Financial aid and student loan upheaval in reconciliation bill impact
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Anonymous
Home equity should be included as families buy expensive houses and choose not to save. |
Anonymous
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So you are fine with families taking out large HELOC loans at high interest rates to pay for college and then possibly or probably losing their house. Lucky break for bankers and corporations willing to scoop up those high interest payments and grab the house during foreclosure! So glad we’re getting rid of subsidized financing for education to give the 1% a big tax break! I guess you are also OK with only sending the oldest son to college. After all why educate the girls. This also solves the problem of women making men look bad by not performing better than them.
This is just so disgusting. |
Anonymous
Nah, we won’t struggle, we’ll accelerate the trend toward state and merit-granting schools. The rich families can keep the rich-kid schools afloat on their own, just like they do for rich-kid K-12 schools. |
Anonymous
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The impact will be people having fewer children. Even as an older GenX, saving for college was on our mind in determining to have more kids. It’s been extremely on the minds of all our younger extended family. These are all UMC people too.
State universities are already insanely competitive in some areas. As state universities get more difficult to be admitted there is tax payer and voter backlash which usually results in less funding and restrictions on OOS or international students which means less money. In terms of admissions next year if this goes through, in state will become even harder to get in. |
Anonymous
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“ a new system whereby colleges and universities are forced to reimburse the federal government for a share of the debt when their students fail to repay their loans.”
This makes no sense. If a student is irresponsible, it should not fall on the school to repay the loan. This must make schools really wary of accepting students who take loans. |
Anonymous
You make between 200k-800k and don’t consider yourself rich? |
Anonymous
These schools are very generous right now, but pretty sure they won’t continue to be generous; they won’t be able to afford generosity be because the maga plan is hurting most of them financially. |
Anonymous
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There are a few things I do agree with in the BBB, and this is one of them. Unfortunately the government needs to parent the idiot masses who think they can afford $90K a year for 4 years even if they have to finance most of it. Glad that is coming to an end.
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Anonymous
So you would prefer that people default on a government sponsored loan and let taxpayers take the hit. Got it. |
Anonymous
Let's be real, even if I concede that that this provision is designed to help students and families (which seems doubtful, given this Congress and Administration), it is equally designed to punish the higher ed system. As are the cuts to grant funding. As are the taxes being imposed. And it is a system - this is going to have impacts on higher ed for all our students. Can meet full need or general merit offers ("discounts") stay steady across higher education as budgets decrease? How would schools be able to continue this? Sure, more families will turn to state schools, but these schools are dealing with the same challenges PLUS state governments are reducing funding due to current or anticipated state budget shortfalls (also caused in large part by this Administration). Our state school already decided to increase tuition due to budget issues. Cost is not going to go down, it will be going up even as quality goes down. Please don't kid yourself. I agree with the need to reform the system as student loans are an albatross but is the goal here really reform in terms of supporting affordability for all students? I cant see that. Like most things this Administration does, the result is going to be chaos and will impact most all students in one way or another. |
Anonymous
| To clarify, there is no limit on undergraduate loans, correct? So, most people will still be able to go to college on federal and private loans? |
Anonymous
There is a cap on student federal loans (current limit of about $27k for undergraduate degree still in effect). There is a new cap on Parent Plus loans for undergraduate education: $65k per child and $200k aggregate for family federal loan debt). |
Anonymous
To put in context in-state UMD COA is $33K living on campus, $35K off campus not at home. So shortfall is $10K per year out of pocket/private loans. |
Anonymous
Yep Maga going to not have college educated kids love it Plus their white Boyd are going to be working in those fields or factories Yep factories like in China and North Korea love that for them |
Anonymous
Those schools have zero or minimal max loan requirements. That is what the OP was clearly stating. |