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

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Thread: Are student loan interest rates to high?

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    Are student loan interest rates to high?

    Banks are borrowing money at almost zero percent interest rates. However student loan customers are being gouged at interests rates ranging from 4.7 to 7.2 percent. Why is it that are elected representatives in the government are allowing the people to be robbed in this way?

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    Re: Are student loan interest rates to high?

    My student loans are locked in at almost 3%.



    The way I understand the lending process to be, the riskier the loan, IE, if a bank feels that giving person A money is a higher risk than person B, then they increase the interest for person A.

    With that in mind, student loans are the LEAST risky loans a bank can ever do, because there is no debt forgiveness on them. A student loan is with you FO LIFE, or until they are paid, period. Which means, low risk, which means...low interest...?
    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.

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    Re: Are student loan interest rates to high?

    Quote Originally Posted by MildSteel View Post
    Banks are borrowing money at almost zero percent interest rates. However student loan customers are being gouged at interests rates ranging from 4.7 to 7.2 percent. Why is it that are elected representatives in the government are allowing the people to be robbed in this way?
    No one forces one to take a student loan. If the rates are too high, would the number of loans taken be as high as they are?

    On the other hand, the whole idea of government finance for the university system through individual students is horrible. Less loans would equal lower tuition and more educational innovation to attract students. The idea that there should be no scarcity of dollars or students in the university system has done immense harm. Tuition is high, students are borrowing money for living expenses, grants are being squandered, the work ethic is low and the sense of entitlement high.
    "It is only when men contemplate the greatness of God that they can come to realize their own inadequacy." Jean Calvin

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    Re: Are student loan interest rates to high?

    Quote Originally Posted by KevinKohler View Post
    My student loans are locked in at almost 3%.



    The way I understand the lending process to be, the riskier the loan, IE, if a bank feels that giving person A money is a higher risk than person B, then they increase the interest for person A.

    With that in mind, student loans are the LEAST risky loans a bank can ever do, because there is no debt forgiveness on them. A student loan is with you FO LIFE, or until they are paid, period. Which means, low risk, which means...low interest...?
    And the schools can pretty much always count on recooping their losses through Government subsidies as well, because no one wants to cut education funding.

    It's a "too big to fail" cronyist racket, plain and simple. Prospective students are sold on an over-hyped product, which completely fails to perform as promised, and then charged through the teeth for it. Colleges, meanwhile, simply sit pack and rack in the dough while making absolutely no effort to cut costs, and double-dipping on whatever funding the Federal Government happens to toss their way.

    Disgusting.
    Last edited by Gathomas88; 03-22-15 at 11:10 AM.

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    Re: Are student loan interest rates to high?

    Quote Originally Posted by johndylan1 View Post
    No one forces one to take a student loan. If the rates are too high, would the number of loans taken be as high as they are?

    On the other hand, the whole idea of government finance for the university system through individual students is horrible. Less loans would equal lower tuition and more educational innovation to attract students. The idea that there should be no scarcity of dollars or students in the university system has done immense harm. Tuition is high, students are borrowing money for living expenses, grants are being squandered, the work ethic is low and the sense of entitlement high.
    If by "entitlement" you mean, a reasonable expectation of a return on investment, then, yeah, sure, "entitlement" is high.
    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.

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    Re: Are student loan interest rates to high?

    Quote Originally Posted by Gathomas88 View Post
    And the schools can pretty much always count on recooping their losses through Government funding as well, because no one wants to cut education funding.

    It's a cronyist racket, plain and simple. Prospective students are sold on an over-hyped product, and then charged through the teeth for it, while colleges simply sit pack and rack in the dough while double-dipping on whatever funding the Federal Government happens to toss their way.

    Disgusting.
    Yep. And we continue to play the game because, these days, you need a degree just to be a retail dept manager.
    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.

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    Re: Are student loan interest rates to high?

    This is just another symptom that we are in for a painful transition to a laborless, or minimal labor society. Too many people overqualified for the jobs they do because there are just too few jobs and too many people. It's not going to get better, IMO.
    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.

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    Re: Are student loan interest rates to high?

    Quote Originally Posted by KevinKohler View Post
    Yep. And we continue to play the game because, these days, you need a degree just to be a retail dept manager.
    And that's just insane and begs the question: How did we get here?
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: Are student loan interest rates to high?

    Quote Originally Posted by Ockham View Post
    And that's just insane and begs the question: How did we get here?
    Lot of factors. A desire for a sense of security has brought about a lot of required acredidation from uncle sam, which forces prospective career goals to include college or some other form of "higher learning" into the plans. Then there is the message that has been sent out since, what, the 50s, or prior? That going to college is a way to change your destiny, it is the gateway through which a person can change their economic class. And who doesn't want to climb that ladder to as high as they can go, what parent wants for their child no more than what they themselves had? So parents push their kids to go to college on the mistaken belief that it'll "change their stars". Add to that that, increasingly, there are more and more applicants for every single job out there, that employers can be increasingly picky.

    Who you going to higher as a cashier, if all other things are equal...the college grad, or the non college grad?
    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.

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    Re: Are student loan interest rates to high?

    Quote Originally Posted by MildSteel View Post
    Banks are borrowing money at almost zero percent interest rates. However student loan customers are being gouged at interests rates ranging from 4.7 to 7.2 percent. Why is it that are elected representatives in the government are allowing the people to be robbed in this way?
    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.

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