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Student loan debt
Posted on 4/27/25 at 12:21 pm
Posted on 4/27/25 at 12:21 pm
Clearly loans should be repaid.
My question is what should the interest rate be?
Banks charge interest to make a profit, is that the goal of the federal government with student loans as well? If so, should it be?
Should the federal government be in the student loan business?
My question is what should the interest rate be?
Banks charge interest to make a profit, is that the goal of the federal government with student loans as well? If so, should it be?
Should the federal government be in the student loan business?
22
Posted on 4/27/25 at 12:23 pm to novabill
quote:
Should the federal government be in the student loan business?
Ask Obama. He and the Dems did this shite.
Posted on 4/27/25 at 12:24 pm to novabill
quote:
Should the federal government be in the student loan business?
No.
Thanks Obama
Posted on 4/27/25 at 12:30 pm to novabill
No, the government should not be in the student loan business, nor should they guarantee any portion of residential loans, etc., etc. Let the banks provide the service and assume the risk.
Posted on 4/27/25 at 12:42 pm to Bayou Warrior 64
Bingo. Get the government out of it. Another Obama frick up.
Posted on 4/27/25 at 12:46 pm to novabill
quote:
My question is what should the interest rate be?
Don’t forget origination fees.
It’s an unsecured loan and there’s no telling what the real amortization will be.
Should be commensurate with unsecured personal loans at least, maybe not as high as credit cards.
Posted on 4/27/25 at 12:48 pm to novabill
Schools should be on the hook
They charge way too much. Even state schools charge as much as TCU cost when I was a student - that's absurd
They can charge as much as they want as long as these loans are given out like candy and backed by the government
They charge way too much. Even state schools charge as much as TCU cost when I was a student - that's absurd
They can charge as much as they want as long as these loans are given out like candy and backed by the government
Posted on 4/27/25 at 12:48 pm to novabill
quote:
Should the federal government be in the student loan business?
No.
And I'm also open to the Universities eating some of these costs, depending on their behavior.
I saw a special years ago about how admin officers were lying to potential students about job placement rates and salaries post graduation in a few local undercover videos. I'm generally buyer beware, but this was out right lying.
Such people need to be fired and universities held accountable. Not for the whole bill, because the students did end up getting a degree. But a portion of the debt in such cases the universities should be forced to eat.
This post was edited on 4/27/25 at 12:49 pm
Posted on 4/27/25 at 12:49 pm to novabill
The rate should be whatever the loan terms were. That said, loans should be left to the private sector. Riskier loans get higher rates naturally. Having parents cosign means the risk is less, but the parents being guarantors are on the hook.
Posted on 4/27/25 at 12:49 pm to novabill
quote:Given the default rate.. 20+% They are way riskier than credit cards.
My question is what should the interest rate be?
But ultimately….
quote:Is the correct answer.
The rate should be whatever the loan terms were.
This post was edited on 4/27/25 at 12:50 pm
Posted on 4/27/25 at 1:02 pm to udtiger
quote:
Ask Obama. He and the Dems did this shite.
This. My loans predated the Obama “fix”. I had a 2.43% rate at one time. Was based on the prime rate and every June/July it would be recalculated.
Posted on 4/27/25 at 1:13 pm to goldennugget
quote:
They can charge as much as they want as long as these loans are given out like candy and backed by the government
Someone suggested that the universities become a cosigner.
Posted on 4/27/25 at 1:18 pm to novabill
Just make them dischargeable.
Posted on 4/27/25 at 1:45 pm to The Baker
quote:
Just make them dischargeable.
And let the debtors off the hook? If the debts are discharged in bankruptcy, someone ultimately loses. The United States guarantees the loans written by banks. That's why the rate is lower. That means taxpayers are on the hook.
Posted on 4/27/25 at 1:51 pm to Tigergreg
quote:
And let the debtors off the hook?
Bankruptcy is off the hook?
Name any other debt besides child support where you cannot discharge it.
The tax payer is on the hook for all government loans, are they not? Yet those are dischargeable.
Posted on 4/27/25 at 1:52 pm to novabill
All I know is about the time graduated, they passed something that made my interest rate over 6%. And people that graduated a few months the later have a 3% interest rate. Wasn’t any way to refinance to get a lower rate.
I want to say Nancy Pelosi spearheaded that BS.
I want to say Nancy Pelosi spearheaded that BS.
Posted on 4/27/25 at 1:56 pm to The Baker
quote:
Bankruptcy is off the hook?
No. I'm talking about the student loan debt. Why should it be discharged? It's not because it is a Federal obligation. The same as most debts due the IRS. Taxpayers are on the hook.
Posted on 4/27/25 at 1:57 pm to novabill
I think they should work to corral the huge increases in tuition cost, remove the government from backing these loans, then reduce the interest rates on current student loan debt to fixed 2% and allow people to start actually paying down the principal on their outstanding balances.
Posted on 4/27/25 at 2:01 pm to Tigergreg
quote:
Why should it be discharged?
Discharged through bankruptcy if the debtor so chooses... like any other conceivable debt in this country. Even Tax debt.
They were dischargable until 2005. Was your life as a taxpayer before 2005 worse because of it? Odds are, you didnt even notice.
Posted on 4/27/25 at 2:05 pm to The Baker
quote:
Discharged through bankruptcy if the debtor so chooses... like any other conceivable debt in this country. Even Tax debt.
They were dischargable until 2005. Was your life as a taxpayer before 2005 worse because of it? Odds are, you didnt even notice.
Your point is taken, but just because no one notices that a debt is no longer discharged, still means it gets added to the country's debt when not repaid. That's sweeping it under the rug like it never happened.
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