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. #201
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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
    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.
    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.

    Quote Originally Posted by Ironfist View Post
    2. It ignores that borrowers may have been subjected to deceptive lending practices.
    I'm old school: Caveat emptor. Besides, we have consumer lending laws that are designed to protect the public, but if the the Department of Education is engaging in deceptive lending practices then we really have a problem. Can you describe these, please? Because my guess is the bigger problem is people simply don't read and understand what it is they're signing.

    Quote Originally Posted by Ironfist View Post
    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.
    In this case, the federal government is the entity swinging its balls around by offering subsidized rates. If a private entity tried to do what Uncle Sam is doing (say, not charging any interest on subsidized loans while the student is in school and charging a below-market rate once the grace period ends) it would be charged with predatory pricing.

    Quote Originally Posted by Ironfist View Post
    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.
    Now you're engaging in opinion. "Fairness" and "justice" are two-sided coins. For example, what's fair when a borrower promises to repay a loan but stiffs the lender, even if he has the ability to repay the loan?
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  2. #202
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Longshot Lou View Post
    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.
    A college degree has nothing to do with what I said. If you think you MUST have a college degree in order to earn a "living wage" (whatever that may be), then you're definitely part of the problem.
    "I believe in a Spinoza's God who reveals himself in the harmony of all that exists, but not in a God who concerns himself with the fate and actions of human beings."

    --Albert Einstein, 1929

  3. #203
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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
    A college degree has nothing to do with what I said. If you think you MUST have a college degree in order to earn a "living wage" (whatever that may be), then you're definitely part of the problem.
    It is not absolutely true, but it is generally true these days. Otherwise you will be stuck in some service job flipping burgers.

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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'm old school: Caveat emptor. Besides, we have consumer lending laws that are designed to protect the public, but if the the Department of Education is engaging in deceptive lending practices then we really have a problem. Can you describe these, please? Because my guess is the bigger problem is people simply don't read and understand what it is they're signing.
    What you said was:

    Quote Originally Posted by Ahlevah View Post
    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.
    That is a general statement about rates.

  5. #205
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Axe View Post
    It is not absolutely true, but it is generally true these days. Otherwise you will be stuck in some service job flipping burgers.
    I am a hs graduate college drop out and I make 43K a year
    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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  6. #206
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Axe View Post
    That is a general statement about rates.
    Yeah, so what? The same principle applies to any loan, whether it's one from Mom and Dad or one from the Department of Education. In fact, the OP starts out making the assumption that student loan rates are too high. I reject that premise and think it's leading. He comes to this conclusion based simply on the fact that his daughter's student loan debt cost more than twice as much as her auto loan. Who knows? Maybe the car salesman gave her a great deal on financing and gouged her on the price of her car so that, in fact, her education loan was the better deal. In fact, if she studied something useful like engineering she definitely got a bargain compared to the depreciating asset called an automobile.
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  7. #207
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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
    I am a hs graduate college drop out and I make 43K a year
    Steve Jobs was a college dropout. So were Bill Gates and Mark Zuckerberg. And this guy quit school when he was 12:

    Are high student loan interest rates a form of tax on the middle class?-abraham-lincoln-1-jpg
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  8. #208
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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
    Steve Jobs was a college dropout. So were Bill Gates and Mark Zuckerberg. And this guy quit school when he was 12:

    Are high student loan interest rates a form of tax on the middle class?-abraham-lincoln-1-jpg
    Well you also have to remember they were incredibly intelligent and gifted which meant they did not stand to gain much from university education. This is not the case for most people.

  9. #209
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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
    Well you also have to remember they were incredibly intelligent and gifted which meant they did not stand to gain much from university education. This is not the case for most people.
    True, but how much money do we lend to average people or even, shall I say, the academically challenged? I mean, what are we to do when our supposed best and brightest don't even know the capital of Canada?

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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
    Yeah, so what? The same principle applies to any loan, whether it's one from Mom and Dad or one from the Department of Education. In fact, the OP starts out making the assumption that student loan rates are too high. I reject that premise and think it's leading. He comes to this conclusion based simply on the fact that his daughter's student loan debt cost more than twice as much as her auto loan. Who knows? Maybe the car salesman gave her a great deal on financing and gouged her on the price of her car so that, in fact, her education loan was the better deal. In fact, if she studied something useful like engineering she definitely got a bargain compared to the depreciating asset called an automobile.
    I'm of the mind any interest rate is too high for a car. Why pay interest to tie up in some cases over 100% of your net worth in a rapidly depreciating asset? This is america, there's a car on ever street paying attention for deals can get you a reliable used car for cash
    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

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