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Senators Reach Deal on Student Loans
AP ^ | 07.17.13 | By PHILIP ELLIOTT Associated Press

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 ...


TOPICS: Business/Economy; Culture/Society; Front Page News; Politics/Elections
KEYWORDS: college; studentloans

1 posted on 07/17/2013 6:04:33 PM PDT by Perdogg
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To: Perdogg
"Democrats won a protection for students that rates would never climb higher than 8.25 percent"

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.

2 posted on 07/17/2013 6:07:31 PM PDT by traditional1 (Amerika.....Providing public housing for the Mulatto Messiah)
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To: Perdogg
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.

Back in the 80's my student loans were 9%.

3 posted on 07/17/2013 6:08:46 PM PDT by Carry_Okie (The Slave Party, advancing indentured constituency for 150 years.)
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To: Perdogg

Hocus pocus. Pay no attention to that man behind the curtain.


4 posted on 07/17/2013 6:10:17 PM PDT by E. Pluribus Unum (Who knew that one day professional wrestling would be less fake than professional journalism?)
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To: Perdogg

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.


5 posted on 07/17/2013 6:11:21 PM PDT by RB156
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To: Perdogg
but Democrats won a protection for students that rates would never climb higher than 8.25 percent for undergraduate students

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....

6 posted on 07/17/2013 6:11:34 PM PDT by mikrofon ("Bipartisan" Barf Alert)
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To: Perdogg

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.


7 posted on 07/17/2013 6:23:26 PM PDT by Hoodat (BENGHAZI - 4 KILLED, 2 MIA)
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To: Carry_Okie
Back in the 80's my student loans were 9%.

I took mine out in 2005/2006. My interest rate is 2.38%.

8 posted on 07/17/2013 6:25:58 PM PDT by Hoodat (BENGHAZI - 4 KILLED, 2 MIA)
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To: traditional1

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.


9 posted on 07/17/2013 6:29:45 PM PDT by max americana (fired liberals in our company after the election, & laughed while they cried (true story))
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To: Perdogg
Students who "accept" these loans use the same logic they do for home loans and car loans. A home is life long proposition as is a student loan. Car loans are something else altogether thought in that going from a base model to a mid-level model may add between $2000 and $4000 for the manufacturers cars such as a civic, sonic, etc.; the cost of financing the extra few thousand dollars is about $15 per thousand at 1.0%. I believe that Students who have only bought a car with those 0.9%, 1-2% or even a 3% car loan over 72 months maximum period are not fully aware of the cost of a Government backed student loan - most of these kids will not have the $400-500 a month to pay down $75,000 in debt. My son is attending East Carolina University and I had him do a survey of his friends; out of 25 kids, he and one other friend are the only ones without student loans. His two room mates both took out the max which was something like $17,000 last year, and they did the same thing the three previous years. One of the kids that graduated last year just found out that in order to pay it down and not tread water or go in the hole was going to take over $450 a month to service his 5 years of loans for his 4 year degree.

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.

10 posted on 07/17/2013 6:51:31 PM PDT by Jumper
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To: Perdogg

Another victory for the Dems.

The whole end game of “Big Education” is massive donations to Democrat politicians from overpaid liberal profs and admins.


11 posted on 07/17/2013 6:57:46 PM PDT by nascarnation (Baraq's economic policy: trickle up poverty)
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To: max americana
We have two kids in school, spending a little over 3K/month ten months a year; this fall will be the 4th year at it. We fight it, drive old trucks, no vacations, and no new toys because both the wife and I are afraid the kids won't have it as easy as we had it, no joke. We don't want them in any debt what so ever. I personally remember friends of mine paying what amounted to an extra house payment until they were 35 for their student loans.

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.

12 posted on 07/17/2013 7:01:36 PM PDT by Eska
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To: Eska

“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.


13 posted on 07/17/2013 7:18:06 PM PDT by max americana (fired liberals in our company after the election, & laughed while they cried (true story))
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To: max americana
Nealy ALL of us old-timers paid our own way, and did multiple part-time jobs, if necessary. When your parents couldn't afford to send you, you went into the Military, and came out and went on the GI Bill, and STILL worked part-time (or even full-time, and went to night classes).

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!

14 posted on 07/17/2013 7:34:17 PM PDT by traditional1 (Amerika.....Providing public housing for the Mulatto Messiah)
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To: Perdogg

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?


15 posted on 07/17/2013 8:00:09 PM PDT by DPMD
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To: Perdogg

Kick the can down the road.


16 posted on 07/17/2013 10:08:16 PM PDT by headstamp 2 (What would Scooby do?)
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To: Perdogg

more handouts and gifts and vote buying


17 posted on 07/17/2013 11:14:27 PM PDT by GeronL
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To: Perdogg
Senators Reach Deal on Student Loans

That's nice. Is the House going to weigh in?

18 posted on 07/17/2013 11:36:59 PM PDT by Lancey Howard
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To: traditional1

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.


19 posted on 07/17/2013 11:39:31 PM PDT by Lancey Howard
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To: RB156
If any bank operated on the same basis as SallieMae, the government favored crony capitalist student loan virtual monopoly, they would be hauled into congressional hearings and probably be litigated out of business.

Among their abuses are:


20 posted on 07/18/2013 6:25:56 AM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: DPMD
Could it be they love their revenue so much they’ll even screw the students they claim to love so much?

You must be a dangerous right-wing extremist because you have figured out the driving force in the nanny state mindset.

21 posted on 07/18/2013 6:27:40 AM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: Perdogg

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?


22 posted on 07/18/2013 7:45:21 AM PDT by i_robot73 (We hold that all individuals have the Right to exercise sole dominion over their own lives - LP.org)
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To: Vigilanteman

Shh-h-h. Someone’s listening.


23 posted on 07/18/2013 10:49:07 AM PDT by DPMD
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