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

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  • Yes

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

  1. #21
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Tsunami View Post
    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.
    Wrong!!! The government has very strong recourse in the form of wage garnishment.

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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
    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.
    Perhaps it is time to stop being so callous about the practical situation that many young graduates face, and think about what will help, instead of eroding middle class purchasing power. What you have ignored is that real wages have stagnated in recent years. Therefore adding the burden of excessive interest rates does not help the middle class, but hurts it. The resulting decline in middle class purchasing power does not help the broader economy. Like I said, people who are too old and wealthy will likely be insensitive to this issue. However it is quite a significant challenge that young people must face today.

  3. #23
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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.
    So during this discussion, did the topic of collateral come up?

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

    Quote Originally Posted by AliHajiSheik View Post
    So during this discussion, did the topic of collateral come up?
    The purpose of the loans in to facilitate education, not to create a source of revenue for the government. Over and above that, the government has an effective means of protection in case of default in the form of wage garnishment. As such, there is no need to charge excessive interest rates.
    Last edited by MildSteel; 04-14-15 at 08:11 AM.

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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 purpose of the loans in to facilitate education, not to create a source of revenue for the government. Over and above that, the government has an effective means of protection in case of default in the form of wage garnishment. As such, there is no need to charge excessive interest rates.
    So I'm left with the impression that collateral did not come up. Maybe you should just charge your education on a credit card and then you will have a lot more complaining to do.

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

    Quote Originally Posted by AliHajiSheik View Post
    So I'm left with the impression that collateral did not come up. Maybe you should just charge your education on a credit card and then you will have a lot more complaining to do.
    It appears that you are complaining. Perhaps if you don't have anything of substance to say, you should exercise some restraint.

  7. #27
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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 purpose of the loans in to facilitate education, not to create a source of revenue for the government. Over and above that, the government has an effective means of protection in case of default in the form of wage garnishment. As such, there is no need to charge excessive interest rates.
    Then go ahead and loan her the money at 0% interest rate.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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

    Quote Originally Posted by tres borrachos View Post
    Then go ahead and loan her the money at 0% interest rate.
    ?????

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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're on here bitching (again) about the interest rate she's getting. You want to borrow someone else's money? You have to borrow it on their terms, not yours. If the government's lending rate offends you so much, you give her the loan, and then you can charge her whatever interest rate makes you happy.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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

    Quote Originally Posted by tres borrachos View Post
    You're on here bitching (again) about the interest rate she's getting. You want to borrow someone else's money? You have to borrow it on their terms, not yours. If the government's lending rate offends you so much, you give her the loan, and then you can charge her whatever interest rate makes you happy.
    You are the one that is here bitching (again) about someone making the observation that the interest rates that the government is charging are too high. In case you don't understand, it's like this, since the government took over $15,000 of my money from my paycheck last year in the form of federal income tax, I have the right to voice my opinion on what those interest rates should be. Get it?

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