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Compared to a home loan, a student loan doesn't actually guarantee anything. You, the student, gamble ten's of thousands of dollars for an "education" on a perceived future value.
Providing you graduate, it's not likely you'll know if that diploma has any value until many years (and a lot of debt) later.
College graduates who are entering the market place today are not finding jobs - not paid one's at least. What they are finding mostly are unpaid internships.
This being the case, and seeing how college costs are sky rocketing, it makes more sense to help students graduate with less debt not more. The twisted part of the whole thing is that the government is so out of touch, that they think they are helping by giving students more loans. What would help more is lowering the costs of going to school so that students don't have to borrow unmanageable levels of debt.
Like healthcare, supporting higher education sufficiently is already being done in most developed countries except the U.S. Take, for example, the Netherlands where capitalism thrives, but not at the expense of stepping on everyone else. Students here have access to reduced housing which costs $200 month. Registered students also benefit from reduced transport costs for the trains and bus system. In addition, every student receives a one-time scholarship as well as a need based scholarship. Only after, would loans be used at much favorable terms that what is currently being offered here. I think their interest rate is 2% which doesn't fluctuate much. My loans were consolidated at an interest rate above 8%.
There is a lot that could be done to help students. Unfortunately, I think the fact that it's not getting done, is in the interest of those making the loans. I also think that we need to start comparing ourselves to other countries in order to figure out where we are in the developed world. Did you know that before Health Care became law, President Obama had studied the Dutch system to take its best ideas.
I was lucky to have had access to the direct loan program as an undergraduate, I have also had private lender federal loans. The difference between the two is night and day; the private lenders make it more difficult to request deferments and forebearances, which are your right by law; they are like dealing with a credit card company, you have to watch every step like a hawk. Frankly, the amount we have to borrow to go to college these days has created a culture of indentured servitude, at least the direct loan program isn't on your back with a profit motive. Let's hope it stays that way. It worried me to hear the private lenders are going to service direct loans now...
We are so much more screwed with student loans than are those with bad mortgages. Can't get rid of it in bankruptcy, can't walk away from it. There is no end.
It's like the old joke: why is a student loan worse than a prostitute? Because a prostitute stops !@#@ing you after you're dead.
(Imagine if this legislation was built not into the health reform but the banking reform -- Obama would be crowing about it and the conservatives clapping! Oh well, I guess I'd rather have someone brave enough to do something but not say it, than the reverse.)
if health care law is being paid for partly on govt. profits from lending (large sums of) money for college loans, doesn't this reform incentivize the government to keep college tuitions HIGH?
After all, the more money lent by the govt, the more goes into the health care pot.
THIS IS CRAZY! I have $40,000 in loans at less than 6% intrest. Why does salliemae now need more money??? What about leting me deduct the interest
When I was in undergrad, my federal loan interest rate was under 3%. Now my loans are at 6.8%. Why? The congress really increased the burden on students.
Also, coupled with the fact that a student can not get rid of his/her loans in bankruptcy, isn't 6.8% rather high for such a low risk of default?
is there a way to restructure a student loan for partial payment if you can't afford to pay it?
Ending subsidies in the student loan program and installing efficiencies sets the way to go to straighten out Federal expenditures -- end subsidies. Next should be agricultural subsidies, particularly corn.
MY daughter just received financial aid offers and some colleges don't max out the $ 3500 subsidized loans she can get as a freshman before giving her unsubsidized loans...Why is this? Cna I ask the college for the $3500 before taking any unsub loans?
I graduated from college in 1984 and STILL have outstanding student loans, the loans started out as what was at the time called a "Guaranteed Student Loan (GSL)" and now are owned by Sallie Mae, I'm unsure if I am eligible for any kind of "forgiveness" program, where can I find reliable info on this? I have throughout the years both paid on the loans and also been in forbearance and deferral...
Isn't it amazing that the banks can borrow at from the government at almost 0%, and students have to pay 6.5% and Parent's Plus loans are currently at 8.5%?
Question: If you have already worked for a non-profit for over ten years and have loans with Sallie Mae, is there a forgivness program for that now or is it being proposed or will it just apply to future students?
Can post grads be grandfathered into this deal? will our loans be forgiven after 20 yeart?
How does the bill impact loans already taken out by post-grads? Is there anything about debt forgiveness for folks already graduated?
Funniest criticism about this came yesterday from GOP senator Lamar Alexander:
"The Democratic majority decided, well look, while we're at it, let's have another Washington takeover. Let's take over the federal student loan program."
As a believer in market transparency, I am delighted to see the greedy middleman getting pulled out of the student load scheme.
At least some bankers are finally going to have to go out and find real jobs!
Building on the previous question about graduates who already have debt, what options are out there for forgiveness after 10 years for those who have commercial loans rather than federal loans?
Many of my friends and I who graduated a few years ago with a Bachelors Degree from various universities throughout the Northeast now find ourselves stuck in jobs that we don't love and have nothing to do with our degrees. How will this new law and program help me to go back to school full-time and will it help us find a loan to cover our expenses now as adults who have incurred debt throughout the years. Will taking out personal loans be our only option to cover rent and other personal needs or is there something in this new bill that can help us and young adults like us in these situations. Thank you in advance.
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