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. #211
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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?
    That you don't give a damn about the suffering of others is meaningless. The reason that we have government is to ensure that people are not victimized by fools, under the influence of greed, who want to usurp all of the resources available to human society for their personal aggrandizement. It is not there to facilitate such idiots in their stupid endeavor. The purpose of the government making the loans should therefore be to facilitate education, nothing more. It should not be a money making scheme devised by people with the mentality of loan sharks to give an excuse to lower taxes for the wealthy.

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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.
    You made a general statement concerning interest rates when you said no rate was too high if the borrower agreed to pay. That is a bogus bunch of baloney because if we take that as true then the ridiculous notion of someone agreeing to pay 1000 percent interest on a loan, because someone held a gun to his head and threatened to kill him if he didn't agree, would become acceptable. So your statement was bogus.

  3. #213
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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 you don't give a damn about the suffering of others is meaningless. The reason that we have government is to ensure that people are not victimized by fools, under the influence of greed, who want to usurp all of the resources available to human society for their personal aggrandizement. It is not there to facilitate such idiots in their stupid endeavor. The purpose of the government making the loans should therefore be to facilitate education, nothing more. It should not be a money making scheme devised by people with the mentality of loan sharks to give an excuse to lower taxes for the wealthy.
    Oh my gosh you're so far out in conspiracy land it's laughable. Forty years ago people would've committed murder to get loans in excess of 20k unsecured for six percent. Jesus H Christ no one with real work ethic is suffering because they willingly borrowed money at six percent. If you spent 40 k to get a degree that's twenty four hundred dollars! Tell the OPs precious snowflake to sell the car she finances at three percent (and really only someone who sucks at math, which is probably why his daughter is in a predicament with financing, would finance a car) and then that interest can be paid in full. Six Fing percent is not a conspiracy
    Quote Originally Posted by Dr. Chuckles View Post
    No one cares about your stupid hippy logic
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  4. #214
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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
    You made a general statement concerning interest rates when you said no rate was too high if the borrower agreed to pay. That is a bogus bunch of baloney because if we take that as true then the ridiculous notion of someone agreeing to pay 1000 percent interest on a loan, because someone held a gun to his head and threatened to kill him if he didn't agree, would become acceptable. So your statement was bogus.
    Oh so now there's teams of mobsters roaming the streets breaking your kneecaps if you don't go to school on credit?
    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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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Ahlevah View Post
    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.
    The government is not a private entity and it is good they are making the loans. What is not good is that they are trying to charge interest rates that are unnecessarily high. Because the government has resources at it disposal that far exceed the capabilities of private lenders, it can provide rates much lower than what private lenders are reasonably capable of. That is good because the government can thus facilitate the educational needs of citizens, while at the same time lowering their debt burden. The less debt that students have when they graduate, the more they can spend on consumption in the private sector which stimulates the economy.

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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
    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?
    The ridiculous statement that no interest rate is too high if the borrower agrees to pay, if accepted as true, renders the concepts of fairness and justice meaningless for reasons that I have already stated. Again it would mean that it is fair and just to hold a gun to someone's head and get them to agree to pay back a loan with 10000 percent interest. If you think that is fair and just, then your thinking is severely distorted.

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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
    Oh my gosh you're so far out in conspiracy land it's laughable.
    That conspiracy dog is a desperate attempt that will not hunt. The rates are too high when we consider that the government is not a private lender, and has resources at its disposal that far exceed those of private lenders.

  8. #218
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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
    You made a general statement concerning interest rates when you said no rate was too high if the borrower agreed to pay. That is a bogus bunch of baloney because if we take that as true then the ridiculous notion of someone agreeing to pay 1000 percent interest on a loan, because someone held a gun to his head and threatened to kill him if he didn't agree, would become acceptable. So your statement was bogus.
    agreeing to a loan like that is not enforceable....and you know it

    we have a whole new agency of the federal government setup just so the poor people wont be taken advantage of

    CFPB > Consumer Financial Protection Bureau

    Your complaint is more than data—it’s your story

    While you can see hundreds of thousands of complaints in the Consumer Complaint Database, these complaints are much more than just data to us. They reflect real and tough challenges people face every day as they try to navigate the financial world. Now we’re giving you the choice to publish your story in our Consumer Complaint Database and help others see what’s happening in the financial marketplace. Learn more about how we’re lifting your voice.

    maybe you guys need to take up your complaints with them
    “Most of the shadows of this life are caused by standing in one's own sunshine.”

    Ralph Waldo Emerson

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

    Quote Originally Posted by gdgyva View Post
    agreeing to a loan like that is not enforceable....and you know it
    Apparently you don't understand what is being said. He said that no interest rate is too high if the borrower agrees to pay. IF THAT IS TRUE, then we would have accept that if someone put a gun to someone's head and forced them to agree to repay a loan at 10000000 percent interest, that rate would not be too high. Its a stupid notion and that is the point.

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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 you don't give a damn about the suffering of others is meaningless. The reason that we have government is to ensure that people are not victimized by fools, under the influence of greed, who want to usurp all of the resources available to human society for their personal aggrandizement. It is not there to facilitate such idiots in their stupid endeavor. The purpose of the government making the loans should therefore be to facilitate education, nothing more. It should not be a money making scheme devised by people with the mentality of loan sharks to give an excuse to lower taxes for the wealthy.
    You wandered into the wrong section. We have a Conspiracy Theory section meant just for posts such as this one.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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