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02-09-2009, 01:38 PM
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Senior Member
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Join Date: Feb 2008
Location: Charlotte, NC
1,502 posts, read 779,869 times
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Sallie Mae's Success Too Costly?
This is an old article but relevant to our other discussion about student loans.
Sallie Mae's Success Too Costly?, Does The Lender's Success Come At Too Steep A Cost To Students And Taxpayers? - CBS News
""How much will you have paid them when you're finished?" Stahl asked.
"Over a quarter of a million dollars. $262,383 to be exact," Brown replied.
"For an original loan of what?" Stahl asked.
"$60,000," Brown said"
She never defaulted and got an illness at one point. |
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02-09-2009, 01:42 PM
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Senior Member
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Join Date: Jan 2007
Location: Londonderry, NH
12,374 posts, read 5,908,453 times
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Check out the Cancel Student Loan thread.
I believe the entire system should be removed from the private banking sector and replaced with a federal system that loans money at the fed discount rate and collects through a permenant surcharge on the borrowers income tax. If graduates cannot get jobs that earn enough to pay income tax they just got a free college education. If they get finance jobs that earn millions they will pay for the folks that don't.
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02-09-2009, 01:42 PM
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Senior Member
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Join Date: Dec 2008
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Same can be said if you make minimum payments on your credit cards too. I know a guy that has 100k in student loan debt, he makes $80k as a pilot, lives in an RV that he bought for $2500 and pays $300/month to park it including all ulitities, his loans will be paid off in a few years because he's a cheap ass.
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02-09-2009, 01:44 PM
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Senior Member
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Join Date: Dec 2008
2,245 posts, read 1,053,365 times
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Quote:
Originally Posted by GregW
If graduates cannot get jobs that earn enough to pay income tax they just got a free college education. If they get finance jobs that earn millions they will pay for the folks that don't.
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I agree with the other stuff you said but not this. Debt should be repaid no matter what, however at a low interest rate of say 4%-5% fixed for life. |
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02-09-2009, 01:45 PM
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Senior Member
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Join Date: Jan 2007
Location: Londonderry, NH
12,374 posts, read 5,908,453 times
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What job pays low enough to not pay income tax?
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02-09-2009, 01:54 PM
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Senior Member
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Join Date: Dec 2008
2,245 posts, read 1,053,365 times
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IIRC anyone making $5500 or more will pay some sort of tax. Now my question is do you make the repayment as a percentage of their income or a fixed amount? If a percentage how do you calculate the amount if the amount they pay is less than the interest on the loan itself?
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