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(NPR)   Interest rates on Stafford loans will double to 6.8% on July 1st, meaning education is once again in danger of becoming a privilege, not a right   (npr.org) divider line 148
    More: Scary, Stafford Loan, student loans, interest rates, privileges, risks  
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1883 clicks; posted to Main » on 28 Jun 2013 at 9:45 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-06-28 09:47:52 AM
Our founding fathers were very clear on everyone having a right to education. Why do you people hate the constitution?
 
2013-06-28 09:48:11 AM
I missed that part of the constitution that said it is a right

Then lets sue schools for denying students their rights.
Problem solved
 
2013-06-28 09:48:19 AM
<i>McPherson, a former deputy secretary with the Treasury Department, says of all the competing plans lawmakers have considered, the Republican plan and President Obama's plan make the most sense over the long term. </I>

With the government like it is now, how could there be other plans?
 
2013-06-28 09:48:21 AM
Behold: another nail in the coffin of the middle class.
 
2013-06-28 09:48:52 AM
It's the students' own faults for reading and studying like a bunch a nerds when they should have been working on their four-forty or their crossover dribble; you know, the employable skills that colleges reward with free scholarships.
 
2013-06-28 09:49:42 AM
This is one of those jokey, faux outrage headlines, right?
 
2013-06-28 09:49:51 AM
Oh come on!

Being an indentured servant isn't that bad.
 
2013-06-28 09:50:05 AM
Well...I had started paying extra on my loans to get them taken care of by the end of the year. Hit a speed-bump or two, so this now is quite the incentive to hurry up and get those things paid off quickly.
 
2013-06-28 09:50:19 AM
Businesses however, still receive the extremely favorable interest rates for their loans.
 
2013-06-28 09:50:45 AM
encrypted-tbn3.gstatic.com
 
2013-06-28 09:51:43 AM

Yes please: This is one of those jokey, faux outrage headlines, right?


I don't think it is, really.
 
2013-06-28 09:51:53 AM
FTA : The interest rate on government-backed student loans is going to jump from 3.4 percent to 6.8 percent Monday.

If this were a tax hike, it'd characterized as only be a 3.4% increase.

/ still cheap money
 
2013-06-28 09:52:37 AM
This only effect new student loans?
 
2013-06-28 09:52:41 AM
Basic education is more or less a right, which is why we have public schools and truancy rules. Higher education has never been a right. Subby should talk to older generations about how many people exercised their "right" to go to college before World War II.

Don't get me wrong, I think it's a tragedy, but let's at least be clear about the terms.
 
2013-06-28 09:53:08 AM
Even Obama's plan is farked IMO, why add any percentage points on the 10 year interest rate, can't these kids get an education without paying a vig.
 
2013-06-28 09:53:52 AM

Tuskan_Roeder: Subby should talk to older generations about how many people exercised their "right" to go to college before World War II.


While he's at it, he should ask them how many of them needed a college degree to get a job, even an entry level one like now.
 
2013-06-28 09:54:09 AM
Two choices -  A life of debt-servitude to the banks via student loan, mortgage and credit. Or a life in and out of prison.
Either way someone in a suit is rubbing his hands together with glee that you were born.
 
2013-06-28 09:54:12 AM
In danger of getting to that point? Uh, I think we've already reached it and it has been that way for awhile.
 
2013-06-28 09:54:33 AM

kidgenius: Well...I had started paying extra on my loans to get them taken care of by the end of the year. Hit a speed-bump or two, so this now is quite the incentive to hurry up and get those things paid off quickly.


I think the rate hike applies to new loans only.
 
2013-06-28 09:54:45 AM
Let them borrow at bank rates.
 
2013-06-28 09:55:01 AM

WillofJ2: This only effect new student loans?


yeah, that's so the people who actually vote don't get screwed, it's the same way they are trying to destroy medicare.
 
2013-06-28 09:55:52 AM
But if everyone could get a higher education then who would take my order and make my burrito?

/ducks
 
2013-06-28 09:56:15 AM
So? Those rates are still below what I paid. I'm not sure why people are shocked or why this is an outrage.
 
2013-06-28 09:56:35 AM
A lot of people have the attitude that education is owed to them, and that the fact they're expected to pay off their student loans is somehow unfair.
 
2013-06-28 09:56:43 AM
HAHAHAHAA SUCKERS!

\college dropout
 
2013-06-28 09:56:43 AM

Aarontology: Tuskan_Roeder: Subby should talk to older generations about how many people exercised their "right" to go to college before World War II.

While he's at it, he should ask them how many of them needed a college degree to get a job, even an entry level one like now.


Should also take into account the population and the fact that the majority of people were more productive back then and didn't want to squander their lives on things like liberal arts degrees.
 
2013-06-28 09:57:21 AM

brap: Let them borrow at bank rates.


Elizabeth Warren tried that. You can probably guess how it went over. I can't believe she's still alive at this point.
 
2013-06-28 09:59:39 AM
But at least Wall Street is doing great.
 
2013-06-28 10:00:10 AM

pantojar: kidgenius: Well...I had started paying extra on my loans to get them taken care of by the end of the year. Hit a speed-bump or two, so this now is quite the incentive to hurry up and get those things paid off quickly.

I think the rate hike applies to new loans only.


Oh....that's cool. I know some of mine are a variable rate, so I thought this was an adjustment of the variable rate.

Still need to get them knocked out though.
 
2013-06-28 10:01:00 AM
How much education, exactly, do we have a "right" to? HS Diploma, Bachelor's, Masters, PhD? What if we're not qualified for it, do we still have a right? I don't think everyone should get a degree, especially if it's in medieval literature or something. Not every degree is about ROI, but still, is it really wise to take out 100k in loans for such a degree?
 
2013-06-28 10:01:14 AM
Subby's student loan evidently was not put to good use......
 
2013-06-28 10:01:15 AM

WhippingBoy: A lot of people have the attitude that education is owed to them, and that the fact they're expected to pay off their student loans is somehow unfair.


cool non sequitur, bro
 
2013-06-28 10:01:35 AM

undernova: Behold: another nail in the coffin of the middle class.


Yeah. Not sure there will even be a middle class in the US in 20-30 years.
 
2013-06-28 10:02:17 AM
Just possibly this interest rate hike might make students question as to the value of the investment in a college/university degree.
I was fortunate... I went through undergraduate geology when the mining/exploration industry was doing well (late-1980s) and was able to get good summer jobs that paid my tuition for the following year.  When I graduated in 1990, the industry was in a downturn and there were no jobs, but at least I had no student debt.  I then went for an MBA, graduating with only ~$6K in student debt.
I can't fathom starting out your working life with debt levels already higher than the typical gross annual average starting salary.
 
2013-06-28 10:02:20 AM

Aarontology: Businesses however, still receive the extremely favorable interest rates for their loans.


Yes. For collateralized loans
 
2013-06-28 10:02:20 AM
It was 7.2% for my entire repayment. put down the game controller and go get an F-ing job you shiftless bums.
 
2013-06-28 10:02:32 AM
Do you think it is worth the flight to Indonesia to sell a kidney? I'd still come out ahead, right?
 
2013-06-28 10:02:43 AM
le sigh.
 
2013-06-28 10:03:46 AM
I feel lucky that I graduated college 10 years ago.  shiat's been going downhill ever since.
 
2013-06-28 10:04:24 AM

astouffer: brap: Let them borrow at bank rates.

Elizabeth Warren tried that. You can probably guess how it went over. I can't believe she's still alive at this point.


She has a D after her name, so she's fine.  If it was an R than it would be an outrage and she would hate young people and not want them to get an education, etc.
 
2013-06-28 10:04:35 AM

Aarontology: Tuskan_Roeder: Subby should talk to older generations about how many people exercised their "right" to go to college before World War II.

While he's at it, he should ask them how many of them needed a college degree to get a job, even an entry level one like now.


Do you think that's because Ikea now requires a degree to work there, or because the last few decades have seen the job market swamped with college graduates, so that now all the "good" jobs are taken by those who took their college education beyond 4 years?

Bachelors degrees are nothing special precisely because post-primary education became so attainable. Doesn't change the fact that it was never, ever "guaranteed" to anyone.
 
2013-06-28 10:05:35 AM
Hmmm maybe every college that accepts government funding should be required to teach one free class to all incoming freshmen - "Economics 101: topics - Loan sharking, diploma milling, and how best to re-decorate a room in your parent's basement"
 
2013-06-28 10:06:07 AM
Sometimes I wonder what sort of person would be vehemently against someone getting a higher education at a reasonable rate.

Then I look at the log-ins and I go, oh yeah that guy would be against someone bettering themselves through education.

Then fret that I forgot to put their helmet on before I dropped them off this morning and put a normal spoon in their Lunchables box rather than their "Lookz Momz, I Canz Feedz Myself!" edi-foam chokeproof digestible spoon.
 
2013-06-28 10:06:12 AM
I'm interested to see where this goes. Enrollment at my University is down in general and 20% down in my department. If the future is going to be more about white-collar jobs as automation begins to erode blue ones, are we setting ourselves up?

Don't forget the fact that student loans inhibit you from acquiring goods such as houses, families to support, other things that keep the engine of the economy going. Young people are putting off these things. As it is I cannot afford to pay anything more than the minimum of my loan (I'm just glad I got it all consolidated and income-based).

I think anyone who has gone to school within the last decade going forward have for the most part realized loans are forever.
 
2013-06-28 10:06:37 AM
YoOjo:
Two choices -  A life of debt-servitude to the banks via student loan, mortgage and credit. Or a life in and out of prison.
Either way someone in a suit is rubbing his hands together with glee that you were born.


Oh hey, you were born?  I didn't notice.  I was busy reading some prospectuses as I was being driven to the golf course, while being serviced by a call girl who costs more than the average American house (or so I'm told; my company only buys and sells home mortgages in lots of ten thousand).  I think I might have briefly seen some sub management level human resources out the window but driver took the scenic route, so there weren't many.
 
2013-06-28 10:08:28 AM
Thankfully, I'm locked in at 4% - got a small reprieve since MyEdAccount sold my balance to MyFedLoan or some such, and they've been taking their sweet-ass time (or ass-time) setting up my new account.

I think I'm just going to be paying the interest every month for the next 25 years, or 300 payments, until the balance is forgiven on the IBR/IBC plan. Oddly enough, I worked for government for 3 years and non-profit for 3, but you need to do 10 years straight in government for the balance forgiveness.
 
2013-06-28 10:09:02 AM

Headso: Even Obama's plan is farked IMO, why add any percentage points on the 10 year interest rate, can't these kids get an education without paying a vig.


No. Students are the perfect scapegoats when it come to jacking up interest rates on loans. You know there will still be students who take Stafford loans (the first choice for federal loans) so they can get an education and the debt can never be discharged unless you have some horrible accident that leaves you crippled and unable to work for life. Not all if us are that lucky. I always hear Fark say, "I went to school on nothing but grants/scholarships and gumption! These lazy idiots should too!" Well trust me, as a current graduate student living with a perfect GPA and still under a mound if debt, the grants and scholarships just aren't there anymore. Competition is so high that its almost impossible to get grant money anymore (ESPECIALLY AS A GRAD STUDENT) and now loans are pretty much the only option unless you're lucky enough to be good at a sport. Then the school will suck your dick to get you to enroll

/this country really really hates grad students
//end rant
///slashies in threes
 
2013-06-28 10:09:44 AM
This will only lead to increased scrutiny at which jobs require a formal college education. Trade schools may come back into fashion or company schools, where a person is hired and then sent to a finishing school that specializes in the knowledge needed to improve their specific job skills (IBM was pretty successful with these). That would move the cost burden of the education from the individual to the corporation or the employee would receive 1-to-1 compensation in some way for specific classes taken. If it doesn't move in that direction, and the education costs continue to rise as they have historically, education will become too expensive for most of the population and cause even more societal class division for jobs. In its current form, I don't see how generalized higher education can continue for the majority of young adults with the increasing costs.
 
2013-06-28 10:09:45 AM
College was cheap before the government started Guarenteeing student loans.

Colleges raised prices to soak up the extra money.

/never had capachino bars at my old college
 
2013-06-28 10:09:48 AM

LikeALeafOnTheWind: It was 7.2% for my entire repayment. put down the game controller and go get an F-ing job you shiftless bums.


Derp much?
 
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