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?

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

    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.

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

    If interest rates go down, tuition will go up.

    If anything is a tax on the "middle class", its tuition rates - if they were lower, even higher interest rate loans wouldn't be as onerous.
    Education.

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

    Tax and loan are two entirely different things. If I was to make a list of the top 1000 issues facing the middle class today, student loan rates would not even make the list.
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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
    Tax and loan are two entirely different things.
    If the government is profiting from the spread in interest rates, it is a source of revenue for the government and as such is, in effect, a form of taxation.
    Last edited by MildSteel; 04-13-15 at 09:08 PM.

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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.
    no, it's clearly not a tax on the middle class.

    by that, I mean it's clearly not a tax at all.

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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
    Tax and loan are two entirely different things. If I was to make a list of the top 1000 issues facing the middle class today, student loan rates would not even make the list.
    rates wouldn't make my top 1000 either.... overall college cost would be top 10 in my book, though.

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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.
    Equivocating loans and taxes is essentially moronic, period.

    If you want to point a finger, try the colleges themselves and their over-hiring of administrators (leading to higher tuitions).

    Other than that, get good ****ing grades, be active, be of service to others, and when all that is said and done, apply for scholarships
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    Re: Are high student loan interest rates a form of tax on the middle class?

    Quote Originally Posted by Luftwaffe View Post
    Equivocating loans and taxes is essentially moronic, period.
    What is moronic is ignoring that the average student indebtedness is over $28000 for students today. Students who recently graduated like my daughter face the task of repaying student loan debt. Of course people who are either too old or wealthy think that this topic is irrelevant. But to the many students facing this task, it is essentially a tax that is eroding the middle class.

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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
    What is moronic is ignoring that the average student indebtedness is over $28000 for students today. Students who recently graduated like my daughter face the task of repaying student loan debt. Of course people who are either too old or wealthy think that this topic is irrelevant. But to the many students facing this task, it is essentially a tax that is eroding the middle class.
    The problem is not with the student loans, it is the tuition costs that the loans are taken out to pay. US tuition is insane, I know many Americans at my university who came here because of the ridiculous tuition rates, my tuition is limited to $8000/year by the Canadian government and international students only pay maybe a few more thousand.

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

    Absolutely. They aren't forgiven with bankruptcy, can be taken out of federal tax returns and if deliquint the government can remove professional licenses. If anyone making an income pays back their loans the gov is going to profit from the 6%+ interest rates. If I take out the 20 year repayment plan they'll make almost double what I took out.

    Not to mention after 75k income (I believe) your interest on the loans are no longer tax deductible. I believe they view them as a form of revenue for the government, not necessarily a public service to students.
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