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. #81
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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.
    Well it is a practical way to cover such costs. I paid for her first two years of school and paid the room and board for the third. What they charge for tuition now is more that ten times what I paid when I was in school. It is ridiculous.

    Quote Originally Posted by cpwill View Post
    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.
    We don't have a society that is structured on Biblical principles. If we did, we would not do things like bomb innocent people to usurp the resources of their country.

    Quote Originally Posted by cpwill View Post
    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.
    Times have changed. Like I said, tuition costs are more than ten times what it cost me when I was in school.

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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 don't like what the government did to the student loan program ether, but your daughter
    accepted the loans knowing the rate.
    What I am saying is that the rates are too high, not that my daughter should not repay them. There is a difference.

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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 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.
    Look I apologize for being terse, and I am sorry you Daughter is having trouble.
    The market forces have been removed from the education system,
    most likely from the original student loan system.
    There should be feedback between the degrees offered, and the potential jobs capable
    of making the degree worthwhile. Unfortunately those elements got disconnected
    when college became about discovering yourself rather then preparing for a career.
    This is even further offset by the federal government administrating the loan program.
    This should be done by the states, with loans only given for the types of jobs available in that state.

  4. #84
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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
    Well it is a practical way to cover such costs. I paid for her first two years of school and paid the room and board for the third. What they charge for tuition now is more that ten times what I paid when I was in school. It is ridiculous.
    I agree that costs have soared way above inflation (and government sponsorship of student loans is the key driver behind that), however, I don't think that makes student debt a "practical" way to cover costs if you are not then going to be in a job field where you can rapidly and fairly easily pay off the debt incurred - such as if you are a doctor. Go in-state, get scholarships, work and save, and you can go to school without debt. College students who have jobs on the side actually do better grade-wise, because they have skin in the game.

    We don't have a society that is structured on Biblical principles.
    "Society" is irrelevant. Believers are expected to try to live our lives along biblical principles. When it comes to money, this means (among other things) avoiding debt. That doesn't make debt inherently sinful, mind you, it makes it dangerous, debilitating, and dumb.

    If we did, we would not do things like bomb innocent people to usurp the resources of their country.

    Times have changed. Like I said, tuition costs are more than ten times what it cost me when I was in school.
    You are letting sticker shock short-circuit your logic functions. I have been attending undergrad and graduate school from 2001 - Present, with some gap in the middle. Times haven't changed to require student debt.
    Worth noting, Democrats: President Trump will have a Pen and a Phone. #Precedent.

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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
    Look I apologize for being terse, and I am sorry you Daughter is having trouble.
    The market forces have been removed from the education system,
    most likely from the original student loan system.
    There should be feedback between the degrees offered, and the potential jobs capable
    of making the degree worthwhile. Unfortunately those elements got disconnected
    when college became about discovering yourself rather then preparing for a career.
    This is even further offset by the federal government administrating the loan program.
    This should be done by the states, with loans only given for the types of jobs available in that state.
    It is not that my daughter cannot repay the loan. It is that I don't think the interest rate should be so high.

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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 agree that costs have soared way above inflation (and government sponsorship of student loans is the key driver behind that), however, I don't think that makes student debt a "practical" way to cover costs if you are not then going to be in a job field where you can rapidly and fairly easily pay off the debt incurred - such as if you are a doctor. Go in-state, get scholarships, work and save, and you can go to school without debt. College students who have jobs on the side actually do better grade-wise, because they have skin in the game.
    My daughter can repay the loan. The interest rates are too high.


    Quote Originally Posted by cpwill View Post
    "Society" is irrelevant. Believers are expected to try to live our lives along biblical principles. When it comes to money, this means (among other things) avoiding debt. That doesn't make debt inherently sinful, mind you, it makes it dangerous, debilitating, and dumb.
    My daughter is capable of repaying the debt, has a job making north of $50,000 a year, and is repaying the debt. It is not sinful to borrow money, what is sinful is not repaying it because that is stealing, and usury, which is charging excessive interest 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
    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.
    dude

    you act like paying 15k is something special

    i would surmise that is probably around the average tax bill for middle class americans

    you can say anything you like

    you can bitch and moan all you like

    there is an old saying, **** in one hand and wish in the other....see which one fills up faster

    there are remedies for what you call higher interest rates.....

    you dont want to hear about them

    you want the government to give your daughter basically free money

    sorry....but no
    “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 MildSteel View Post
    It is not that my daughter cannot repay the loan. It is that I don't think the interest rate should be so high.
    Without the government involvement, what do you think would be a fair market interest rate
    for a student loan? not your daughter, but any student?
    You do not know , what they are majoring in, weather they will finish, what kind of study habits they have.
    It is truly an unsecured loan.

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

    Ok, so what should the interest rate be?

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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
    It appears that you are complaining. Perhaps if you don't have anything of substance to say, you should exercise some restraint.
    Keep me out of your issues. You brought your daughter into the discussion and I asked a question about whether you discussed collateral and you have yet to address the question.

    I'll leave to to Tres to continue to point out your complaints.

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