View Poll Results: Are high student loan interest rates a form of tax on the middle class?

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Thread: Are high student loan interest rates a form of tax on the middle class?

  1. #141
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by MildSteel View Post
    Yes, but in this case the lender is the government which has tools at its disposal that private lenders don't have. That is one thing. The other thing is that the government is not there to simply make a profit from citizens. Therefore the purpose of the loans should be to facilitate education.



    That is not clear. Such loans that facilitate educational needs are a public good because a well educated workforce benefits the government and everyone else.

    - Possibly the loans purpose it to facilitate education. But that does not support your proposition. You do not even address the fact of risk, which is presently the highest component of interest rates charge of private companies and individuals.

    - I am afraid, that you must look up the meaning of "public good". There is a very good write up in Wikipedia, if you don't want to look into a textbook.

  2. #142
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by MildSteel View Post
    That is not clear. Such loans that facilitate educational needs are a public good because a well educated workforce benefits the government and everyone else.
    This is true, but not for benevolent reasons.
    The Government helps people get an education, so they can earn more, and pay more taxes.
    It is my understanding, that any extra funds generated from the loan program would be used to fund
    additional Pell grants, but have not seen any evidence of the Pell grants increasing.
    If they actually did that it would fit into the democrat mantra of letting the rich, pay for the poor.

  3. #143
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by MildSteel View Post
    My daughter can repay the loan. The interest rates are too high.
    Be thankful it's only 6%. You're frame of reference is one that has benefits other generations didn't have and loans typically were much higher than 6% if they were obtainable at all. 6% given a wider frame of reference is way easy. Choices have consequences - welcome to life lessons 101.
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  4. #144
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by MildSteel View Post
    Apparently you don't know what democracy means. Since I am taxed to the tune of thousands of dollars each year by the Federal Government, I get to voice my opinion on government policy. The interest that the government is charging is too high. If you don't like me saying that, then don't live in a democracy.
    Receiving a loan is not democratic. It is a financial decision. You go to the bank (or other financial organization, which is what the government is acting as here), see what rates you qualify for and then either accept the loan or do not accept the loan. You are certainly welcome to your opinion that the rate is too high, at which point, you can go and look for other alternatives. Let us know when you find some.
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  5. #145
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by MildSteel View Post
    Although that might be the case, the government should not be profiting from student loan interest rates. The purpose of the loans is to facilitate education, not to make a profit for the government. The government is borrowing money at very low interest rates, but charging my daughter 6.8 percent for her loan. That is quite a big spread in the rate the government borrows money and what they charge my daughter. It is especially ridiculous when you consider that she purchased a car with a loan at 3 percent.
    Then get the people who gave her the car loan to give her money for school.
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  6. #146
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by MildSteel View Post
    No, my daughter took out the loan, and she is paying it back. Do you understand that? What I am saying is that the interest rates the she is paying are too high. Do you understand that?
    Then why are you the one bitching about it? If your daughter is so upset about the rates, she can get an account here and complain on her own.
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by MildSteel View Post
    Although that might be the case, the government should not be profiting from student loan interest rates. The purpose of the loans is to facilitate education, not to make a profit for the government. The government is borrowing money at very low interest rates, but charging my daughter 6.8 percent for her loan. That is quite a big spread in the rate the government borrows money and what they charge my daughter. It is especially ridiculous when you consider that she purchased a car with a loan at 3 percent.
    No offense, but who's more credit worthy? The federal government or your daughter? I mean, you're arguing that the government is profiting from these loans, but we won't have the answer to that question until all of the money is paid back, and, if history is any guide, it won't be. I see the word "forgiveness" being extended to a large percentage of these loans, because, thanks to the fact that federally-guaranteed, subsidized loans charge the same rate to everyone, regardless of risk, a lot of capital is being misallocated. For example, can we really say that people as a whole who have degrees in dead languages have the same earnings prospects as people who study engineering? What we're finding is that even people with some types of engineering and science degrees (think petroleum and geology at the moment) are having difficulty finding employment, so how are the philosophy and marketing majors going to pay back their supersized portion of the $1.3 trillion (including private loans) they owe? If one believes people like Bill Ackman, they simply won't, and this could potentially destabilize the financial system. In that case, Poof! There goes your alleged profit.
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  8. #148
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by MildSteel View Post
    Well this may disappoint you, but it is quite obvious that you are not Dershowitz because this would be a much more challenging discussion. Dershowitz would not make the statement "nor am I any other liberal" while having the label "Very Liberal" emblazoned on his account. Rather it is a frame of mind that is the point.
    So the idea that not every liberal is alike is confusing to you. I suppose that is not surprising.

    The point is not that you are Dershowitz, Epstein, or necessarily part of the liberal elite. Rather the point is that your posts represent a frame of mind that demonstrates your interests intersect their's in one or more of the areas that I described. Your interest in liberal values, if your label is to be believed, is certainly not founded on compassion for others. Rather it is based on narrow selfish interests which is demonstrated by your lack of concern for the type of challenges that young student borrowers face today.
    Well, that is wrong on every single count. You rather clearly do not understand other points of view.

    No they don't have much control over the kinds of scholarships they get because that is determined by other people. Over and above that, even when they get scholarships, the costs of education are so steep these days that the scholarships frequently are not sufficient. My daughter got scholarships, but they were not enough to cover her costs. Although student loans are not the only way to attend college, they are a practical means to obtain the type of education that is necessary these days to get employment that pays a living wage. As such, the government should not gouge borrowers with interests rates that are excessive. The fact that someone like my daughter could finance a car a 3 percent interest but pays more than double that interest on a student loan from the government is quite frankly disgusting.
    Actually they have a ton of control over the scholarships available to them. Takes some effort, but definitely doable. And scholarships are not the only method of financing a higher education. For a measly 3 years of her life, your daughter could have had a GI Bill. Working while in school can supplement scholarships. There are solutions out there that make college affordable to most.

    I think it is a good thing that the government does several things to make college affordable. I also have no problem when some strings are attached, such as having to repay a loan. What I do have a problem with is when you give some one a benefit and they complain you are not helping them enough. A college degree increases earnings enough to far outstrip the costs of college, and the costs of student loans. Your daughter got help in getting a degree that could increase her earning potential by a million dollars, and you are complaining?
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  9. #149
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Gaius46 View Post
    It is not a tax for the simple reason that you are not forced to pay it. You do not have to take a student loan.
    So then sales tax isn't a tax?
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  10. #150
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by tres borrachos View Post
    Government is also not a lender. But they act like one. And everyone is surprised.

    You want government in the lending business? Then they will act like a lender.
    How you feel about whether they should loan out money or not is besides the point. If they are going to do it then interest rates should cover only upkeep. Would think a conservative like yourself would agree (or do you want more money going to Dept. of Ed?)
    "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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