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Thread: Student Loans... Can the Pubs be This Stupid?

  1. #1
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    Student Loans... Can the Pubs be This Stupid?

    Tie student loans to the market. Make them APR up to 8.5%. Once again some idiots in the party can't seem to recognize that they will never ever ever win the under 30 vote with stupidity like this. Besides which, if there was ever a program that should be regulated to maximize opportunity and reduce long-term serious debt, it would be this. Can the big banks assure these guys re-election? Otherwise, how dumb can you be?

  2. #2
    News Flash: Only 175,000 new May jobs, likely many of them part-time. The unemployment rate went UP from 7.5% to 7.6%. We need about 225,000 new jobs per month just to keep up with population growth.

    Don't be so sure of who's stupid and who isn't stupid.

    OK?


  3. #3
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    Quote Originally Posted by AlbanyJet View Post
    News Flash: Only 175,000 new May jobs, likely many of them part-time. The unemployment rate went UP from 7.5% to 7.6%. We need about 225,000 new jobs per month just to keep up with population growth.

    Don't be so sure of who's stupid and who isn't stupid.

    OK?

    News Flash. Only 50% of students complete 2 and 4 year college in 6 years. But they get to be saddled with high debt to feed profit margins for the banks. Yeah, that's brilliant. So your idea is that we should have more people in credit hell in their attempt to improve their lives, not to mention actually provide skills needed by companies. Dumb and dumber.

  4. #4
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    why would you ignore the real problem: the ridiculous price of a college education? And the fact that lots of people attending college shouldn't even be there.

  5. #5
    Quote Originally Posted by long island leprechaun View Post
    Tie student loans to the market. Make them APR up to 8.5%. Once again some idiots in the party can't seem to recognize that they will never ever ever win the under 30 vote with stupidity like this. Besides which, if there was ever a program that should be regulated to maximize opportunity and reduce long-term serious debt, it would be this. Can the big banks assure these guys re-election? Otherwise, how dumb can you be?
    Why don't we just make college free for everyone.

    That will get everyone's vote.

    they can major in Chines vaginal studies and not need to borrow 100K.

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    Quote Originally Posted by southparkcpa View Post
    Why don't we just make college free for everyone.

    That will get everyone's vote.

    they can major in Chines vaginal studies and not need to borrow 100K.
    or even a dumber major like Accountancy

  7. #7
    Quote Originally Posted by sg3 View Post
    or even a dumber major like Accountancy
    Go back to the strip chucklenuts.

  8. #8
    Quote Originally Posted by long island leprechaun View Post
    News Flash. Only 50% of students complete 2 and 4 year college in 6 years. But they get to be saddled with high debt to feed profit margins for the banks. Yeah, that's brilliant. So your idea is that we should have more people in credit hell in their attempt to improve their lives, not to mention actually provide skills needed by companies. Dumb and dumber.
    College graduates and young voters need jobs, not low interest rate school loans. If they don't have jobs they can't pay off the loan no matter what rate the loan is. Additionally, is it the loan principal amount or the loan interest rate that's the problem?

    High unemployment and little-to-no job creation is not a winning formula for Democrats.


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    IMO the cost of college is the problem. Not the interest rate on the loans. Sure, they could be lower but the bigger problem is the cost.

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    Quote Originally Posted by AlbanyJet View Post
    College graduates and young voters need jobs, not low interest rate school loans. If they don't have jobs they can't pay off the loan no matter what rate the loan is. Additionally, is it the loan principal amount or the loan interest rate that's the problem?

    High unemployment and little-to-no job creation is not a winning formula for Democrats.

    Economic collapses and idiotic military invasions, the GOP way, is much better

  11. #11
    Quote Originally Posted by sg3 View Post
    or even a dumber major like Accountancy
    Funny thing...its now in the top 5 of things to major in. Starting jobs in public now in the 70 to 80K range. ONE YEAR out of college.

    NUTS but that's the market.

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    Quote Originally Posted by DDNYjets View Post
    IMO the cost of college is the problem. Not the interest rate on the loans. Sure, they could be lower but the bigger problem is the cost.
    Couldn't agree more. And there is absolutely no incentive for colleges to reduce that cost since they hold us hostage in a job market that requires their credentials for many many jobs. Colleges could give a ratsa** about interest rates, as the principal will remain the same. Students will bear the added burden of paying ridiculous rates or not being able to pay at all. Defaults have skyrocketed, so how could it be sensible to raise the rates or make borrowers dependent on the whims of adjustable rates in the market.

    My main point was that the Pubs seem to have a tin ear for the youth vote. Watch this become another bullet in the arsenal of Dems in coming elections. Won't sit well with most middle class parents either, frankly. Just plain political suicide.

  13. #13
    Quote Originally Posted by long island leprechaun View Post
    Couldn't agree more. And there is absolutely no incentive for colleges to reduce that cost since they hold us hostage in a job market that requires their credentials for many many jobs. Colleges could give a ratsa** about interest rates, as the principal will remain the same. Students will bear the added burden of paying ridiculous rates or not being able to pay at all. Defaults have skyrocketed, so how could it be sensible to raise the rates or make borrowers dependent on the whims of adjustable rates in the market.

    My main point was that the Pubs seem to have a tin ear for the youth vote. Watch this become another bullet in the arsenal of Dems in coming elections. Won't sit well with most middle class parents either, frankly. Just plain political suicide.
    Partially disagree. The rising cost is driven by the availability to pay the loans. I have so many clients, friends, associates who borrowed upwards of 30 to 50K to get an MBA from Strayer, Phoenix etc. These degrees are worthless.

    Theu would never have gone if they couldn't borrow and now all they have is debt and a $hitty paper on the wall. Forget rates for a moment. At 2 to 3 percent, paying back 50K in 10 years is burdensome for someone silly enough to get a Phoenix MBA.

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    Quote Originally Posted by AlbanyJet View Post
    College graduates and young voters need jobs, not low interest rate school loans. If they don't have jobs they can't pay off the loan no matter what rate the loan is. Additionally, is it the loan principal amount or the loan interest rate that's the problem?

    High unemployment and little-to-no job creation is not a winning formula for Democrats.

    Do you know how completely idiotic you sound? They need both. And do you have any idea what the amortization difference is on a loan of say 20,000 at 3.5% and 6.5% over 30 years? Not to mention that APR will in no way correlate to individual borrowers' ability to pay. It should be a fixed rate.

  15. #15
    Quote Originally Posted by long island leprechaun View Post
    Do you know how completely idiotic you sound? They need both. And do you have any idea what the amortization difference is on a loan of say 20,000 at 3.5% and 6.5% over 30 years? Not to mention that APR will in no way correlate to individual borrowers' ability to pay. It should be a fixed rate.
    yeah...its only about $600 a year. Albany is correct. The principal is the issue MORE than the rate. But clearly 8.5 is too high.

    Lending blindly is the problem here.

  16. #16
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    Quote Originally Posted by southparkcpa View Post
    Partially disagree. The rising cost is driven by the availability to pay the loans. I have so many clients, friends, associates who borrowed upwards of 30 to 50K to get an MBA from Strayer, Phoenix etc. These degrees are worthless.

    Theu would never have gone if they couldn't borrow and now all they have is debt and a $hitty paper on the wall. Forget rates for a moment. At 2 to 3 percent, paying back 50K in 10 years is burdensome for someone silly enough to get a Phoenix MBA.
    Fair enough. Plenty of people getting fleeced by "universities" that are worthless. Who accredits these mills?

    Student loans are one area however where the rising cost should be subsidized by the government to maintain low rates. Loan interest rates will not change the current educational structure, which is frankly badly needed. All it will do is make banks richer at the expense of mostly young graduates who will struggle into perpetuity. If we have so little investment in creating educational opportunity in the U.S., we shouldn't cry when our skilled jobs are outsourced or filled by green card Indians and Asians. We're literally driving people out of a college degree or into default. For what?

  17. #17
    Quote Originally Posted by long island leprechaun View Post
    Fair enough. Plenty of people getting fleeced by "universities" that are worthless. Who accredits these mills?

    Student loans are one area however where the rising cost should be subsidized by the government to maintain low rates. Loan interest rates will not change the current educational structure, which is frankly badly needed. All it will do is make banks richer at the expense of mostly young graduates who will struggle into perpetuity. If we have so little investment in creating educational opportunity in the U.S., we shouldn't cry when our skilled jobs are outsourced or filled by green card Indians and Asians. We're literally driving people out of a college degree or into default. For what?
    Again...I believe the loans are allowing costs to rise. If students cant go, some colleges will close, some will lower costs etc.

  18. #18
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    Quote Originally Posted by southparkcpa View Post
    yeah...its only about $600 a year. Albany is correct. The principal is the issue MORE than the rate. But clearly 8.5 is too high.

    Lending blindly is the problem here.
    Indeed, but what is the average loan burden of college graduates? It's considerably higher than $20,000. Not to mention graduate and professional school loan burden. Now add in variable rates that could jump another 2 percentage points at any time and it's not chump change.

  19. #19
    Quote Originally Posted by long island leprechaun View Post
    Fair enough. Plenty of people getting fleeced by "universities" that are worthless. Who accredits these mills?
    That would be higher education accreditation organizations and you better believe they are Democrats. And because Republicans are so dumb, they must be so smart, like you.

  20. #20
    Quote Originally Posted by long island leprechaun View Post
    Indeed, but what is the average loan burden of college graduates? It's considerably higher than $20,000. Not to mention graduate and professional school loan burden. Now add in variable rates that could jump another 2 percentage points at any time and it's not chump change.
    Again..unless you are going to medical school etc...their is little need for student loans in excess of say 30 to 40K.

    Planning, state schools, etc. So many kids go to small private colleges like CW Post, Hartwick etc and get a degree no more valuable than Farmingdale or Oneonta.

    If rates were capped at 4 percent, the problem would still be massive.

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