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. #61
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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
    I've said the same to my parents. It makes no sense for the interest rate to be higher than that for a car loan. And if that gets you angry, check this out: Obama Student Loan Policy Reaping $51 Billion Profit

    Bottom line is interest rate should be high enough to cover upkeep and nothing more. Government is not a corporation. It should not act like one.
    Government is also not a lender. But they act like one. And everyone is surprised.

    You want government in the lending business? Then they will act like a lender.
    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?

    Learn to speak Spanish, give a common name and go to school for free as an undocumented student. Problem solved. OR... don't sign for a student loan. It is clearly obvious to anyone paying attention that colleges are a for profit business and that the goal is not to deliver an education but to get that student loan sold. It is a revenue stream for somebody else. If you fell for it, you got your education. The only way to win that game is not to play.

  3. #63
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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
    Saying the interest rate's too high and calling it a tax are two different things. The rate may well be too high but it is not, by any reasonable definition of the term a "tax". For one thing taxes are compulsory, you are not obligated to take a government backed student loan.
    Not all taxes are compulsory in the sense that you mean. For example one does not have to pay property tax if he does not buy property.

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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
    I've said the same to my parents. It makes no sense for the interest rate to be higher than that for a car loan. And if that gets you angry, check this out: Obama Student Loan Policy Reaping $51 Billion Profit

    Bottom line is interest rate should be high enough to cover upkeep and nothing more. Government is not a corporation. It should not act like one.
    Exactly. It is totally ridiculous for borrowers, especially young people like my daughter who are just graduating from college to be gouged in this way.

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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
    Or it could be a fee. If I pay admission to a state park, I have not paid a tax, I have paid a fee.
    That fee is the functional equivalent of a tax and as such can be viewed in those terms.

  6. #66
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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
    Not all taxes are compulsory in the sense that you mean. For example one does not have to pay property tax if he does not buy property.
    Almost everyone pays property taxes, one way or another. If you rent,
    part of your rent pays the property taxes.
    The only exception might be a boat, but even a boat pays license renewal.

  7. #67
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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
    Exactly. It is totally ridiculous for borrowers, especially young people like my daughter who are just graduating from college to be gouged in this way.
    I paid for both my kids to go to college, I still think it was a good investment.
    If you consider the offset from minimum wage, the payback time for the cost of college
    compared to the extra income from having a degree, could be under a year, to several years.
    Considered over a lifetime of employment, it is a very good deal.
    Part of this hinges of if the degree obtained is marketable.

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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
    OK, this might confuse you, but I am not Alan Dershowits, nor Jeffery Epstein, nor am I any other liberal, and I am about as far from elite as it is possible to get.
    Well this may disappoint you, but it is quite obvious that you are not Dershowitz because this would be a much more challenging discussion. Dershowitz would not make the statement "nor am I any other liberal" while having the label "Very Liberal" emblazoned on his account. Rather it is a frame of mind that is the point.

    Quote Originally Posted by Redress View Post
    Bringing in other people to try and associate me with is pretty lame and a failure as arguments go.
    The point is not that you are Dershowitz, Epstein, or necessarily part of the liberal elite. Rather the point is that your posts represent a frame of mind that demonstrates your interests intersect their's in one or more of the areas that I described. Your interest in liberal values, if your label is to be believed, is certainly not founded on compassion for others. Rather it is based on narrow selfish interests which is demonstrated by your lack of concern for the type of challenges that young student borrowers face today.

    Quote Originally Posted by Redress View Post
    Young people today do have control over what kind of scholarships they get, whether they work while attending school, whether they have access to the GI Bill, and so on and so forth. Student loans are far from the only way to attend college.
    No they don't have much control over the kinds of scholarships they get because that is determined by other people. Over and above that, even when they get scholarships, the costs of education are so steep these days that the scholarships frequently are not sufficient. My daughter got scholarships, but they were not enough to cover her costs. Although student loans are not the only way to attend college, they are a practical means to obtain the type of education that is necessary these days to get employment that pays a living wage. As such, the government should not gouge borrowers with interests rates that are excessive. The fact that someone like my daughter could finance a car a 3 percent interest but pays more than double that interest on a student loan from the government is quite frankly disgusting.

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

    Quote Originally Posted by longview View Post
    I paid for both my kids to go to college, I still think it was a good investment.
    If you consider the offset from minimum wage, the payback time for the cost of college
    compared to the extra income from having a degree, could be under a year, to several years.
    Considered over a lifetime of employment, it is a very good deal.
    Part of this hinges of if the degree obtained is marketable.
    The interest rates are unnecessarily high. It should not be a profit making scheme for the government, especially at a time when Republicans are proposing tax cuts that benefit primarily wealthy people.

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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
    It is not a tax for the simple reason that you are not forced to pay it. You do not have to take a student loan.
    Again, your reasoning in flawed. You don't have to pay sales tax if you don't buy anything that is taxable.

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