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Warren: Student Loans Should Have Same Rate Big Banks Get

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habitual
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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby habitual » Thu May 09, 2013 11:21 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."


This is all entirely irrelevant to the interest rate.

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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby Rockman » Thu May 09, 2013 12:26 pm

Hab really has no clue how a conversation works

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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby habitual » Thu May 09, 2013 12:27 pm

Rockman wrote:Hab really has no clue how a conversation works

Rock


If you don't quote anyone you're having a conversation with yourself genius.

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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby Rockman » Thu May 09, 2013 12:36 pm

18 posts in and only 3 of them contain quotes. Awful lot of people in here talking to themselves there sport.

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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby habitual » Thu May 09, 2013 12:37 pm

Rockman wrote:18 posts in and only 3 of them contain quotes. Awful lot of people in here talking to themselves there sport.

Rock


Because only maybe 3 were having a conversation buttercup.

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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby guitarsmashley » Thu May 09, 2013 12:55 pm

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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby outsider » Thu May 09, 2013 1:02 pm

I would compromise with allowing all the interest to be tax deductible, not just a cap of $2500 (I think that's the right amount).
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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby e_galston » Thu May 09, 2013 1:05 pm

a higher education shouldn't be just for the rich... anyone who truly wants to go to school and learn and get a degree, or even attend a tech school and learn a trade should be able to.
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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby outsider » Thu May 09, 2013 1:14 pm

Thunderstorm wrote:That is a damn good idea. There has to be a catch...
The catch would be a lot less people going to college, since the banks & private colleges would offer significantly less student loan options (no high interest = no $$$$). That would mean the government would have to subsidize student loans and the amount of eligible students will fluctuate significantly, depending upon the political winds.

The biggest change is re-educating high school students and their parents that college is not the sole option to a successful and lucrative career. (Some might claim it's no longer a valid option, lol.)
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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby outsider » Thu May 09, 2013 1:18 pm

e_galston wrote:a higher education shouldn't be just for the rich... anyone who truly wants to go to school and learn and get a degree, or even attend a tech school and learn a trade should be able to.
You're proposing an educational inflation. Instead of everyone having the right to a high school degree, now it's going to be a bachelor's or associate's degree? I don't know that you're wrong, but I don't know if it's right, either. Until we can have a truly merit-based society (which is nigh-impossible in a capitalistic setting), there has to be some type of distinction to qualify people for particular career paths.

I'm not smart enough to know any other method than "You want this? You gotta buy it." :derp:
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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby e_galston » Thu May 09, 2013 1:41 pm

outsider wrote:You're proposing an educational inflation. Instead of everyone having the right to a high school degree, now it's going to be a bachelor's or associate's degree? I don't know that you're wrong, but I don't know if it's right, either. Until we can have a truly merit-based society (which is nigh-impossible in a capitalistic setting), there has to be some type of distinction to qualify people for particular career paths.

I'm not smart enough to know any other method than "You want this? You gotta buy it." :derp:


i'm not saying it should be free... but it shouldn't cost as much as it does right now to get a degree, or a certificate from a trade school...
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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby habitual » Thu May 09, 2013 1:43 pm

outsider wrote:You're proposing an educational inflation. Instead of everyone having the right to a high school degree, now it's going to be a bachelor's or associate's degree? I don't know that you're wrong, but I don't know if it's right, either. Until we can have a truly merit-based society (which is nigh-impossible in a capitalistic setting), there has to be some type of distinction to qualify people for particular career paths.

I'm not smart enough to know any other method than "You want this? You gotta buy it." :derp:


You could design a program that works for trade schools as well.

It could also be set up that it's in the banks best interest to give out the loans, there isn't the same risk associated like there was with the housing market.

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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby outsider » Thu May 09, 2013 2:03 pm

habitual wrote:
You could design a program that works for trade schools as well.

It could also be set up that it's in the banks best interest to give out the loans, there isn't the same risk associated like there was with the housing market.

Hab
Trade schools seem to have a significantly lower number of potential drop-outs/fuck-ups than the broader college system. The risk isn't the same as with the housing market, but there's still a great amount - not every student is going to pay back their loans *OR* the banks make the application process more rigorous. The problem is that while people have the option to rent property versus owning a property, there isn't a direct correlation for the educational/job market.

The traditional blue collar/white collar situation simply doesn't exist and we have people with Master's degrees making $40k per year. There's no established formula for success--rather, the established formula has proven to be wrong. I think it's finally falling upon the colleges and universities to prove their institution's worth. I'm still more than a decade from sending a child to college, but I can't say I have faith that a degree will be worth the investment.
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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby habitual » Thu May 09, 2013 2:06 pm

outsider wrote:Trade schools seem to have a significantly lower number of potential drop-outs/fuck-ups than the broader college system. The risk isn't the same as with the housing market, but there's still a great amount - not every student is going to pay back their loans *OR* the banks make the application process more rigorous. The problem is that while people have the option to rent property versus owning a property, there isn't a direct correlation for the educational/job market.

The traditional blue collar/white collar situation simply doesn't exist and we have people with Master's degrees making $40k per year. There's no established formula for success--rather, the established formula has proven to be wrong. I think it's finally falling upon the colleges and universities to prove their institution's worth. I'm still more than a decade from sending a child to college, but I can't say I have faith that a degree will be worth the investment.


Wouldn't lowering the interest rate make it easier for students to repay?

It's not like banks aren't passing the loans out like candy right now.

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Re: Warren: Student Loans Should Have Same Rate Big Banks Ge

Postby outsider » Thu May 09, 2013 2:08 pm

habitual wrote:
Wouldn't lowering the interest rate make it easier for students to repay?

Hab
Easier, yes.

But the type that won't repay their loans won't care if they're paying 0.5% interest or 6.75% interest.
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