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

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Thread: Are student loan interest rates to high?

  1. #161
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by paddymcdougall View Post
    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.
    Companies shouldn't have their financial obligations eliminated either. I've said that repeatedly.

    Bankruptcy should not be easy - and it shouldn't be viewed through the lens of "it's the lender's risk". No, it's your obligation. Their risk isn't your concern if you borrow the money.

    Everyone else pays for your bankruptcy.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  2. #162
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by Geoist View Post
    I am talking about through government. Refinancing through a private institution may help lower interest rates but usually means higher monthly rates.



    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.



    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.
    May help lower interest rates but it usually means higher monthly rates? Wut?

    These loans are the doing of the federal government. And I have no idea where you got the idea that I want anyone to give money to the government. I don't support government subsidy and welfare programs (like this one).

    Yes, I'm not claiming Libertarian as long as there are left Lbertarians cheering government taking my hard earned money and tossing it own the window- like these student loan programs. Libertarianism to me doesn't mean whining because you're getting cheap money from other taxpayers and it isn't cheap enough for your liking.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  3. #163
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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 thought I would check on the current interest rates reported for student loans. This is what I found.

    https://studentaid.ed.gov/about/anno.../interest-rate

    Are student loan interest rates to high?-loans-jpg

    These rates appear to be different from the 8.5% rate you've posted. Why is the rate you're showing higher than what I see in the table?

  4. #164
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by ocean515 View Post
    I thought I would check on the current interest rates reported for student loans. This is what I found.

    https://studentaid.ed.gov/about/anno.../interest-rate

    Are student loan interest rates to high?-loans-jpg

    These rates appear to be different from the 8.5% rate you've posted. Why is the rate you're showing higher than what I see in the table?
    Those rates are going to be killer if inflation ever results in the 18% interest rates we had once upon a time not so long ago. Then these people will be thanking doG that they have a loan with a 4.66% interest rate while their bank is paying them 15% on a 36 month CD.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  5. #165
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    Elizabeth Warren, the great hero of the left who has people convinced that student loan interest rates are a problem, earned $430,000 from Harvard in 2011 alone, teaching attorneys how to make it easy to file bankruptcies which result in more charged off balances that get passed on to the rest of us.

    In 2011 Harvard president Drew Faust earned $874,559 in salary and benefits.

    I wouldn't worry about the "staff, rank and file" at Harvard.
    Not at Harvard, no.

    But the rest of the state funded schools? What's the average for a part time prof at a 4 year college? 20 bucks an hour, maybe 30? Vs 600 an hour for the person who does the least...
    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.

  6. #166
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by KevinKohler View Post
    Not at Harvard, no.

    But the rest of the state funded schools? What's the average for a part time prof at a 4 year college? 20 bucks an hour, maybe 30? Vs 600 an hour for the person who does the least...
    I have no idea what part time professors get. What should a part time employee get paid versus a CEO?

    The presidents of universities do less than part time professors? Not when I was in college. Not in any of the colleges my friends, family, or anyone else I know went to.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  7. #167
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by ocean515 View Post
    So let's see. A student, with little to no credit history, is provided loans into the $10's of thousands, based on no income, or at the very most, the hope of future income, and you consider 4.5% to 7.2% gouging?

    It's difficult to know where to go with that.
    It's not gouging, but the government makes a profit off of student loans and almost every one eventually repays their loans in full with interest so there is really little risk factor to the government.

    I find that the student loan program is a reasonable compromise, between the federal tax payer having to subsidize individuals college or having a nation without ample college graduates - but there is no reason that the government has to run the program at a profit, and no reason that student loans can't be made at the same rates that banks can borrow money at.
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

  8. #168
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by imagep View Post
    It's not gouging, but the government makes a profit off of student loans and almost every one eventually repays their loans in full with interest so there is really little risk factor to the government.

    I find that the student loan program is a reasonable compromise, between the federal tax payer having to subsidize individuals college or having a nation without ample college graduates - but there is no reason that the government has to run the program at a profit, and no reason that student loans can't be made at the same rates that banks can borrow money at.
    So how do you suggest those loans be written then? Treat the students the same as banks, and make the loans at whatever rate the banks pay, and not lock them in?
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  9. #169
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    May help lower interest rates but it usually means higher monthly rates? Wut?
    You care to prove me wrong?

    I have no idea where you got the idea that I want anyone to give money to the government.
    That is exactly what you support by defending the high interest rates.


    Yes, I'm not claiming Libertarian as long as there are left Lbertarians cheering government taking my hard earned money and tossing it own the window- like these student loan programs. Libertarianism to me doesn't mean whining because you're getting cheap money from other taxpayers and it isn't cheap enough for your liking.
    Your reading comprehension is lacking. I am not cheering student loan programs. I am criticizing the high interest rate that allows the DoE to take in tens of billions of dollars from struggling young citizens. That is a perfectly libertarian position.
    "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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  10. #170
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    Re: Are student loan interest rates to high?

    Quote Originally Posted by tres borrachos View Post
    So how do you suggest those loans be written then? Treat the students the same as banks, and make the loans at whatever rate the banks pay, and not lock them in?
    That seems reasonable to me.
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

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