default in the sense of going bankrupt and having it erased. At least not with grad school debt.
    True, for good reason too.
    The interest rates and credit terms are very generous.

    Quote Originally Posted by digsbe View Post
    No we don't. Like I said, undergrads get subsidized loans and free money to them, get do not.
    Stafford loans are still subsidized.
    You would never, and I mean never, get a 6.8% interest rate for a student loan, in the private market.

    Quote Originally Posted by digsbe View Post
    You can refinance for interest rates in the 3% bracket. There is absolutely no way for a student to do this with student loans. The government is not a private bank or private lender. What they make on me is pure profit for them. I may not have tangible property, but I do have my income which is garnished by the feds if I don't make payments that are expected of me. I cannot default on those loans. If I work, my loans kick in. If I don't work, my interest builds up. The government bailed out credit cards, mortgages and banks. Student loan debt now surpasses credit card debt and will only increase. Tuition goes up, loans go up, students in the long run suffer more. Tuition for grad school was nothing like this 10 years ago or 20 years ago. More debt is required for private and public. There will be a bubble burst eventually and the economy and nation will suffer.
    I can refinance the terms of a mortgage if, I have decent credit (which includes a whole bunch of other factors like, DTI, payment history, the pressence of negative credit items, etc.) and enough equity.

    Quote Originally Posted by digsbe View Post
    My main premise is that the funding should be more equal for grads and undergrads. I personally don't think it's right that grad students are made out to be the net payers to carry the slack of others.
    If that's the case, no student should get any aid.
    The taxpayer is picking up the slack of students.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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