What is going on with student loans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Canada with a novel idea. This ought to be retroactive too instead of young people trapped in usury for their entire adult life.

This isn't a novel idea. It's been suggested many times, by many people, all over the place, including here.

The interest rate on federal loans is absurdly high, and although I'm opposed to forgiveness, allowing rates to move down while maintaining federal benefits is a reasonable compromise.

It is not just that it is high. It is daily compounding interest that begins when you take the loan out even though you are still in school unless it is subsidized.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Canada with a novel idea. This ought to be retroactive too instead of young people trapped in usury for their entire adult life.

This isn't a novel idea. It's been suggested many times, by many people, all over the place, including here.

The interest rate on federal loans is absurdly high, and although I'm opposed to forgiveness, allowing rates to move down while maintaining federal benefits is a reasonable compromise.

I am vehemently opposed to any type of loan "forgiveness." (It's loan transference, actually).
But, a 0% loan, or a loan with a very, very low interest rate would be acceptable to me... and probably to most opposed to forgiveness.
Biden *should* have done this from the beginning. But, then, he wouldn't have appealed to the far left as much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Canada with a novel idea. This ought to be retroactive too instead of young people trapped in usury for their entire adult life.

This isn't a novel idea. It's been suggested many times, by many people, all over the place, including here.

The interest rate on federal loans is absurdly high, and although I'm opposed to forgiveness, allowing rates to move down while maintaining federal benefits is a reasonable compromise.

I am vehemently opposed to any type of loan "forgiveness." (It's loan transference, actually).
But, a 0% loan, or a loan with a very, very low interest rate would be acceptable to me... and probably to most opposed to forgiveness.
Biden *should* have done this from the beginning. But, then, he wouldn't have appealed to the far left as much.

Biden can't do squat about the interest rate. It's set by Congress and you need 60 votes in the Senate to update it.

[Anonymous]

Anonymous wrote:I think this is what Biden will do it cancellation is killed. 0% interest rates under a certain income/HHI.

I’m doubtful of that. Retroactively removing all the interest on the principal would help more than the $10k for most borrowers.

[Anonymous]

Usury is demonic. The interest on these federal loans is by design. They want worker bee proles trapped in debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Canada with a novel idea. This ought to be retroactive too instead of young people trapped in usury for their entire adult life.

This isn't a novel idea. It's been suggested many times, by many people, all over the place, including here.

The interest rate on federal loans is absurdly high, and although I'm opposed to forgiveness, allowing rates to move down while maintaining federal benefits is a reasonable compromise.

I am vehemently opposed to any type of loan "forgiveness." (It's loan transference, actually).
But, a 0% loan, or a loan with a very, very low interest rate would be acceptable to me... and probably to most opposed to forgiveness.
Biden *should* have done this from the beginning. But, then, he wouldn't have appealed to the far left as much.

Biden can't do squat about the interest rate. It's set by Congress and you need 60 votes in the Senate to update it.

But, Biden is supposed to be a master negotiator - remember?
Everyone said he is such a great dealmaker.
I guess Joe isn't what he was cracked up to be.

[Anonymous]

Anonymous wrote:Usury is demonic. The interest on these federal loans is by design. They want worker bee proles trapped in debt.

The interest rate is amazingly low when you consider these are loans that require no credit check & no collateral.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Usury is demonic. The interest on these federal loans is by design. They want worker bee proles trapped in debt.

The interest rate is amazingly low when you consider these are loans that require no credit check & no collateral.

i thought collateral was for bankruptcy- you cant discharge student loans

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Usury is demonic. The interest on these federal loans is by design. They want worker bee proles trapped in debt.

The interest rate is amazingly low when you consider these are loans that require no credit check & no collateral.

i thought collateral was for bankruptcy- you cant discharge student loans

Collateral can be seized if you default. It helps the creditor in bankruptcy, but that's not the only place it helps.

But that's the point- collateral lowers the risk to the lender so the lender can offer a lower interest rate. Unsecured loans will carry a higher rate, all else equal.

[Anonymous]

Anonymous wrote:Usury is demonic. The interest on these federal loans is by design. They want worker bee proles trapped in debt.

How about being grateful that you were able to get an education, with loans that you would never have qualified for if credit score were taken into account. Nobody held a gun to your head & forced you go to college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Usury is demonic. The interest on these federal loans is by design. They want worker bee proles trapped in debt.

How about being grateful that you were able to get an education, with loans that you would never have qualified for if credit score were taken into account. Nobody held a gun to your head & forced you go to college.

No, we're just threatened with lifelong poverty. Can't afford food. Can't afford healthcare. Can't afford housing. Yeah, college is totally optional, every job worthwhile doesnt require a degree, and the cost of higher education isn't predatory at all, and 17 and 18 year olds should totally be held accountable for financial decisions they can't possibly comprehend the consequences of.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Canada with a novel idea. This ought to be retroactive too instead of young people trapped in usury for their entire adult life.

This isn't a novel idea. It's been suggested many times, by many people, all over the place, including here.

The interest rate on federal loans is absurdly high, and although I'm opposed to forgiveness, allowing rates to move down while maintaining federal benefits is a reasonable compromise.

I am vehemently opposed to any type of loan "forgiveness." (It's loan transference, actually).
But, a 0% loan, or a loan with a very, very low interest rate would be acceptable to me... and probably to most opposed to forgiveness.
Biden *should* have done this from the beginning. But, then, he wouldn't have appealed to the far left as much.

No, because the spread between zero (your term) and the prevailing interest rate is borne by the tax payers.

It might be acceptable to you, but not them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Usury is demonic. The interest on these federal loans is by design. They want worker bee proles trapped in debt.

How about being grateful that you were able to get an education, with loans that you would never have qualified for if credit score were taken into account. Nobody held a gun to your head & forced you go to college.

No, we're just threatened with lifelong poverty. Can't afford food. Can't afford healthcare. Can't afford housing. Yeah, college is totally optional, every job worthwhile doesnt require a degree, and the cost of higher education isn't predatory at all, and 17 and 18 year olds should totally be held accountable for financial decisions they can't possibly comprehend the consequences of.

You are getting the government you wanted and the results of the policies you wanted.

That's on you. There ain't no free lunch.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Usury is demonic. The interest on these federal loans is by design. They want worker bee proles trapped in debt.

How about being grateful that you were able to get an education, with loans that you would never have qualified for if credit score were taken into account. Nobody held a gun to your head & forced you go to college.

No, we're just threatened with lifelong poverty. Can't afford food. Can't afford healthcare. Can't afford housing. Yeah, college is totally optional, every job worthwhile doesnt require a degree, and the cost of higher education isn't predatory at all, and 17 and 18 year olds should totally be held accountable for financial decisions they can't possibly comprehend the consequences of.

I for one don’t think minors should be allowed to get student loans, regardless of when they graduate HS.

Students pursuing a bachelor’s degree can only take out $27k total, not per year, in student loans. If they can’t pay that off on a ten-year plan, they should never have gone to college because they didn’t belong there.

[Anonymous]

If you’re old enough to marry & go to war, you’re old enough to take out student loans & pay them back in full. And vice-versa.