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. #171
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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
    I was talking to one of my daughters today. She was saying that it is ridiculous that the interest rate on her car loan is only 3 percent while the interest rate on her student loan is more than double that. Such gouging is no more than a tax that is being imposed on the middle class. It is especially disgusting at a time when Republicans are proposing tax cuts that will benefit the wealthy.
    Or just don't go to college. It's a horrific waste of money anyway.

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  2. #172
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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
    You and I have a very big disagreement on this. If it were a private lending institution that's ok. But the government should be facilitating education with such loans, not making money. Sorry, I don't agree with you one bit on that.
    Government has no business nationalizing the student loan industry. If your daughter didn't want the government charging her interest, then she shouldn't have signed up for it's money at an agreed upon rate.

    My daughter isn't in default and should not have to pay interest rates that are that high.
    Your daughter is in a high risk category, which is why her interest rate is where it is. If anything, technically, it should be higher. The reason her rate on the car is lower is because it is secured. They can repossess and resell the car. You can't reposses and resell a degree.

    Although I think the tuition costs were too high, that is not what I am talking about here in this thread.
    :raises eyebrows: then what was all that about "student debt is practical because tuition is so high" about?

    Neither I am talking about the fact that she incurred debt to get her education. What I am saying is that the interest rate that the government is charging on the loans is too high. And that is where you and I have a big disagreement because we don't agree on the purpose of the loans.
    Well, yeah. If you think that the purpose of taking out a loan is to get subsidized, then I agree, that's a disagreement we are going to have. If the interest rate was higher than she was willing to pay, then she shouldn't have signed up for it.
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  3. #173
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by cpwill View Post
    Your daughter is in a high risk category, which is why her interest rate is where it is. If anything, technically, it should be higher. The reason her rate on the car is lower is because it is secured. They can repossess and resell the car. You can't reposses and resell a degree.
    Which is exactly the point I was going to make before it became painfully obvious I was wasting my time on the entitlement-happy . With a 9% default rate on student loans and nothing the banks can really do to recoup a defaulted loan, they have to charge more money to off-set the losses that they receive. Then again, some people just don't know how economics works.
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  4. #174
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Geoist View Post
    So you don't think its ridiculous that Dept. of Ed is profiting $40 billion each year from student loans? Would think a libertarian would have a strong opinion on such a matter...
    Having not looked into it I have no idea whether that's a real number or something someone pulled out of their backside. Hence I have no opinion. I'll stipulate that if it's a real number that yes I'd have a problem with it. I don't necessarily have an issue with the government providing services but it should be services of the "last resort" variety and not profit driven. Government can't compete in the free market.
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  5. #175
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Geoist View Post
    If you don't like President Obama then just move to another country.


    See how productive that argument is?
    Completely irrelevant to the discussion at hand.
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  6. #176
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Geoist View Post
    Ah, so Department of Ed should be profiting more than $40 billion from student loans?

    The hypocrisy of conservatives makes me chuckle.
    The cost of money is not free.

    The hypocrisy of clowns who do not understand basic business tenants is hilarious.
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by cpwill View Post
    Government has no business nationalizing the student loan industry. If your daughter didn't want the government charging her interest, then she shouldn't have signed up for it's money at an agreed upon rate.
    This is a stupid argument. The question is not whether this person should have taken the loan, the question is whether or not the interests rates are too high. If you can't talk about the question then shut up.
    Last edited by Ironfist; 04-16-15 at 05:57 AM.

  8. #178
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Ironfist View Post
    This is a stupid argument. The question is not whether this person should have taken the loan, the question is whether or not the interests rates are too high. If you can't talk about the question then shut up.
    No, actually, he has a point. When is a rate too high? Is it when the lender makes a profit? Or is it when the borrower walks away from signing on the dotted line? I would argue that the rate is not too high if the borrower agrees to pay it. The government seems to have cornered the market on initial loans, because students generally don't avail themselves of private loans until they've exhausted their eligibility for the cheaper government direct loans.
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Ahlevah View Post
    I would argue that the rate is not too high if the borrower agrees to pay it.
    Your argument is unacceptable for the following reasons:

    1. It ignores the possibility that the borrower may be under pressure from social, economic, or violent coercion.

    2. It ignores that borrowers may have been subjected to deceptive lending practices.

    3. It ignores the fact that monopolies have substantial power to set rates and erode the principles of freedom that are supposed to be associated with free markets.

    As such, because it thus renders the concepts justice and fairness sterile, it should be rejected to the pile of useless, rubbish ideas by the discerning mind.

  10. #180
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Cephus View Post
    Go elsewhere for money.
    Unless you're a rare talent like Lebron James or Bill Gates you are going to most likely need a college education to get anywhere in the 21st century. I don't like it, but that's reality.


    And no, it's not a democracy, it's a democratic republic. We elect people to do what we, in general, want.
    democracy: a system of government by the whole population or all the eligible members of a state, typically through elected representatives.

    Democracy is the broader term. You can say democratic republic to get more specific, but saying we're not a democracy is plain wrong.
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