View Poll Results: Are student loan interest rates to high?

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  • Yes

    31 70.45%
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Thread: Are student loan interest rates to high?

  1. #151
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by MildSteel View Post
    Well ocean, gouging is taking advantage of people with a need to charge them more than necessary. It is disgusting that a parent who wants to borrow $100,000 for medical school for his kid is forced to pay 8.5 percent interest when the government is paying 2.5 percent interest on a 30 year loan. That is a hell of a spread. That is gouging.
    I agree. Private companies are different; they are there for profit. The govt. shouldn't try to make big profits on services they provide. They should charge an interest rate that covers their costs, including the costs of default. So maybe a couple percentage points above their cost of funds; not 6 points.

  2. #152
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    Um, you don't know the difference between a secured loan and an unsecured loan?
    I am familiar with the concept; just unfamiliar with the terms.

    If you default on your car loan, as much as they don't want to, they can and will seize your car which will enable them to recoup some of the loan. They can't repossess your college courses.
    You cannot get rid of student loan debt through bankruptcy and you cannot refinance it. And I don't really see how it is such a "risky" loan when the Department of Education's "profits" $40 billion a year off student loans. Either return that excess money to the former students or lower their interest rates.
    "Men did not make the earth ... it is the value of the improvement only, and not the earth itself, that is individual property... Every proprietor owes to the community a ground rent for the land which he holds." -- Thomas Paine, Agrarian Justice
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  3. #153
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by paddymcdougall View Post
    I agree. Private companies are different; they are there for profit. The govt. shouldn't try to make big profits on services they provide. They should charge an interest rate that covers their costs, including the costs of default. So maybe a couple percentage points above their cost of funds; not 6 points.
    Agreed 100%. Interest rate should be enough to cover upkeep.
    "Men did not make the earth ... it is the value of the improvement only, and not the earth itself, that is individual property... Every proprietor owes to the community a ground rent for the land which he holds." -- Thomas Paine, Agrarian Justice
    http://www.wealthandwant.com/

  4. #154
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by johndylan1 View Post
    Yea, I did it pushing a mower, gardening etc. It really just depends on how hard you are willing to work. Not to say that there isn't a place for loans, I just don't think (actually I know for certain) that it's optional. Therefore you pay the going rate and appreciate the opportunity it affords you.

    BTW. There is no doubt that "easy money" in the system is what allows tuitions to grow faster than inflation, consistently and by a large margin. If rates were even lower, tuitions would grow even faster. The universities will suck every dime they can out of each student, and the students will passively allow it because they have been conditioned to believe that debt is the norm. Bad bad bad.
    i got my degree while i was active duty

    was it easy? hell no

    but 75% of tuition was paid up to E4, and 90% once i hit E5

    it took me 6 years.....three duty stations, and credits from over a dozen different places

    my entire undergrad degree cost me less than 4k.....again a few years back

    it is a way other than going 100k in debt to obtain an education
    “Most of the shadows of this life are caused by standing in one's own sunshine.”

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  5. #155
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by Geoist View Post
    I am familiar with the concept; just unfamiliar with the terms.



    You cannot get rid of student loan debt through bankruptcy and you cannot refinance it. And I don't really see how it is such a "risky" loan when the Department of Education's "profits" $40 billion a year off student loans. Either return that excess money to the former students or lower their interest rates.

    there is no government program to refinance student loans, but there are banks and credit unions that have consolidated them, and given lower rates

    a good job, good credit, and a good plan to repay helps makes it happen
    “Most of the shadows of this life are caused by standing in one's own sunshine.”

    Ralph Waldo Emerson

  6. #156
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by gdgyva View Post

    a good job, good credit, and a good plan to repay helps makes it happen
    A lower interest rate also helps in repaying them.

    While I do not know what your political lean is, it is interesting how so many conservatives are defending the idea of more citizen dollars going to bloated government...
    "Men did not make the earth ... it is the value of the improvement only, and not the earth itself, that is individual property... Every proprietor owes to the community a ground rent for the land which he holds." -- Thomas Paine, Agrarian Justice
    http://www.wealthandwant.com/

  7. #157
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by MildSteel View Post
    Well ocean, gouging is taking advantage of people with a need to charge them more than necessary. It is disgusting that a parent who wants to borrow $100,000 for medical school for his kid is forced to pay 8.5 percent interest when the government is paying 2.5 percent interest on a 30 year loan. That is a hell of a spread. That is gouging.
    As I wrote, we have different opinions on what "gouging" is.

  8. #158
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by Geoist View Post
    I am familiar with the concept; just unfamiliar with the terms.



    You cannot get rid of student loan debt through bankruptcy and you cannot refinance it. And I don't really see how it is such a "risky" loan when the Department of Education's "profits" $40 billion a year off student loans. Either return that excess money to the former students or lower their interest rates.
    Incorrect. You most certainly can refinance your student loans.

    And why should you be able to "get rid" of them through bankruptcy anyway? Why should you be able to walk away from any financial contract through bankruptcy? You borrowed the money - pay it back. Student loans can be deferred.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  9. #159
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    Incorrect. You most certainly can refinance your student loans.

    And why should you be able to "get rid" of them through bankruptcy anyway? Why should you be able to walk away from any financial contract through bankruptcy? You borrowed the money - pay it back. Student loans can be deferred.
    Companies can get rid of their debts through bankruptcy. Why not the rest of us? When a company makes a financial contract with us, they know it's a risk they take.

  10. #160
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    Incorrect. You most certainly can refinance your student loans.
    I am talking about through government. Refinancing through a private institution may help lower interest rates but usually means higher monthly rates.

    And why should you be able to "get rid" of them through bankruptcy anyway? Why should you be able to walk away from any financial contract through bankruptcy? You borrowed the money - pay it back.
    There are serious consequences to bankruptcy. But that is not the issue. Point is, you pretty much cannot get out of paying it back so there is very low risk to giving such loans.

    Student loans can be deferred.
    So?



    But I can see you would prefer to give the money to a growing central government over giving it back to the citizens. Btw, glad to see you changed your lean from 'libertarian' to 'moderate.' More accurate.
    "Men did not make the earth ... it is the value of the improvement only, and not the earth itself, that is individual property... Every proprietor owes to the community a ground rent for the land which he holds." -- Thomas Paine, Agrarian Justice
    http://www.wealthandwant.com/

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