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Old 07-28-2012, 01:30 PM
 
2,603 posts, read 5,002,922 times
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Quote:
Originally Posted by brocco View Post
yea, my loans are from 2005-2008 and they're all at 5-6.8%. only one was unsubsidized and it was 9.8.
As I understand it, Stafford loans can never be higher than 8.25%.
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Old 07-28-2012, 01:31 PM
 
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Quote:
Originally Posted by coped View Post
As I understand it, Stafford loans can never be higher than 8.25%.
i think the 9.8% one was a private loan. luckily it was only $1500 and has been paid off lol
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Old 07-28-2012, 02:01 PM
 
Location: Denver 'burbs
24,012 posts, read 28,399,744 times
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Yes, 6.9 % for an unsecured loan to an 18 yo with no credit history is risky and is relatively low. My point really was that there are many people who believe that "all" federal student loans are of the 3% variety and that's just not true. I'm shocked at the number of people who borrow money without understanding the terms of their loan. A loan is not a grant - if you are going to school and your anticipated earnings based on the degree you are choosing are low, then don't borrow a huge chunk of cash. Go to community college, live at home and borrow as little as possible, then transfer. You may not be able to afford 4 years at the school of your choice. You may have to work. You may have to forgo some of the niceties for several years once you graduate. And realize that even if you don't graduate, you still owe the money, so don't go there unless you are seriously ready to make that commitment to school. Part of being a grownup is owning your responsibilities and not waiting for a bailout whether it's from your parents or the government.
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Old 07-28-2012, 02:16 PM
 
3,644 posts, read 10,923,411 times
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So many college students use the student loans to subsidize their lifestyle rather than just pay for their education, so I don't think any of the debts should be forgiven. In addition, if we're going to forgive their debt, then all of us who have already paid off our student loans should receive money as well, to compensate us.

My SIL has more than $50k in student loan debt and went through more than $10k in grants, not to mention the $$ her parents contributed... and still no degree. But she used more of the funds to pay for partying than classes, and even a couple spring break trips. But I'm sure she, like the others, will be seduced by politicians promising to forgive her "student loan" debt.

It's not all about the higher tuition colleges are charging. To blame them exclusively is irresponsible.
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Old 07-28-2012, 07:10 PM
 
5,500 posts, read 10,500,424 times
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Quote:
Originally Posted by sskkc View Post
So many college students use the student loans to subsidize their lifestyle rather than just pay for their education, so I don't think any of the debts should be forgiven. In addition, if we're going to forgive their debt, then all of us who have already paid off our student loans should receive money as well, to compensate us.

My SIL has more than $50k in student loan debt and went through more than $10k in grants, not to mention the $$ her parents contributed... and still no degree. But she used more of the funds to pay for partying than classes, and even a couple spring break trips. But I'm sure she, like the others, will be seduced by politicians promising to forgive her "student loan" debt.

It's not all about the higher tuition colleges are charging. To blame them exclusively is irresponsible.
Well said.
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Old 08-26-2012, 08:51 PM
 
Location: Orange county, CA
415 posts, read 614,780 times
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Quote:
Originally Posted by sskkc View Post
So many college students use the student loans to subsidize their lifestyle rather than just pay for their education, so I don't think any of the debts should be forgiven. In addition, if we're going to forgive their debt, then all of us who have already paid off our student loans should receive money as well, to compensate us.

My SIL has more than $50k in student loan debt and went through more than $10k in grants, not to mention the $$ her parents contributed... and still no degree. But she used more of the funds to pay for partying than classes, and even a couple spring break trips. But I'm sure she, like the others, will be seduced by politicians promising to forgive her "student loan" debt.

It's not all about the higher tuition colleges are charging. To blame them exclusively is irresponsible.
So many people used their mortgages as piggy banks...yet they got to walk away. How come the college student is screwed but the guy with the second mortgage who went to Disneyland all the time and bought new cars gets away scot-free? I don't want to hear about how its a collateral loan. All those idiots are the reason my state is broke, the freeways are going to pot, the libraries are closing, the cops are getting laid off, the teachers and firefighters are getting laid off and taxes are going up.

If college students can't walk away from their debts, then neither should someone with a mortgage. Why am I paying for the jerk with the second mortgage on the house in the hills with his brats and his trophy wife who bought a new Beemer every two years with that second mortgage, along with a Disney vacation, several Angels games tickets and a $10K trip to Vegas?

All the idiots who bought houses they cannot afford got help. The government wanted them to stay in their homes so bad to prop up house prices that they offered to re-fi the houses. Again, why did my taxes go idiots who bought homes they cannot afford? Meanwhile, I'm a loser and a deadbeat who should be stuck with my debt forever because instead of being stupid and buying an option arm mortgage house on the bench and then getting a second so I can buy a Mercedes and a closet full of Louis Vuitton, I got student loans. Fair? Hardly.

Those "collateral" loans wrecked this economy. Personally I think people walking away from homes is far worse than the government forgiving student loans. There is no vacated trashed property to cause havoc on communities like there is with homes when it comes to student loans.
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Old 08-27-2012, 06:40 AM
 
5,500 posts, read 10,500,424 times
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Simple. You can't give your back.

You just sound angry about mortgages.
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Old 08-27-2012, 06:47 AM
 
11,412 posts, read 7,767,343 times
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Quote:
Originally Posted by suissegrl702 View Post
So many people used their mortgages as piggy banks...yet they got to walk away. How come the college student is screwed but the guy with the second mortgage who went to Disneyland all the time and bought new cars gets away scot-free? I don't want to hear about how its a collateral loan. All those idiots are the reason my state is broke, the freeways are going to pot, the libraries are closing, the cops are getting laid off, the teachers and firefighters are getting laid off and taxes are going up.

If college students can't walk away from their debts, then neither should someone with a mortgage. Why am I paying for the jerk with the second mortgage on the house in the hills with his brats and his trophy wife who bought a new Beemer every two years with that second mortgage, along with a Disney vacation, several Angels games tickets and a $10K trip to Vegas?

All the idiots who bought houses they cannot afford got help. The government wanted them to stay in their homes so bad to prop up house prices that they offered to re-fi the houses. Again, why did my taxes go idiots who bought homes they cannot afford? Meanwhile, I'm a loser and a deadbeat who should be stuck with my debt forever because instead of being stupid and buying an option arm mortgage house on the bench and then getting a second so I can buy a Mercedes and a closet full of Louis Vuitton, I got student loans. Fair? Hardly.

Those "collateral" loans wrecked this economy. Personally I think people walking away from homes is far worse than the government forgiving student loans. There is no vacated trashed property to cause havoc on communities like there is with homes when it comes to student loans.
Can't disagree with you about the way some folks used their homes as piggy banks. But, student loans have been used by some students the same way. They borrow the max so they can live in the nicest apartments, buy a car, party on weekends and take a great spring break trip. My kids (who I paid 100% of their college costs) said they always knew the kids with student loans because they always had cash to have fun. And just like some homeowners bought houses they really couldn't afford, some kids went to colleges they couldn't afford and in addition studied things unlikely to lead to a decent paying job.

Not all students are guilty of this behavior, just as not all homeowners are guilty of what you described in your post, but some are and IMO they deserve no forgiveness.
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Old 08-27-2012, 08:45 AM
 
Location: St Louis, MO
4,677 posts, read 5,752,166 times
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Quote:
Originally Posted by JasonF View Post
Short term, yes, it'd have the opposite effect. Long term, it'd be a disaster. People shouldn't expect that government will swoop in to rescue them from their poor financial decisions, because eventually government won't be able to do that (at least not without causing credit downgrades, devaluation of the dollar, etc).
Yes, because that is <i>exactly</i> what the GI Bill and FHA loans did in post-World War II America.
Oh, wait, no, that triggered the largest economic expansion in world history. Almost the same.
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Old 08-27-2012, 08:52 AM
 
Location: St Louis, MO
4,677 posts, read 5,752,166 times
Reputation: 2981
Quote:
Originally Posted by NJBest View Post
You have to keep in mind that a mortgage is a collateralize loan and low rates are only given to those with good credit. That is not the case with a student loan. There is additional risk involved and that must be accounted for.

If an 18 year old without credit were to approach a bank for an uncollaterized loan (a personal loan), he/she will not get 6.8%.
Except that the risk is not that high on a student loan because the loan can never be discharged and you can sell the loan back to the federal government for full current value if the borrower defaults.
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