Elizabeth Warren: Give students the same deal as big banks (Representatives, insurance)

[KUchief25]

They only thing the banks fear is if everyone got together and just stpped paying their mortgage, their car notes, their loans, credit cards etc. Just stop. The entire banking system would collapse and that would be a great day. They can't kick everybody out of their homes or jail us all. **** on em. Everybody is so caught up in what they see in the spreasheet they look up on the intrawebber that they think is "theirs" don't realize that same bank can just whoosh it away in a keystroke and your entire life savings is gone. Kaput. Oh of course it will never happen to me. Yeah many thought that last time around. The people who are being raped daily by these banks and government don't have a fall back built into the system like the big five do. Cash out and stop paying everything and see who still has a golden parachute left. None of em will. That is the only way to end the madness.

[Gtownoe]

Originally Posted by joeymags

Should we just ignore credit risk in pricing loans? Should we ignore the yield curve and price overnight loans at the same rate as 10-year student loans.

I love how everyone complains about having to personally bail out wall street banks. Hmm, how much did the gov't lose on its loans to wall street banks. Why no mention of the auto bailout? I mean, the gov't is underwater what, $80bn on that? Yeah, but that doesn't fit everyone's agenda.

Far too many people choose college as a right of passage. I went to an above average university. I was amazed sitting in one class we had the second semester of senior year. We went around the room the first day and discussed what we were doing when we graduated. I was absolutely shocked how many people were like, "ehh, had back home and relax a little bit, and figure things out from there."

What about the people?


And how much are the banks STILL screwing with people?


I was lucky to receive an athletic scholarship and don't have student loan debt but I'll fight with my generation till the end on the issue. There has to be something done to help out the millions of recent graduates who can't find jobs or who are underemployed and can't pay off their student loans.

[Michigantown]

10% of a persons salary minimum should go into paying back their loan. If a person is unemployed but looking for work then no then no interest should be charged during that time.

[le roi]

Originally Posted by joeymags

Should we just ignore credit risk in pricing loans? Should we ignore the yield curve and price overnight loans at the same rate as 10-year student loans.

i actually don't think that student loan availability is a good educational plan for the country, but it is the path we've chosen. Given that reality, and the reality that our private banking system reaps a HUGE profit from its borrowing from the Fed, Warren's proposal makes perfect sense.

I love how everyone complains about having to personally bail out wall street banks. Hmm, how much did the gov't lose on its loans to wall street banks.

Bailout Total: $29.616 Trillion Dollars | The Big Picture

The government lost $29.616 trillion.

Why no mention of the auto bailout? I mean, the gov't is underwater what, $80bn on that? Yeah, but that doesn't fit everyone's agenda.

$29.616 trillion > $80 billion

Far too many people choose college as a right of passage. I went to an above average university. I was amazed sitting in one class we had the second semester of senior year. We went around the room the first day and discussed what we were doing when we graduated. I was absolutely shocked how many people were like, "ehh, had back home and relax a little bit, and figure things out from there."

I think college is overrated too, but I don't see how that justifies charging students a huge interest rate premium to attend school.

Curbing the availability of loans -- maybe that's a good idea. However that's a totally different topic than this, which is the interest rates of those loans.

[le roi]

Originally Posted by HappyTexan

If you want tuition to go down, get rid of Government student loans.
When colleges start seeing that no one can afford them on their own dime, they will quickly lower tuition costs to attract students.

Having 20 year olds starting off with $50-$100K+ in debt is not good for society as a whole.

I agree, but I don't see how forcing students to pay interest to Wall Street helps the situation any.

We should curb loan availability, to curb the rising cost of tuition, I agree. However I don't see how that's directly related to this bill.

[Old Gringo]

You go, girl!

Originally Posted by HappyTexan

Well then let's just stick to what we have. Outrageous loan amounts and slim prospects of a high paying job.
We'll make the interest rate lower so their monthly payments aren't as high considering they might be making min wage with that $$$$$$ 4 year degree.

Or we could, you know, stop slashing higher education funding in order to balance state budgets that have been stretched well past their breaking point because a bunch of old people gave themselves entitlements they never bothered to pay for.

[TriMT7]

All student loans - past and present - should be financed or refinanced at very, very low and fixed rates. As Hillary Clinton pointed out when she ran for president, when she was a student she was able to borrow from the government at TWO PERCENT interest.

The infusion of cash this would pump into our consumer economy from freed-up funds is enormous.

The current regime helps only the bankers.

[AeroGuyDC]

Pandering and riding a coat tail. This idea is NOT new. Of course Chief Wahooette won't tell you that though.

[AeroGuyDC]

Originally Posted by arctichomesteader

The student debt is the next card that will fall and bring more of the economy down with it. If we can bailout these wall street scum who caused the problems in the first place, we can do the same for the average person.

Nope.