Page 12 of 12
Re: Historic Student Loan Relief
Posted: Sat Jul 01, 2023 9:30 am
by TDub
Mjl wrote: ↑Fri Jun 30, 2023 11:25 pm
The free market should take care of this. College education is no longer worth the price for many jobs. Employers who stop requiring college degrees will do better because they get a wider selection of candidates. Colleges will need to become more affordable or die out.
Paying the debts of those who knowingly took loans isn't the answer. It's a gamble to take a loan to go to college. I don't want to pay the debt of those who lost on that gamble.
I like this take. Though, I do think there is some predatory behavior in the loan process that should be ....minimized.
But...most loans for most things have issues that needs to be carefully reviewed.
Also...I think its impossible to baby proof everything and provide soft landings for every situation in every aspect of life. Some lessons in life are painful. Ive had a few myself.
Re: Historic Student Loan Relief
Posted: Sat Jul 01, 2023 9:38 am
by TDub
pdub wrote: ↑Sat Jul 01, 2023 4:32 am
Federal student loans interest for current and future loans need to be set at the absolute bare minimum on a conservative ( or non conservative depending on your definition ) guesstimate ( ie a greater chance that the government would slightly loose money on the loans than make it ) to keep up with inflation. Any current loan a student has that has a higher rate than that should have the opt in to get to that lower rate and you could fix into that rate. So we are talking ballpark 2 percent loans.
I agree that students made these decisions so they should have to pay the loans back but the predatory part of the loans, the interest, should be minimized/eliminated.
I dont know the answer to this...but...is it possible to refinance your student loans to account for adjusting loan and interest rates?
I mean...as I've stated before there are some predatory practices in these loans and perhaps if the interest rates were capped at the outset for everybody it would address some of those issues. But....some of this is also just life and consequences for decisions made.
More than loans.....where is the discussion on what has happened to make tuitions increase so dramatically in the last 30 years? Smaller tuition, smaller loans, less defaults, less interest. Seems that discussion might be more fruitful.
Re: Historic Student Loan Relief
Posted: Sat Jul 01, 2023 10:16 am
by jfish26
TDub wrote: ↑Sat Jul 01, 2023 9:38 am
pdub wrote: ↑Sat Jul 01, 2023 4:32 am
Federal student loans interest for current and future loans need to be set at the absolute bare minimum on a conservative ( or non conservative depending on your definition ) guesstimate ( ie a greater chance that the government would slightly loose money on the loans than make it ) to keep up with inflation. Any current loan a student has that has a higher rate than that should have the opt in to get to that lower rate and you could fix into that rate. So we are talking ballpark 2 percent loans.
I agree that students made these decisions so they should have to pay the loans back but the predatory part of the loans, the interest, should be minimized/eliminated.
I dont know the answer to this...but...is it possible to refinance your student loans to account for adjusting loan and interest rates?
I mean...as I've stated before there are some predatory practices in these loans and perhaps if the interest rates were capped at the outset for everybody it would address some of those issues. But....some of this is also just life and consequences for decisions made.
More than loans.....where is the discussion on what has happened to make tuitions increase so dramatically in the last 30 years? Smaller tuition, smaller loans, less defaults, less interest. Seems that discussion might be more fruitful.
The short answer is that yes, you can refinance. But it turns them into private loans, so the borrower loses a lot of the protections (scant as they are) that come with direct borrowing.
For example, privately refinanced student loans were not eligible for Covid deferrals. Nor are they (in many cases) eligible for many of the existing forgiveness programs (like public service). You may also need a co-borrower to refinance privately, which causes your own default risk to be spread among your family (so one can see how this disproportionately affects at-risk groups).
Re: Historic Student Loan Relief
Posted: Sat Jul 01, 2023 11:07 am
by Sparko
TDub's point about the spiraling cost of a less-valuable degree is the elephant in the room. It speaks to a push to fatten administration and bank investments. So there has been no control on costs. A state school like KU used to be around $200 a semester fulltime for in-state in 1980. The state stopped valuing that investment and reduced support while accepting lobbying money to make everything unaffordable while the quality of the academics drifted. And a clown like DeSantis reduces the quality of that investment to laughable levels. The fact that Trump thought he needed to get in on the grift is a red flag that must be addressed.
Re: Historic Student Loan Relief
Posted: Wed Oct 25, 2023 12:10 pm
by ousdahl
Re: Historic Student Loan Relief
Posted: Wed Oct 25, 2023 12:15 pm
by MICHHAWK
this current generation of young people are weak in mind and body.
Re: Historic Student Loan Relief
Posted: Wed Oct 25, 2023 12:17 pm
by KUTradition
so, you can easily empathize then?