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Rate spike a hard lesson on loans

June 28, 2013

As unfortunately happens in Washington, facts are often sacrificed as politics prevails....

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MikeDavis

Jun-30-13 5:56 PM

Nice trolling Dc...you're a legend in your own little mind.

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Dcronlg

Jun-29-13 8:41 AM

MikeyD -- I speak at a level to insure you'll comprehend, so if that means the 3rd grade, well...I imagine your self-awareness is a good thing.

As far as all that embittered liberal indoctrination, third world status, indentured servants blah-blah-blah nonsense, tea parties clearly are for little girls with imaginations and imaginary friends.

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joew

Jun-28-13 9:30 PM

Another thing Mike is that a bill when passed,one for sure will get passed,will be retroactive. You can bet the farm on that!

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MikeDavis

Jun-28-13 9:18 PM

Dc... Do you ever even have thoughts at a more mature level than a third grader? Kill the student loans by making them to expensive? Not a chance. The liberal indoctrination centers (some call them universities) would lose membership. The youth of America might even learn to (gasp) think for themselves. The fine liberals won't ever let the dollar cost of this "education system" get in the way of the continued indocrination of her youth. All to percipitate America's fall to third world status. With indentured serevants, not free citizens. And it starts by saddling them with just barely managable debt to start down the hill. The interest rates will stay low....

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concerned

Jun-28-13 8:30 PM

joe I'm sure judeye will claim your information is faulty.

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joew

Jun-28-13 8:05 PM

Current T-bill rates are right at 2% for a 10 year note.That would mean a loan rate for new loans would be 4.5%. Keep in mind that the fed discount rate of about .75% is for very short term loans,some even overnight. Student loans are long term. Even the US Government pays right at 3% for long term loans. What Judeye fails to mention is that the rise in the loan rates is for new loans and does not effect current loan rates. Judeye also fails to mention that Senator Warren's proposed bill is only for one year and is not a long term fix.(I would like to see one) It does get she and her congressional colleagues past the mid terms however.(the old kick the can down the road trick)Note as well that the democratic plan calls for their bill to eliminate the tax breaks on retirement accounts to pay for it. Raising money on the backs of retirees is something many of us think is unfair and not in the best interest of our seniors right Judeye?? How did you miss that Judeye?

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Marcia

Jun-28-13 5:15 PM

I just can't understand why republicans think that the same banks that dumped our economy deserve a lower interest rate than student's who want to make an investment in their own future, and the future of our country. Why do they refuse to lower the student interest rate? Because students can't put money in their political war chests, that's why.

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Dcronlg

Jun-28-13 8:36 AM

Fat Uncle Fester Tom Reed has the gall to proclaim "facts are often sacrificed as politics prevails." That's like telling a skinny kid to eat smartly while he is stuffing is bibulous face with cheesy french fries.

Here's the truth with this TP nonsense: these these 10 yr loan, annually adjusted interest rates, will be high-cost, variable-rate, federal student loans and will not make college more affordable. Instead, they make it impossible to know what the loan will cost down the line and could lead more students to turn to risky private loans instead.

Just imagine Fat Uncle Fester parents, with 13 kids, trying to budget their hard earned dollars when each of their kids' student loans payments are fluctuating every year. Now, imagine your family and budgets.

Hey kid, pass Uncle Fester the Parmesan so he can season his cheesy fries...

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judeye

Jun-28-13 7:33 AM

Rep Reed, if you really want to help middle class families you would lower the rates on student loans, making it EASIER..not harder..to obtain advanced education.

Why not tell your fellow House members that is not right or fair to saddle students with additional charges in order to raise money to reduce the deficit while we do not require the same of large corporations?

Why not embrace Elizabeth Warren's lead, and give our students the same rates we give bankers?

Our not our students more worthy of lower interest rates than the very bankers who almost broke our entire economic system?

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judeye

Jun-28-13 7:29 AM

Rep Reed, you do not seem to be telling the entire story which is why many Democrats refused to vote for the House bill.

The HOUSE bill ties the student loan interest rates to the 10 yr Treasury bill PLUS 2.5% surcharge, which would be reset each year as the rates vary. (Pres Obama proposes that the rates would remain the same)

Trying to raise money on the backs of students struggling to get an education is something that many of us think is unfair and not in the best interest of our Country.

Where are the surcharges for any corporation? Why are not the interest rates for our students the same rates we give banks who borrow from the federal reserve?

Why would you think it is good to tie student loan interest rates to markets that fluctuate each year, making it extremely difficult for families to plan for the future? Why do you think an additional surcharge should be charged to these students?

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