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?

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

    Quote Originally Posted by Carjosse View Post
    The problem is not with the student loans, it is the tuition costs that the loans are taken out to pay.
    The interest rates are too high. Again my daughter's student loan interest rate IS MORE THAT DOUBLE the interest rate on her car loan.

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

    Quote Originally Posted by digsbe View Post
    Absolutely. They aren't forgiven with bankruptcy, can be taken out of federal tax returns and if deliquint the government can remove professional licenses. If anyone making an income pays back their loans the gov is going to profit from the 6%+ interest rates. If I take out the 20 year repayment plan they'll make almost double what I took out.

    Not to mention after 75k income (I believe) your interest on the loans are no longer tax deductible. I believe they view them as a form of revenue for the government, not necessarily a public service to students.
    I don't think the 75k statement is true.

  3. #13
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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
    The interest rates are too high. Again my daughter's student loan interest rate IS MORE THAT DOUBLE the interest rate on her car loan.
    If tuition was reasonable those loans may not to have to be taken in the first place or a smaller amount will need to be borrowed. Tackle the root of the problem not the symptom.

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

    Quote Originally Posted by Carjosse View Post
    If tuition was reasonable those loans may not to have to be taken in the first place or a smaller amount will need to be borrowed. Tackle the root of the problem not the symptom.
    If you want to look at it that way, the problem is the system of fractional reserve banking.

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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 don't think the 75k statement is true.
    From what I understand for singles the limit is 80k now, although I could be misinterpreting or wrong about it.
    Publication 970 (2014), Tax Benefits for Education
    When the debate is lost, slander becomes the tool of the loser. -Socrates
    Tired of elections being between the lesser of two evils.

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

    Quote Originally Posted by digsbe View Post
    From what I understand for singles the limit is 80k now, although I could be misinterpreting or wrong about it.
    Publication 970 (2014), Tax Benefits for Education
    Perhaps. I don't feel like reading it. Sorry about being lazy!

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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
    If the government is profiting from the spread in interest rates, it is a source of revenue for the government and as such is, in effect, a form of taxation.
    Revenue != tax. You seem really confused about what taxes are.
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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
    What is moronic is ignoring that the average student indebtedness is over $28000 for students today. Students who recently graduated like my daughter face the task of repaying student loan debt. Of course people who are either too old or wealthy think that this topic is irrelevant. But to the many students facing this task, it is essentially a tax that is eroding the middle class.
    And a college degree increases average wages about 900k to 1 million over a lifetime. Maybe it is time to stop crying and actually be thankful for such programs.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

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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.
    It's a representation of risk. If she fails to pay her car loan they repossess her car, and get some of that money back. If she fails to pay her student loan (which is probably more likely) they have no financial recourse.
    Schadenfreude ist die schönste Freude.

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

    Quote Originally Posted by Redress View Post
    Revenue != tax. You seem really confused about what taxes are.
    It is not that I am confused, rather it is that your understanding is shallow. Not only that but you likely have a personal grudge that you bring to the discussion. But that aside, one way that the government gets revenue is from taxing its citizens. Therefore, if the government is profiting from such loans, they can be viewed effectively as a tax.

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