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If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class.
Background: Student loans should be at the same rate as banks. Dropping the Student Loan interest rate from 6.8% to 0.75%
Great Idea!
Ok, but what about Universities making their education more affordable? Or would that request be govt over reach and opt for asking them "pretty please would you not collapse us all?"
Ok, but what about Universities making their education more affordable? Or would that request be govt over reach and opt for asking them "pretty please would you not collapse us all?"
I do think, "no strings attached" is too flexible a term. For example, a person who wishes to have their loan debt discharged in bankruptcy would have to show: "1) the debtor cannot maintain, based on current income and expenses, a minimal standard of living for the debtor and the debtors dependents if forced to repay the student loans; 2) additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period of the student loans; and 3) the debtor has made good faith efforts to repay the loans." The temptation for some to stay within the cocoon of higher education rather than join the work force is inherent in making the threshold for getting a loan easy.This is not a great idea at all. "According to the Consumer Financial Protection Bureau, student loan debt has eclipsed credit-card debt and now stands at more than $1 trillion. As Bloomberg reported yesterday, a group of advisers to the Federal Reserve recently warned that student loan debt has parallels to the housing crisis. Professional students will have a "field day" and there will be more. The debt incurred will be staggering and not paid back this does not serve the purpose of education nor the students who seek to be trained for the job market.
Should Students Pay the Same Interest Rate as Goldman Sachs? - Businessweek
All excellent points. One way to defer repayment is to enroll in more schooling. People keep doing this, borrowing more and more and soon you can't repay the debt if you become a friggin Rocket Scientist.
At some point we have to realize that there is a huge problem with higher education. The interest rate charged is not that problem.
it is a business. The problem with higher education is the same with the prison system...free money from the government with little to no strings attached gives them both the STROOONGGG incentive to get as many as possible and keep them there longer.
There is no such thing as a 4 year degree anymore. It is more or less a 5 1/2 year degree now because they keep piling on class requirements to a stupid degree...but the givernment just keeps writing checks for bragging rights.
If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class.
Background: Student loans should be at the same rate as banks. Dropping the Student Loan interest rate from 6.8% to 0.75%
Great Idea!
If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class.
Background: Student loans should be at the same rate as banks. Dropping the Student Loan interest rate from 6.8% to 0.75%
Great Idea!
Do I agree with this statement?
No.
Encouraging students to take on massive quantities of debt for educations that do not prepare them for a lucrative enough career to service such debt is insane regardless of the interest rate.
“If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class.”
Background: Student loans should be at the same rate as banks. Dropping the Student Loan interest rate from 6.8% to 0.75%
Great Idea!
Do I agree with this statement?
No.
Encouraging students to take on massive quantities of debt for educations that do not prepare them for a lucrative enough career to service such debt is insane regardless of the interest rate.
Exactly.
Which is is yet ANOTHER example showing how the government's incentive in all of the "it's the right thing to do" - type of spending is not about using the money for the purpose stated...but to pump up the rhetoric to make us think they are doing great things.
I mean on the surface who can argue with the statement "everybody should have the opportunity of going to college"? It sounds great. But it is incredibly WRONG.
Everybody should NOT have this "opportunity" because it is a colossal waste of money and their time trying to do something they have no chance of succeeding in.
Do I agree with this statement?
No.
Encouraging students to take on massive quantities of debt for educations that do not prepare them for a lucrative enough career to service such debt is insane regardless of the interest rate.
Exactly.
Which is is yet ANOTHER example showing how the government's incentive in all of the "it's the right thing to do" - type of spending is not about using the money for the purpose stated...but to pump up the rhetoric to make us think they are doing great things.
I mean on the surface who can argue with the statement "everybody should have the opportunity of going to college"? It sounds great. But it is incredibly WRONG.
Everybody should NOT have this "opportunity" because it is a colossal waste of money and their time trying to do something they have no chance of succeeding in.
Far to many teens see College as a right of passage, not for it's intended purpose. We need a better Community College system and lead some of them into that system where many of them would be far better served.
If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class.
Background: Student loans should be at the same rate as banks. Dropping the Student Loan interest rate from 6.8% to 0.75%
Great Idea!
Do I agree with this statement?
No.
Encouraging students to take on massive quantities of debt for educations that do not prepare them for a lucrative enough career to service such debt is insane regardless of the interest rate.
Exactly.
Which is is yet ANOTHER example showing how the government's incentive in all of the "it's the right thing to do" - type of spending is not about using the money for the purpose stated...but to pump up the rhetoric to make us think they are doing great things.
I mean on the surface who can argue with the statement "everybody should have the opportunity of going to college"? It sounds great. But it is incredibly WRONG.
Everybody should NOT have this "opportunity" because it is a colossal waste of money and their time trying to do something they have no chance of succeeding in.
Do I agree with this statement?
No.
Encouraging students to take on massive quantities of debt for educations that do not prepare them for a lucrative enough career to service such debt is insane regardless of the interest rate.
Exactly.
Which is is yet ANOTHER example showing how the government's incentive in all of the "it's the right thing to do" - type of spending is not about using the money for the purpose stated...but to pump up the rhetoric to make us think they are doing great things.
I mean on the surface who can argue with the statement "everybody should have the opportunity of going to college"? It sounds great. But it is incredibly WRONG.
Everybody should NOT have this "opportunity" because it is a colossal waste of money and their time trying to do something they have no chance of succeeding in.
Ok ok ok....hold up so. Because the govt got involved in student loans or financing educations. You're saying that basically too many people went to school drove up all this debt, increased the number of ppl with higher education which made higher education a requirement for most jobs but the other down side is that because so many more ppl had that higher education that made it harder for those people too to find a job?
In a nutshell? Because if so, that is brilliant
If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class.
Background: Student loans should be at the same rate as banks. Dropping the Student Loan interest rate from 6.8% to 0.75%
Great Idea!
If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class.
Background: Student loans should be at the same rate as banks. Dropping the Student Loan interest rate from 6.8% to 0.75%
Great Idea!
Exactly.
Which is is yet ANOTHER example showing how the government's incentive in all of the "it's the right thing to do" - type of spending is not about using the money for the purpose stated...but to pump up the rhetoric to make us think they are doing great things.
I mean on the surface who can argue with the statement "everybody should have the opportunity of going to college"? It sounds great. But it is incredibly WRONG.
Everybody should NOT have this "opportunity" because it is a colossal waste of money and their time trying to do something they have no chance of succeeding in.
Ok ok ok....hold up so. Because the govt got involved in student loans or financing educations. You're saying that basically too many people went to school drove up all this debt, increased the number of ppl with higher education which made higher education a requirement for most jobs but the other down side is that because so many more ppl had that higher education that made it harder for those people too to find a job?
In a nutshell? Because if so, that is brilliant
Brilliant?...well...just the truth.
The student loan "industry" (make no mistake, it IS an industry now) is exactly like the mortgage industry in the 90's. What started out as this "do the right thing" sub-prime lending to put more people in their own homes - exploded as everyone involved stood in line to take advantage of government-backed loans.
The same with student loans/grants. There is $billions in "free money" here for colleges. The government is more than happy to tell Americans "We have increased student loans by 20% this year so more American children can fufill their dreams" [insert applause]...BULLSHIT....in reality they are bankrolling failure and completely screwing up a once VERY SUCCESSFUL education system.
Like I said - there are no 4 year degrees anymore. The colleges, anxious to get more government backed $$$, are piling on unnecessary prerequisites and bullshit courses that are forcing kids in summer school and prolonging the time it takes to get the degree. And the value of that degree has been degraded because schools are also lowering their standards to keep less than average students enrolled to keep rolling in the government $$$....YOUR money.
If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class.
Background: Student loans should be at the same rate as banks. Dropping the Student Loan interest rate from 6.8% to 0.75%
Great Idea!
No
The government should not be involved in student loans at all.. not as a lender.. not to dictate to others to lend.. not to back loans... not to facilitate interest rates... nothing of the sort....
You want a loan for school, get it yourself like you get a loan for a car, a loan for a house, a loan for a purchase, or whatever else
