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Warren: Student Loans Should Have Same Rate Big Banks Get

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User avatar

habitual

Silly French Man

Postby habitual » Wed May 08, 2013 5:59 pm

http://www.huffingtonpost.com/2013/05/08/elizabeth-warren-student-loans_n_3240407.html


WASHINGTON -- Sen. Elizabeth Warren (D-Mass.) unveiled her first bill Wednesday, designed to set student loan interest rates at the same level the Federal Reserve offers to big banks.

With some student loan rates set to double on July 1 -- from 3.4 percent to 6.8 percent -- Warren's bill would reduce student loan interest rates to 0.75 percent, opening the Fed's discount window to students.

"Every single day, this country invests in big banks by lending them money at near-zero rates," Warren told The Huffington Post. "We should make the same kind of investment lending money to students, who are trying to get an education."

The freshman senator said she plans to mobilize students -- those most affected by student loans -- to help get the bill through the Senate. "This is about their lives and if they are active in this fight, we can make this change," Warren said.

The Fed justifies loaning money essentially for free to major banks so they can maintain liquidity during emergencies. But Warren noted that student loan debt also affects the economy. Research by the Federal Reserve Bank of New York, reported by Washington Post's Wonkblog, found that the amount of student loan debt of Americans under the age of 25 has doubled in less than a decade, from $10,649 in 2003 to $20,326 in 2012. Along with this increase in student debt comes a decrease in the likelihood someone will take out an auto loan or a home mortgage. That burden is a drag on the economy.


Good idea.

Hab
User avatar

e_galston

Staff Writer

Postby e_galston » Wed May 08, 2013 6:02 pm

Its a definite good idea... the fact that you can take out a loan for school graduate and it takes years if not decades to pay off the loans is crazy
User avatar

Thunderstorm

Not a Kardashian

Postby Thunderstorm » Wed May 08, 2013 6:09 pm

That is a damn good idea. There has to be a catch...
User avatar

S.F. Jude Terror

OMCTO

Postby S.F. Jude Terror » Wed May 08, 2013 6:52 pm

Just forgive all debt. Start over.
User avatar

S.F. Jude Terror

OMCTO

Postby S.F. Jude Terror » Wed May 08, 2013 6:58 pm

Here's a better case than I can make while posting from my phone: http://mobile.usnews.com/opinion/blogs/ ... he-economy
User avatar

e_galston

Staff Writer

Postby e_galston » Wed May 08, 2013 7:09 pm

i just wish college was more affordable... i'd do anything to go back to school right now, but i can't afford to without aid, and i can't get aid without paying back my loan...
User avatar

Amoebas

Son of Stein

Postby Amoebas » Wed May 08, 2013 7:14 pm

Glad I voted for her!
User avatar

achilles

Fagorstorm

Postby achilles » Wed May 08, 2013 7:21 pm

Eh, works for me. That's what tax dollars should be used for IMO. Though I'm intrigued by Norway's system for taxes, healthcare, education, and retirement.
User avatar

habitual

Silly French Man

Postby habitual » Wed May 08, 2013 7:21 pm

I'd be satisfied if banks just stopped stealing people's houses from them.

Hab
User avatar

achilles

Fagorstorm

Postby achilles » Wed May 08, 2013 7:50 pm

habitual wrote:I'd be satisfied if banks just stopped stealing people's houses from them.

Hab


Yes, that would be nice too.
User avatar

Food Eater lad

cheese

Postby Food Eater lad » Thu May 09, 2013 8:09 am

The catch is this, colleges are big business. So if more people can go, and borrowing is easier, tuition will rise. This is exactly what happened when it got easier to get a student loan.

I am not so sure about this next point but its worth talking about.

Some argue that student loans are the cause of the inflated cost of schools. That if you paid out of pocket, and then schools would have to lower their costs to stay competitive.
User avatar

e_galston

Staff Writer

Postby e_galston » Thu May 09, 2013 9:11 am

So the answer should be to not let people have student loans so they can drop the price of tuition?? the price of tuition won't drop over night so we'll have probably 5 graduating senior classes who won't be able to attend college because they can't afford it, before tuition drops...
User avatar

Rockman

Rain Partier

Postby Rockman » Thu May 09, 2013 9:40 am

the problem is you have the government giving student loans to anyone regardless of whether or not they will ever be capable of paying back their loan. Colleges have no problem selling students useless degrees for 80 grand.

I just think the loan giver should be able to look at your major and say "you know what you're not likely to be able to pay this back on an art degree, so I'm not going to give you a loan."
User avatar

achilles

Fagorstorm

Postby achilles » Thu May 09, 2013 10:10 am

Rockman wrote:the problem is you have the government giving student loans to anyone regardless of whether or not they will ever be capable of paying back their loan. Colleges have no problem selling students useless degrees for 80 grand.

I just think the loan giver should be able to look at your major and say "you know what you're not likely to be able to pay this back on an art degree, so I'm not going to give you a loan."


Given our present system, I agree with this.
User avatar

S.F. Jude Terror

OMCTO

Postby S.F. Jude Terror » Thu May 09, 2013 10:13 am

Just topple the ruling class and feast on their flesh. Problem solved.

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