Skip to comments.Senators Reach Deal on Student Loans
Posted on 07/17/2013 6:04:33 PM PDT by Perdogg
Heading off a costly increase for returning college students, a bipartisan group of senators reached a deal Wednesday that would offer students better rates on their loans this fall but perhaps assign higher rates in coming years.
The deal would offer students lower interest rates through the 2015 academic year, but then rates were expected to climb above where they were when students left campus this spring. The interest rates would be linked to the financial markets, but Democrats won a protection for students that rates would never climb higher than 8.25 percent for undergraduate students. Graduate students would not pay rates higher than 9.5 percent and parents' rates would top out at 10.5 percent.
(Excerpt) Read more at abcnews.go.com ...
Oh; the Interest Rates will go UP, alright, and Bankers will be made whole by fleecing the Taxpayer, as always, to buy the Student Vote with their money.
Republicans have no balls, and we have a one-Party System.
Back in the 80's my student loans were 9%.
Hocus pocus. Pay no attention to that man behind the curtain.
Of course, they punt without solving the real problem: massive tuition inflation due to a never ending influx of government bennies. Take away the bennies, and the colleges will stop selling a piece of paper for $200,000 and offer reasonable and afforadable tuition.
over the objection of Republicans who no doubt wanted to apply usury rates and deny the right of a college education to middle class families....
Idiots. The best thing they can do is to get the hell out of the way and re-open the student loan market to the private sector.
I took mine out in 2005/2006. My interest rate is 2.38%.
No. American kids nowadays have no balls and too lazy to actually work while going to school to pay for their tuition.
I only got the grant for my frosh year but the rest was taking part-time jobs. That included being a bodyguard/driver for an escort service, pizza delivery dude, dj for a strip club (ah, the stories), bartender etc. That’s why I never almost owed anything after graduation.
My other experience was with my boss in the State Department. He had student loans going back 17 years, and he told me at his age of 44 that he would be 56 years old when he paid them all off, and that was with the annual government assistance.
Another victory for the Dems.
The whole end game of “Big Education” is massive donations to Democrat politicians from overpaid liberal profs and admins.
The kids tell me almost every kid at school has their loans maxed out. Something don't seem right in our Country? Good thing was this year our daughter got an RA slot and also $400/semester Pell Grant, first time either of my kids got a penny.
“The kids tell me almost every kid at school has their loans maxed out.”
Same here with my classmates from the same major, or their parents bailed them out. I still know after 5 years from graduation, some of them still owed tens of thousands. But nothing ever beat my “real world” education from those after college jobs. I learned more about accounting from the escort service madam that I worked for than I did from my classroom professor.
Today, college kids take basket-weaving, diverstity training, sensitivity training, etc. just to fill up their schedule to minimum requirements, and then just go looking for the "hook-ups" and beer parties, while getting Taxpayer-funded loans and grants for their use....and now, we are to pick up the tab for their partying and time-wasting.....what a great Country!
Democrats own the Senate and John McCain. So why don’t they just pass a law that provides interest free student loans, since the government has taken over that industry? Could it be they love their revenue so much they’ll even screw the students they claim to love so much?
Kick the can down the road.
more handouts and gifts and vote buying
That's nice. Is the House going to weigh in?
My son was required to take a diversity class at college (Temple University in Philly). He perused his choices for fullfilling the diversity class requirement and opted for a diversity class on Native Americans, figuring it would probably be the easiest one to stomach among the choices offered.
His professor was black (naturally - - these mandatory diversity classes are designed to provide employment opportunities for people who majored in African American Studies) and one of the books REQUIRED for the class was a book written by that famous Native American, Ward Churchill.
I kid you not.
Among their abuses are:
Remember BO bragging about making the student loan business more efficient during his re-election campaign by eliminating the middleman, IOW, competition to the government?
This is the next bubble waiting to happen-- millions of borrowers saddled with debt which they have little hope of repaying and cannot discharge. A homeowner who is foreclosed, at least, can walk away from the debt through the bankruptcy process.
The only real long-term solution is to phase out SallieMae and privatize the student loan business. The outline of such a plan to do just that:
In conjunction with this program, all borrowers which are current on payments after provision #1 kicks in would be able to apply and get an interest rate less than or equal to the rate they are paying on their primary residence. It makes no logical sense to have people paying more than double the rate on student loans than they are paying for mortgage loans secured by real property.
You must be a dangerous right-wing extremist because you have figured out the driving force in the nanny state mindset.
Yet another instance of gov’t round-robin:
Gov’t sticks its hand where it’s not allowed
Area of interest soon turns to sh!t
Cries from those in said area of sh!t status
Gov’t makes worse area where it’s not allowed with ‘tweaks’
...rinse and repeat.
And, the GOP goes along for the ride. NEVER is the option/solution brought up ‘remove gov’t intervention’...Just WHERE is this ‘smaller gov’t’ party I keep hearing about?
Shh-h-h. Someone’s listening.
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