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(USA Today)   So you know that impending student loan rate crisis that's about to destroy our nation and has both parties tearing each other apart (again)? Yeah, turns out it's not really much of a crisis at all   (usatoday.com) divider line 147
    More: Stupid, federal student loans, recess, loans, discretionary income, slow jam, interest rates, Jimmy Fallon, students  
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7204 clicks; posted to Main » on 01 May 2012 at 11:05 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-01 09:52:00 AM
Yeah, because a trillion dollars of debt that you can only escape by dying isn't a crisis. I have an idea, let's cut more state funding from universities and see what happens.
 
2012-05-01 10:22:32 AM
You know how I know subby didn't go to college within the last 20 years?

Student loans should be repaid. However, lenders need to be restricted in the following way:

1). Up to 3% maximum interest rate, student loan not discharegable in bankruptcy.
2). Greater then 3% maximum interest rate, student loan dischargeable in bankruptcy.

(Pick One)
 
2012-05-01 10:49:24 AM
It sure as fu*k is a crisis for those whose rates are going to double.
 
2012-05-01 11:08:14 AM
•The increase would only affect interest rates for subsidized Stafford loans for undergrad students issued after July 1, 2012. Interest rates for existing loans won't change

Oh, OK then. I've got mine, and screw you ;)
 
2012-05-01 11:08:33 AM
The Republican War on Education continues...
 
2012-05-01 11:08:40 AM
OMG...The Price of money went up!
 
2012-05-01 11:09:24 AM
Elzar: "(Pick One)"

100% true and 100% not gonna happen.
Students have no lobby.
 
2012-05-01 11:09:47 AM

Elzar: You know how I know subby didn't go to college within the last 20 years?

Student loans should be repaid. However, lenders need to be restricted in the following way:

1). Up to 3% maximum interest rate, student loan not discharegable in bankruptcy.
2). Greater then 3% maximum interest rate, student loan dischargeable in bankruptcy.

(Pick One)


Good luck ever getting someone to issue a student loan then.

Honestly, I don't feel bad for those with boatloads of student loan debt. Yeah, tuition has gone up, but the average cost for tuition/fees for a state school is ~$7,500/year. That's $30k for 4 years, not an obscene amount of money.
 
2012-05-01 11:09:58 AM
It absolutely is a crisis. We have far too many young people going into absurd levels of debt for an over-valued piece of paper.
 
2012-05-01 11:10:03 AM

Elzar: You know how I know subby didn't go to college within the last 20 years?

Student loans should be repaid. However, lenders need to be restricted in the following way:

1). Up to 3% maximum interest rate, student loan not discharegable in bankruptcy.
2). Greater then 3% maximum interest rate, student loan dischargeable in bankruptcy.

(Pick One)


Or possibly:

3) Lenders don't provide student loans because those terms suck.
 
2012-05-01 11:10:51 AM
And she mentioned that there is disagreement on how to pay for it, but Subby doesn't realize that this article doesn't downplay that aspect of it. THAT is what the crisis is about, and it still exists.
 
2012-05-01 11:11:13 AM

Mentat: Yeah, because a trillion dollars of debt that you can only escape by dying isn't a crisis. I have an idea, let's cut more state funding from universities and see what happens.


Let's not forget private student loans - you can't escape those by dying.
 
2012-05-01 11:11:47 AM
gee - another 'crisis' fabricated by the media....

shocking....
 
2012-05-01 11:12:43 AM

Persnickety: The Republican War on Education continues...


Good one. I was going to suggest "War on Youth" but alot of old people would think negatively of the term "Youth' (young whippersnappers) and thus not be sufficiently outraged. But who doesn't like education? "War on Education" is much better.
 
2012-05-01 11:12:51 AM

Debeo Summa Credo: Elzar: You know how I know subby didn't go to college within the last 20 years?

Student loans should be repaid. However, lenders need to be restricted in the following way:

1). Up to 3% maximum interest rate, student loan not discharegable in bankruptcy.
2). Greater then 3% maximum interest rate, student loan dischargeable in bankruptcy.

(Pick One)

Or possibly:

3) Lenders don't provide student loans because those terms suck.


4, you know all these countries that are kicking America's ass when it comes to technology, science, standard of living, health care? University education is free to the students there.
 
2012-05-01 11:13:34 AM
Why would tuition go down? If they raise prices, the government will increase cheap (ish) loans and grants. They still gets the monies. With no real threat of demand slacking at increased prices, there is no real downward pressure on college costs.
 
2012-05-01 11:16:25 AM

joness0154: Elzar: You know how I know subby didn't go to college within the last 20 years?

Student loans should be repaid. However, lenders need to be restricted in the following way:

1). Up to 3% maximum interest rate, student loan not discharegable in bankruptcy.
2). Greater then 3% maximum interest rate, student loan dischargeable in bankruptcy.

(Pick One)

Good luck ever getting someone to issue a student loan then.

Honestly, I don't feel bad for those with boatloads of student loan debt. Yeah, tuition has gone up, but the average cost for tuition/fees for a state school is ~$7,500/year. That's $30k for 4 years, not an obscene amount of money.


let's put it this way, in germany, there is no tuition.
 
2012-05-01 11:17:05 AM

Kar98: Debeo Summa Credo: Elzar: You know how I know subby didn't go to college within the last 20 years?

Student loans should be repaid. However, lenders need to be restricted in the following way:

1). Up to 3% maximum interest rate, student loan not discharegable in bankruptcy.
2). Greater then 3% maximum interest rate, student loan dischargeable in bankruptcy.

(Pick One)

Or possibly:

3) Lenders don't provide student loans because those terms suck.

4, you know all these countries that are kicking America's ass when it comes to technology, science, standard of living, health care? University education is free to the students there.


Nothing is "free" - you're paying it one way or another. While I agree that universal healthcare and university education should be provided, we'd be paying for it with an increase in taxes.
 
2012-05-01 11:17:32 AM
Debtor's prison. They can work it off at 50 cents an hour helping some of our struggling corporations. Essentially a win/win.
 
2012-05-01 11:18:05 AM
"Well, it's not my problem."
- Every Republican ever
 
2012-05-01 11:18:07 AM
All I can say is I'm so happy I don't have to put a kid through college. Unless I get gay married and adopt.

I know what it took my parents to put me through Colgate 20 years ago. It took a long time for me to pay them back. But they wanted to shield me from those concerns while I was getting edumacated. Most kids aren't that lucky.
 
2012-05-01 11:18:15 AM
You don't need a bachelors degree to do half of the jobs that require one. People only get the degrees because they won't be hired otherwise. Why government should be funding such things is beyond me. Cut funding for worthless degrees.

/Have a BS in Math
//paid more for it than my house
///dont need it to plug cables into a network switch
////company insisted they hire someone with a BS
 
2012-05-01 11:18:20 AM

links136: joness0154: Elzar: You know how I know subby didn't go to college within the last 20 years?

Student loans should be repaid. However, lenders need to be restricted in the following way:

1). Up to 3% maximum interest rate, student loan not discharegable in bankruptcy.
2). Greater then 3% maximum interest rate, student loan dischargeable in bankruptcy.

(Pick One)

Good luck ever getting someone to issue a student loan then.

Honestly, I don't feel bad for those with boatloads of student loan debt. Yeah, tuition has gone up, but the average cost for tuition/fees for a state school is ~$7,500/year. That's $30k for 4 years, not an obscene amount of money.

let's put it this way, in germany, there is no tuition.


In Germany, taxes are much higher than in the US. Not that I am against it, but you don't get something for nothing.
 
2012-05-01 11:18:26 AM
The real crisis are online diploma mill schools that are somehow accredited in states like Arizona, but no where else that are allowed to still operate. They get federal money, they don't provide any education, they charge private school rates, they prey on people who barely got their GED's, their students have around a 300% greater chance to default, etc.

I ask why is it that when the Obama administration tried to increase the standards that are required for these schools to maintain their eligibility for federal student loans, did the GOP fight it allowing them to continue?

These schools are the largest fraudulent scam, getting billions in tax payer money and the GOP is perfectly fine with it.

http://en.wikipedia.org/wiki/Corinthian_Colleges_International,_Inc
 
2012-05-01 11:19:00 AM
If Obummer says it's a crisis then by god it's a crisis.
 
2012-05-01 11:19:39 AM

joness0154: Kar98: Debeo Summa Credo: Elzar: You know how I know subby didn't go to college within the last 20 years?

Student loans should be repaid. However, lenders need to be restricted in the following way:

1). Up to 3% maximum interest rate, student loan not discharegable in bankruptcy.
2). Greater then 3% maximum interest rate, student loan dischargeable in bankruptcy.

(Pick One)

Or possibly:

3) Lenders don't provide student loans because those terms suck.

4, you know all these countries that are kicking America's ass when it comes to technology, science, standard of living, health care? University education is free to the students there.

Nothing is "free" - you're paying it one way or another. While I agree that universal healthcare and university education should be provided, we'd be paying for it with an increase in taxes.


Can you read? And yes, the taxpayer pays for that, but guess what? An educated and productive populace also pays more taxes BACK.
 
2012-05-01 11:19:41 AM

links136: joness0154: Elzar: You know how I know subby didn't go to college within the last 20 years?

Student loans should be repaid. However, lenders need to be restricted in the following way:

1). Up to 3% maximum interest rate, student loan not discharegable in bankruptcy.
2). Greater then 3% maximum interest rate, student loan dischargeable in bankruptcy.

(Pick One)

Good luck ever getting someone to issue a student loan then.

Honestly, I don't feel bad for those with boatloads of student loan debt. Yeah, tuition has gone up, but the average cost for tuition/fees for a state school is ~$7,500/year. That's $30k for 4 years, not an obscene amount of money.

let's put it this way, in germany, there is no tuition.


But they also had Hitler, so... Well... You know.
 
2012-05-01 11:19:45 AM

Wasilla Hillbilly: Debtor's prison. They can work it off at 50 cents an hour helping some of our struggling corporations. Essentially a win/win.


So the reward for getting an education is indentured servitude. Nice.

Aren't you supposed to be giving your concession speech right about now, Mr. Gingrich?
 
2012-05-01 11:20:32 AM
FTFA:
The increase would only affect interest rates for subsidized Stafford loans for undergrad students issued after July 1, 2012.

About a third of undergraduate students have subsidized Stafford loans, which are awarded based on economic need.

An interest-rate rate increase for subsidized Stafford loans would affect more than 7 million undergraduate students

The administration estimates that doubling loan rates would increase their interest costs by more than $5,000 over the life of the loan. That estimate is based on a borrower with $23,000 in subsidized Stafford loans



So let's sum up. 1/3 of all students are going to be affected, about 7 million people. And they are students who already are under economic need assistance. Now you're going to make them pay $5,000 more for $23k of loans.

Yeah. That's the best way to fix the economy.
 
2012-05-01 11:21:08 AM

flushdepot: If Obummer says it's a crisis then by god it's a crisis.


*yawn*

Phone it in, why don't you?
 
2012-05-01 11:21:31 AM
So you know that impending student loan rate crisis that's about to destroy our nation and has both parties tearing each other apart (again)? Yeah, turns out it's not really much of a crisis at all

Hehe yeah, student debt has no effect on other parts of the economy or nation. Stupid students.

Explosion in Student Debt' Drags Down Housing Link

BIRMINGHAM, Ala. (WIAT) - In the United States, student loan debt tops $1 trillion. That is more money than people owe on credit cards. Link

The purchasing power of recent graduates have been significantly reduced by their student debt levels as they have entered the work force. While it is difficult to measure the direct impact resulting from the student debt drag on the U.S. economy, we expect this drag to continue for the foreseeable future. Link

So, student loan debt is higher than credit card debt. This significant debt is preventing people from getting mortgages to buy homes which is keeping the housing market down and it is stopping people from purchasing items, which is dragging the economy down. But whatevs, let the rate double.
 
2012-05-01 11:21:32 AM

Mentat: Yeah, because a trillion dollars of debt that you can only escape by dying isn't a crisis. I have an idea, let's cut more state funding from universities and see what happens.


You can't argue facts and logic on Fark. It's about irrationality, ignoring the blatant facts, and name calling. Fark face.
.
..
...
Just kidding. Well said by the way. I remember in the mid noughts people said "what sub-prime mortgage crisis" just before a house fell on them?
 
2012-05-01 11:21:58 AM

Calmamity: It sure as fu*k is a crisis for those whose rates are going to double.


Who's rates are going to double?
 
2012-05-01 11:22:40 AM
6.8% is still better than the rates when I took out my loans in the 90s. My student loans were variable at a cap of 8.25%. These were both unsub and sub stafford loans, no private loans. The only way to lower the rate was to consolidate into a fixed rate and that fixed rate at the time was 6.8%. I still have an insane total in student loan debt, but the degrees have gotten me a good job, so I'm okay with what I borrowed. I do agree people are taking out too much in loans to pay for degrees that won't help get jobs. The feds have cracked down on for-profits in this regard but have done nothing with state schools or other tax status private schools in the way they give meaningless degrees and keep raising costs.
 
2012-05-01 11:23:18 AM

Diogenes: flushdepot: If Obummer says it's a crisis then by god it's a crisis.

*yawn*

Phone it in, why don't you?


I know, since I disagree with you I'm a troll, blah blah blah.
 
2012-05-01 11:23:52 AM

Kar98: Debeo Summa Credo: Elzar: You know how I know subby didn't go to college within the last 20 years?

Student loans should be repaid. However, lenders need to be restricted in the following way:

1). Up to 3% maximum interest rate, student loan not discharegable in bankruptcy.
2). Greater then 3% maximum interest rate, student loan dischargeable in bankruptcy.

(Pick One)

Or possibly:

3) Lenders don't provide student loans because those terms suck.

4, you know all these countries that are kicking America's ass when it comes to technology, science, standard of living, health care? University education is free to the students there.


LOL. One of these things is not like the other.

I agree that there is a problem in US college costs - no doubt about it. I would even agree that a part of the problem is inadequate federal funding.

But it doesn't change the fact that if you capped student loan rates or made them dischargable in bankruptcy it would decrease the supply of student loans by lenders, which was my point.
 
2012-05-01 11:24:52 AM
Research Everest College Pheonix and their fight to maintain their accredidation to learn everything you need need to know about the NEXT SAVINGS AND LOAN SCANDAL. They are in bed with congress and stealing BILLIONS.
 
2012-05-01 11:24:53 AM

Kar98: 4, you know all these countries that are kicking America's ass when it comes to technology, science, standard of living, health care? University education is free to the students there.


In Other "Socialist" Countries:
1) Student gets free education
2) Student gets job
3) Student profits
4) Country profits

In Amerikah it's a much more complicated situation, due to our obvious freedom:
1) University gets profit
2) Student drinks a lot, maybe finishes
3) Bank makes money
4) Bubble forms
5) Student has no job, can't pay back bank
6) Bubble bursts
7) Country goes into recession
8) Government pays back bank - profit!
9) Country borrows money from socialist countries
 
2012-05-01 11:24:56 AM
Haha, USA Today being referenced as a "news" source.

/GI bill used to get engineering degree
//suck it student loan having lib art majors
/// I'll have my Cappuccino large with medium dry foam and a side of shattered dreams
 
2012-05-01 11:25:26 AM
Get a trade, do an apprenticeship, they pay you to learn.
Join the military, if you are smart enough, you can get officers school.
Not everyone has to go to college to make a decent living. You may have to get your hands dirty but you won't be in debit or starve.
 
2012-05-01 11:25:32 AM

flushdepot: Diogenes: flushdepot: If Obummer says it's a crisis then by god it's a crisis.

*yawn*

Phone it in, why don't you?

I know, since I disagree with you I'm a troll, blah blah blah.


I think he was mocking your lack of effort in trolling. He was right, you didn't really put any effort in that at all, did you?
 
2012-05-01 11:25:35 AM

joness0154: .... While I agree that universal healthcare and university education should be provided, we'd be paying for it with an increase in taxes.


At the end of the day, it would be cheaper for everyone if that's the way we did it here. Of course, that would put middlemen out of business, and we can't have that.
 
2012-05-01 11:26:28 AM

links136: joness0154: Elzar:
let's put it this way, in germany, there is no tuition.


In many countries, college is free. However, high school and below have tuition. Only those who can afford to make it through high school even get to benefit from the free college tuition. Some of these countries a student is tracked as early as 3rd grade or below into trade track or college track. A person in the trade track will have apprenticeship type learning and will have no chance at college. I think high schools in the U.S. need to do a better job of preparing students for which path they will do after college and add things like shop class back into the curriculum choices. Not all students should be college prep.
 
2012-05-01 11:26:33 AM

import silvia: Haha, USA Today being referenced as a "news" source.


USA Today is semi-journalism. It's quasi-journalism. It's the margerine of journalism. It's the diet coke of journalism. Just one calorie, not journalistic enough.
 
2012-05-01 11:27:07 AM

Kar98: •The increase would only affect interest rates for subsidized Stafford loans for undergrad students issued after July 1, 2012. Interest rates for existing loans won't change

Oh, OK then. I've got mine, and screw you ;)


My student loans (from grad school) are already at 6.8%. They started that way. That's why other loans aren't changing.
 
2012-05-01 11:27:21 AM

joness0154:
Nothing is "free" - you're paying it one way or another. While I agree that universal healthcare and university education should be provided, we'd be paying for it with an increase in taxes.


While this is true, the primary benefit of "socialist" policies is that the government gets to set the rates. Countries like Germany can afford to subsidize health care and education because they're able to enforce realistic pricing/costs.

How much of that $60k tuition is really needed to train the student, vs the college just charging that much because they can, and blow the money on all kinds of unnecessary crap?
 
2012-05-01 11:28:08 AM
This is like telling me I don't need to worry that I have a stage 5 brain tumor because that freckle on my arm turned out to be harmless.

No one is saying that increasing the interest rate on NEW student loans caused the education bubble. And even if increasing the interest rate on NEW student loans won't cause too many problems, that doesn't mean that we won't have millions of people that will be unable to pay back billions or trillions in student loan debt.
 
2012-05-01 11:28:15 AM
Yes lets blame the student loan companies and not the damn schools who keep jacking up the price because the waste all the tax money they get. They waste money like congress does.

/why yes, i do see it every day and it makes me sick.
 
2012-05-01 11:29:32 AM

cig-mkr: Join the military, if you are smart enough.


img.photobucket.com
 
2012-05-01 11:29:32 AM
toughmoneylove.com
 
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