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Old 07-06-2015, 11:56 AM
 
Location: Sioux Falls, SD area
4,826 posts, read 6,833,075 times
Reputation: 10113

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Quote:
Originally Posted by Emigrations View Post
Get the government the hell out of the student loan business altogether. It's what causing the problems.
Absolutely.

There's a whole lot of other things we need to get the federal government out of too. As soon as the politicians get involved everything goes in the dump. Anything to do with education would be a good starting point and this includes the student loan business.
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Old 07-06-2015, 12:13 PM
 
Location: Living rent free in your head
42,745 posts, read 25,916,011 times
Reputation: 33842
Quote:
Originally Posted by Emigrations View Post
Get the government the hell out of the student loan business altogether. It's what causing the problems.
Are you aware of how high interest rates were when banks were managing student loans? I'm not sure why you think "privatize everything" is the ultimate solution, it sure didn't help borrowers who had to finance an education.
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Old 07-06-2015, 12:20 PM
 
Location: Birmingham, Alabama
2,055 posts, read 2,552,642 times
Reputation: 3547
Hell, why don't we just go ahead and put down any of us that are over age 35? I mean, we can't be educated, we need too much healthcare, our votes aren't as important as those ever-giving millenials....


I'm 39 and feel like I'm obsolete.
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Old 07-06-2015, 12:20 PM
 
Location: Omaha, Nebraska
10,298 posts, read 7,888,919 times
Reputation: 27607
Quote:
Originally Posted by Fargobound View Post
Should we allow people over a certain age to take a student loan(s)
Why not? What makes student loans different from any other loans an older person can take out? (Other than not being dischargable in bankruptcy, which may be a problem for the senior citizen if he/she borrows foolishly, but isn't a problem for anyone else, the way loans which ARE dischargable in bankruptcy can be.)
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Old 07-06-2015, 01:23 PM
 
Location: Elsewhere
88,056 posts, read 83,895,248 times
Reputation: 114296
Quote:
Originally Posted by Fargobound View Post
I never said that someone in there 40’s was a senior citizen, but since we’re going that route I got a few things to add. If you’re over the age of 35 and attending a four-year college fulltime you’re a senior citizen, no lets make that a dinosaur.

There’s not going to be much if any return on that investment, but so few in academia want to admit that. I guess we can talk about personal growth, but that won’t pay anyone’s bills but the university’s.

I just can’t see any reason why we the taxpayers are underwriting thousands of dollars in loans for people that are half spent. I could see taking a class for CEU to keep a professional license or brushing up on some sort of skill, but to tackle a degree program?

It’s going to be fun watching these boomers reap the fruits from the seeds they’re sowing. That person I know in there 40’s a Gen X-er, well they’ll hoe the road right behind them, but hey that four-year degree sure looks pretty in the frame
Who hoes roads? Are you making up your own version of the phrase, "a hard row to hoe"?
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Old 07-06-2015, 01:55 PM
 
Location: Sioux Falls, SD area
4,826 posts, read 6,833,075 times
Reputation: 10113
Quote:
Originally Posted by 2sleepy View Post
Are you aware of how high interest rates were when banks were managing student loans? I'm not sure why you think "privatize everything" is the ultimate solution, it sure didn't help borrowers who had to finance an education.
I can tell you that before the banks got involved with the unholy relationship (through political favoritism) with the federal government, interest rates were MUCH lower in relation to the cost of borrowing.

When I attended college in the early to mid 1970's, students who needed financial help and qualified for a National Direct Student Loan could get one at approx. 4 - 5%. In South Dakota where I'm at I could also qualify for an even lower interest rate through what was known as the South Dakota Student Loan Assistance Corporation (SDSLAC). I'm sure other states had similar programs.

Student loans from the banks were around 7%. I know since I also inherited one of these loans when I married my wife.

Why is all this so significant? Because this was at the time when interest rates for farm, commercial, and personal loans were in double digits. Mortgage interest rates were also in double digits and were even getting higher. My first mortgage in 1978 was 12 3/4% and this was through some creative financing. Now mortgage rates are around 3%, you can't even get 1% on savings, but subsidized student loans are approx. 6.8%. Anyone else wonder what's going on?

The banks are making a killing today with the eager assistance of our federal government and NOT A SINGLE POLITICIAN FROM EITHER SIDE thanks to big money donations will give anything more than lip service to straighten out this mess. It reminds me of the border issue where it's all talk from both sides, but the big money doners don't want a totally secure border, thus nothing ever really happens.

All this corruption in the student loan industry coupled with the explosion in the cost of going to college (which has it's own level of corruption) and we've created a whole new class of poor people who in most cases have actually been trying to better themselves, but now can barely pay their bills.

Last edited by jmgg; 07-06-2015 at 02:45 PM..
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Old 07-06-2015, 02:16 PM
Status: "I'm turquoise happy!" (set 27 days ago)
 
Location: The New England part of Ohio
23,881 posts, read 32,163,414 times
Reputation: 67783
Quote:
Originally Posted by Fargobound View Post
Should we allow people over a certain age to take a student loan(s)? I know a person that is still that’s in there 40’s that is still aimlessly wandering around a private university with the assistance of student loans. They’ve been doing this on and off for the last few years.

The scary part is there’s a strong possibility they’ll end up taking these loans to their grave with no ROI. They told me what the balance was a few years ago and I all I could do was face palm.

Retirement & Student Loans: Student Loan Crisis Affects Retirement Savings

Then it would be paid by their estate. NOYB,

...in their 40s? ...lol.
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Old 07-06-2015, 02:19 PM
Status: "I'm turquoise happy!" (set 27 days ago)
 
Location: The New England part of Ohio
23,881 posts, read 32,163,414 times
Reputation: 67783
Quote:
Originally Posted by jmgg View Post
I can tell you that before the banks got involved with the unholy relationship (through political favoritism) with the federal government, interest rates were MUCH lower in relation to the cost of borrowing.

When I attended college in the early to mid 1970's, students who needed financial help and qualified for a National Direct Student Loan could get one at approx. 4 - 5%. In South Dakota where I'm at I could also qualify for an even lower interest rate through what was known as the South Dakota Student Loan Assistance Corporation (SDSLAC). I'm sure other states had similar programs.

Student loans from the banks were around 7%. I know since I also inherited one of these loans when I married my wife.

Why is all this so significant? Because this was at the time when interest rates for farm, commercial, and personal loans were in double digits. Mortgage interest rates were also in double digits and were even getting higher. My first mortgage in 1978 was 12 3/4% and this was through some creative financing. Now mortgage rates are around 3%, you can't even get 1% on savings, but subsidized student loans are approx. 6.8%. Anyone else wonder what's going on?

The banks are making a killing today with the eager assistance of our federal government and NOT A SINGLE POLITICIAN FROM EITHER SIDE thanks to big money donations will give anything more than lip service to straighten out this mess. It reminds me of the border issue where it's all talk from both sides, but the big money doners don't want a totally secure border, thus nothing ever really happens.

All this corruption in the student loan industry coupled with the explosion in the cost of going to college and we've created a whole new class of poor people who in most cases have actually been trying to better themselves, but now can barely pay their bills.
Good post. Actually, I think Bernie Sanders (I) Vermont, is talking about the student loan issue.
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Old 07-06-2015, 02:44 PM
 
Location: Central IL
20,726 posts, read 16,206,596 times
Reputation: 50367
Quote:
Originally Posted by Mightyqueen801 View Post
Who hoes roads? Are you making up your own version of the phrase, "a hard row to hoe"?
Hahah - yup, that definitely gives away the OP as a Millennial whippersnapper!
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Old 07-06-2015, 02:49 PM
 
Location: Sioux Falls, SD area
4,826 posts, read 6,833,075 times
Reputation: 10113
Quote:
Originally Posted by Mightyqueen801 View Post
Who hoes roads? Are you making up your own version of the phrase, "a hard row to hoe"?
I dunno. I've seen hoes on the road.
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