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. #71
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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.
    ....then they should have gotten scholarships, worked their way through school, gone to local college, joined the military, etc?


    I'm halfway through my second masters' degree. Thus far: Zero Debt Incurred. My parents paid for three semesters of undergrad.
    “In America we have a two-party system,” a Republican congressional staffer told a visiting group of Russian legislators. “There is the stupid party. And there is the evil party. I am proud to be a member of the stupid party. Periodically, the two parties get together and do something that is both stupid and evil. This is called: bipartisanship."

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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
    ....then they should have gotten scholarships, worked their way through school, gone to local college, joined the military, etc?
    My daughter got scholarships. Tuition, room and board, and other costs are so high, that student loans are a practical option.

    Quote Originally Posted by cpwill View Post
    I'm halfway through my second masters' degree. Thus far: Zero Debt Incurred. My parents paid for three semesters of undergrad.
    Good for you.

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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 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.
    The interest rates are not high if you compare what it would cost to put her tuition on a credit card.
    Are the rates higher than under the old system? yes, Blame Obama!
    Are the rates high in relationship to the risk, not so much.
    If your Daughter went to the bank and asked for an unsecured loan, if they would give it to her,
    the rate would likely be over 20%.

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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
    The interest rates are not high if you compare what it would cost to put her tuition on a credit card.
    Are the rates higher than under the old system? yes, Blame Obama!
    Are the rates high in relationship to the risk, not so much.
    If your Daughter went to the bank and asked for an unsecured loan, if they would give it to her,
    the rate would likely be over 20%.
    At a time when the government, through its empowered representative the Federal Reserve, has taken trillions of dollars in toxic debt from banks, there should be no gouging student loan customers in the form of excessive interest rates. Not only that, the government has the powerful mechanism of wage garnishment to recover funds from accounts that are in default. As such student loan customers should not be charged these excessive rates.

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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
    My daughter got scholarships. Tuition, room and board, and other costs are so high, that student loans are a practical option.
    I am not sure the student loans were a practical option, if she is going to complain about it when she is finished.
    She borrowed the money knowing the rate.
    Maybe she should have borrowed it from you!
    Maybe she should have lived at home while in school(if possible).
    There are a lot of options, for getting a degree.

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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
    My daughter got scholarships. Tuition, room and board, and other costs are so high, that student loans are a practical option.
    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.

    Good for you.
    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.
    Last edited by cpwill; 04-14-15 at 04:03 PM.
    “In America we have a two-party system,” a Republican congressional staffer told a visiting group of Russian legislators. “There is the stupid party. And there is the evil party. I am proud to be a member of the stupid party. Periodically, the two parties get together and do something that is both stupid and evil. This is called: bipartisanship."

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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
    At a time when the government, through its empowered representative the Federal Reserve, has taken trillions of dollars in toxic debt from banks, there should be no gouging student loan customers in the form of excessive interest rates. Not only that, the government has the powerful mechanism of wage garnishment to recover funds from accounts that are in default. As such student loan customers should not be charged these excessive rates.
    I don't like what the government did to the student loan program ether, but your daughter
    accepted the loans knowing the rate.

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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 am not sure the student loans were a practical option, if she is going to complain about it when she is finished.
    She borrowed the money knowing the rate.
    Maybe she should have borrowed it from you!
    Maybe she should have lived at home while in school(if possible).
    There are a lot of options, for getting a degree.
    The thing is this, the government took over $15,000 from my paycheck last year in the form of income tax. As such, I have the right to say that I think that the interest rates that they are charging on student loans are excessive. They are. The spread between the rates that they pay to borrow money and what they charge student loan customers is ridiculous. The purpose of the loans is not to tax student loan customers for the sake of profit with these rates. It is to facilitate education.

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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.
    did they use a rubber hose

    was she water boarded

    did she have a gun to her head when she signed the paperwork

    omg....she took out a loan.....now she has to pay it back

    if she doesnt like the terms, have gher refinance it

    6% interest is not gouging.....historically it is a very nominal rate

    you want gouging...look back at mortgage and car rates in 1981-82

    i paid 15% with freaking perfect credit on a car note

    why dont you just payoff the note for her, and have her pay you back?

    or why cant she refinance?
    “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 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.
    Both of my kids, lived at home and did 2+2 degrees, it saved me about $12 K each.

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