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EDUCATION: Plan ahead for loan issue

July 5, 2013

The average U.S. college student walks off campus with about $26,500 in student loan debt, much of it in government-subsidized low-interest loans....

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judeye

Jul-05-13 8:07 AM

"But conservatives worry that the government cannot afford deficit spending on programs such as student loans. They are right."

However, they seem to have NO problem with deficit spending if it is to give tax breaks to big industries, such as the oil and gas industry, or lower interest rates to say...banks.

The Dem bill would extend the lower interest rates and offset the lower rate by ending tax breaks, including one for oil from tar sands.

Sen Warren had a bill that would give the SAME interest rates to students that banks get, around .75%.

Student debt is HIGH..in fact it is the only type of consumer debt that has risen since 2008. "About two-thirds of graduates of the class of 2011 have college debt, and those students have an outstanding balance equivalent to about 60 percent of their annual income on average, according to a report from Congress’ Joint Economic Committee." huffpost

Political? Depends who do you think should get lower rates..students or

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Christopher

Jul-05-13 8:09 AM

You've got to be kidding me!!! Tuition and other related expenses have quadrupled over the years, and I'm sure each and every time some pundit claimed "It's only a few hundred dollars more a year". College is already reaching a tipping point for many as to whether the expense and effort is worth it.And I don't know about "average" but MANY students are leaving college with debts of $80,000 to $100,000.

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judeye

Jul-05-13 8:17 AM

Might also want to look at the student loan system in Australia.

Google it...

They give students a set amount so to speak so that students need to make good decisions regarding their course of study and cannot remain in school just to get student loans (yes we all know kids who have gone to college..not for education..but for the student loans and grants they can get)

The repayment is based on their income. They start to repay the loan when they get to a set level of income, around $45,000 even if they are still in school. If they do not make this amount they do not have to start to repay.

I am still reading more about this system after hearing an in depth review of it on NPR. It sounds like something we might want to consider here in the USA.

Students are our future. We must invest in their education. We must not try to reduce our nat debt on their backs...while we let huge, profit making companies...get away with paying little to NOTHING.

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joew

Jul-05-13 9:08 AM

Judeye-Sen Warren's bill is for only one year,she knows it is not sustainable. Do you know what deficit spending really is? The biggest problems are the enormous increases in tuition over the past couple of decades,what possible justification can there be for those increases? Sen Manchin(a democrat)has an excellent idea. The .75% you keep speaking of is for short term liquidity funding,not long term consumer loans.

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Dcronlg

Jul-05-13 10:48 AM

What kills me about the clueless church lady gaggle OBSERVER board and the GOP/RW/TP plan is that while they were in college, THEY enjoyed low govt-subsidized fixed rate loans.

Yet somehow, now, current and upcoming college students and their parents -- well, too bad, you don't deserve the same benefits everyone else got. In fact, we'd rather see unused mothballed M1 tanks being built -- because we can afford it -- rather than to give you the same benefits we received, because we can't afford it.

Typical, typical.

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joew

Jul-05-13 1:06 PM

Dcrongnigisitus or overuse of the word gaggle-First of all, geese can carry several potent diseases that affect humans everywhere. The first disease I’m going to discuss with you is called: swimmer’s itch. This is actually caused by parasites that live on geese; they infest the water and cling to the humans that happen to take a dip in their ecosystem. Each time an individual gets this severe itching syndrome, the symptoms increase in severity and become more and more intolerable each time it occurs. The next disease is called: Histoplasmosis, this is a fungal disease contracted through airborne spores in goose droppings; the symptoms include: mild influenza, blood abnormalities,and fever. Then there’s another separate disease called: Toxoplasmosis, this is an infection that invades the epidermal layers, spreading into the Central Nervous System and if it is given enough time, results in severe damage to the body and the brain.Early treatment is essential.

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American

Jul-05-13 2:08 PM

Must be DCTroll didn't get early treatment.

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joew

Jul-05-13 5:59 PM

Judeye-I just sent off a check for my daughters first year and now you tell me the "we have to invest" story? Will I be receiving some sort of rebate from the "WE" crowd or you or whomever or should I just do the American thing and be individually responsible?

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American

Jul-05-13 7:35 PM

You mean you are actually taking responsibility for a debt that is being incurred by you daughter. (I would be willing to bet she will also help cover the costs). Why how un-American that seems to be when the left says just take out a student loan, don't worry if you can pay it back. By that time it gets found out they will have found a way for all the taxpayers to share in this debt for you.

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Dcronlg

Jul-05-13 10:01 PM

joeeeeewww - ooooo...you did you 3rd grade science research report: Goose Guano 101. I'm not sure what is more impressive: your fixation on parasitic feces or that I'm not the least bit surprised on your fixation on parasitic feces.

One thing is clear -- toadies aren't known for originality or cleverness (Swimmer's itch? What's next, jock itch? Quite sophisticated -- bet the college kid is impressed with dear ol' Dad and can't wait to tell all his new frat friends about dad's jock itch jokes...) and of course, you didn't fail.

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joew

Jul-06-13 8:29 AM

Dcroaknig-just as clever as your "church lady gaggle" rants. Oh and maybe you should pay a bit more attention to what you read,a daughter is a "her" not a "his". They didn't teach that to you in third grade?

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judeye

Jul-06-13 8:53 AM

joew..that is great!

Most of us do not have the $37,800 for a four year college, with additional expenses for books, room and board, transportation, etc

Wonderful that you do. Those families though that do not have an extra $50,000+ grand to give to their children for education should be able to borrow the money with low interest FIXED rates (yes I am aware Pres Obama also wants them to follow the market..I disagree)

I know I GOT THEM for both undergrad and graduate school. Took me awhile to repay them..but thankfully they were NOT tied to the market..especially when interest rates jumped in the eighties.

You also failed to explain why banks can be given such low interest rates while our students cannot.

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American

Jul-06-13 2:19 PM

Pretty simple judeye. If I borrow $10000 and you borrow $1,000,000 you are going to get a lot better interest rate then I will.

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joew

Jul-06-13 2:42 PM

Judeye-lets try again to explain the interest thing. The .75% is for short term loans as liquidity capital! Student loans are consumer loans that are NOT short term!(hello)The US government pays just over 3% interest for long term loans!(hello)How long do you propose that money be allowed to sit out there without some sort of payback, or interest or..........? Do you understand at all how the system works???? Sorry Judeye but I do not have an extra 50K to give away but I do have a responsibility/obligation to provide for my daughter as a responsible parent without putting the burden on others. It's called individual responsibility.

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