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. #191
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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.
    These are loans guaranteed by the govt, not govt money. Most student loans are with financial institutions who charge the interest.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
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  2. #192
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Moon View Post
    Society should expect and demand that people are going to take care of themselves first and foremost. If and when bad times hit, like they do to a lot of people, that's when the safety nets should kick in, but not as a means to provide a lifestyle.
    When two thirds of the people do NOT have a college degree, for it to be taken as gospel that only people with a college degree should be entitled to a "living wage" is insanity. It's just insane.

    I think the country is losing it's mind.

    Dystopia here we come.

  3. #193
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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
    That is correct. A college education has become almost an prerequisite for obtaining employment that pays a living wage in this country. It is ridiculous to think otherwise.

    i have 150 employees now

    less than 20 have a degree of any sort

    our average wage in 2014 was 65k....and the owner isnt included in that number

    there are MANY jobs and careers that dont require a college degree

    all of the trades
    many sales positions, except in things like pharma
    retail
    many medical technical positions
    many computer related positions
    etc, etc, etc

    you may need certification, or training....but a degree? nope

    lots of lucrative jobs.....

    are they easy? hell no.....but if you are talented you can make bank
    “Most of the shadows of this life are caused by standing in one's own sunshine.”

    Ralph Waldo Emerson

  4. #194
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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
    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 nobody has said any differently, why are you libertarians incapable of reading simple English? I keep saying GO SOMEWHERE ELSE FOR THE MONEY and you don't seem to be able to parse that, you think I'm saying not to go to school at all.

    Rent a clue.
    There is nothing demonstrably true that religion can provide the world that cannot be achieved more rationally through entirely secular means.

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  5. #195
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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.
    Get a CDL and then you can work part time for yellow or Ruan or the transit system making 20 dollars an hour plus bennies and no college debt is nessecary.
    Quote Originally Posted by Dr. Chuckles View Post
    No one cares about your stupid hippy logic
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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.
    Yeah, the tow truck can't repo the credits she earned. They're lending her money for a good they can't put a lien on, and you're telling me the interest rate is high? Duh
    Quote Originally Posted by Dr. Chuckles View Post
    No one cares about your stupid hippy logic
    "Be careful of averages, the average person has one breast and one testicle"
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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
    I would disagree - you don't have to go to debt to get through college. Med School or Law School, maybe, but undergrad? Nope. There are a bunch of ways to increase your money inflow while also decreasing your outgo around college. Do community college for two years, for one example, prior to taking those classes to an in-state public university and graduate under their name, but at a significantly reduced cost.

    The Bible says nothing positive about taking on debt, and quite a bit against it. If I can recommend a guy who spends a lot of time teaching biblical principles as they relate to money.



    Well, in order to do so, I joined the military. Which, on top of my education, set me up for a career. I was willing to sacrifice to get what I wanted.


    I'm sorry your daughter feels stuck and overwhelmed. It's the first major hurdle for my generation and the ones slightly after us, and it does suck (like starting life with a third of a mortgage, but no house). But she isn't anywhere that she didn't put herself.
    I like dave ramseys money teachings, I can't stand the political and religious rants though......

    That said I have followed his system in his book "total money makeover" and the principles have served me well, I set budgets save money, and don't take out debt. I am almost done with the 6 month emergency fund and I will be eligible to start my 401(k) and employee profit sharing for investing with my employer soon
    Quote Originally Posted by Dr. Chuckles View Post
    No one cares about your stupid hippy logic
    "Be careful of averages, the average person has one breast and one testicle"
    -Dixy Lee Ray

  8. #198
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by EMNofSeattle View Post
    Yeah, the tow truck can't repo the credits she earned. They're lending her money for a good they can't put a lien on, and you're telling me the interest rate is high? Duh
    What a weak, uninformed post. Although lenders can recover unpaid funds through vehicle repossession, the government has a much more powerful tool at its disposal in the form of wage garnishment. As a result, recovery rates for auto loans range from 40 to 60 percent. Nothing compared to the amazing recovery rates of student loans of 90 percent. Therefore, if anything, the interest should be lower for a student loan.


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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
    The don't buy clothes? Or the means to make clothes? Or food? You cannot avoid sales taxes unless you live in a tent in the woods.
    Hardcore. No sales tax.
    Last edited by Gina; 04-17-15 at 03:10 PM. Reason: Removed image

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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
    If I'm a lender, I don't care what the borrower's story is. I only care about one thing: Will he pay the money back? Now, if the lender is the federal government and it wishes to engineer social policy, I can think of other, more efficient ways to do this. Personally, I think we're turning out too many psych and marketing majors and not enough engineers and yet the Department of Education treats each graduate the same regarding his or her ability to repay the debt. Meanwhile, private investors are more than happy to offer better terms to lower-risk prospects.
    Private lenders have greater risks than the government.

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