General Discussion

bigapple123

(23 posts)

72. .

Tue Aug 13, 2013, 02:13 AM

Aug 2013

under option 1, are you okay with lenders charging fair market interest rates for long term unsecured debt?

Lenders don't lend people money to gamble or drink booze. there's credit cards and payday loans of course but these are very short term debt and charge high interest rates. car loans and home mortgages are backed by collateral. so for unsecured education loan where the borrower has the option of declaring bankrupt after graduation, are you okay them lending at interest rates above credit card rates to account for the longer term? or do you think this is predatory lending?

under option 2 the government takes a loss on ibr schemes. why would any bank agree to lend money at these terms where a loss is all but certain?

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half of outstanding student loan isnt being repaid. 7 million in default [View all] Liberal_in_LA Aug 2013 OP

Higher education costs in the US are out of control. Tuition and fees need to be on a sliding scale leveymg Aug 2013 #1

Student loan debt has the potential to unseat inert office holders, Eleanors38 Aug 2013 #4

How about the idea customerserviceguy Aug 2013 #27

I got a degree in Med Lab Tech. Health care supposedly growing field with 100% employment in MLT magical thyme Aug 2013 #46

sorry about your circumstances Liberal_in_LA Aug 2013 #63

Tell me about it customerserviceguy Aug 2013 #75

There is a LOT of waste at colleges and universities - $20K, $30K tuitions are crazy. reformist2 Aug 2013 #29

I agree Lee-Lee Aug 2013 #41

I think you're missing the real problem.... mike_c Aug 2013 #51

Missing the real problem. nil desperandum Aug 2013 #81

The republican part of the program is a success then. Turbineguy Aug 2013 #2

This is a big deal. We need to promote more news about student loans Moral Compass Aug 2013 #3

Yes, it is. Igel Aug 2013 #5

I don't think many people care about .... oldhippie Aug 2013 #50

while we're at it bigapple123 Aug 2013 #53

And that raises an interesting question. What part of .... oldhippie Aug 2013 #56

i think bigapple123 Aug 2013 #6

I believe you're correct... KansDem Aug 2013 #30

I've heard that the reason student loans can't be discharged is because they can't be repossessed Liberal_in_LA Aug 2013 #64

Why can people declare bankruptcy for debts spent on gambling, hookers, cars, booze & drugs, but not limpyhobbler Aug 2013 #7

A student loan customerserviceguy Aug 2013 #28

You're talking about government student loans, or loans backed by "the taxpayers". limpyhobbler Aug 2013 #35

If private student loans were bankruptable Lee-Lee Aug 2013 #37

Oh ok, so let's just create a system of lifetime indentured servitude to the banks instead. /sarcasm limpyhobbler Aug 2013 #40

Or Lee-Lee Aug 2013 #42

Your proposals are weak and puny limpyhobbler Aug 2013 #45

out of curiosity bigapple123 Aug 2013 #55

... limpyhobbler Aug 2013 #71

. bigapple123 Aug 2013 #72

Banks got bailed out / We got sold out limpyhobbler Aug 2013 #74

If nobody needs private student loans, why do people use them. Travis_0004 Aug 2013 #76

So you're against any regulations on consumer financial services? limpyhobbler Aug 2013 #77

I think bigapple123 Aug 2013 #80

It's completely realistic. It was the law until 2005. limpyhobbler Aug 2013 #82

so basically bigapple123 Aug 2013 #78

I completely disagree with everything you just said but I'm also sick of talking to you. limpyhobbler Aug 2013 #83

"Income based repayment" is a joke. Xolodno Aug 2013 #8

We sure couldn't see this coming! shanti Aug 2013 #9

I never hear anyone ever mention 2naSalit Aug 2013 #10

Unfortunately we cannot simply forgive these outstanding loans.... Demo_Chris Aug 2013 #11

That's what Social Security is for. n/t jtuck004 Aug 2013 #12

Huh? oldhippie Aug 2013 #49

That's when they will start paying it back. In debt for their entire life, jtuck004 Aug 2013 #60

Ah! OK, I got it oldhippie Aug 2013 #61

Sad, isn't it? We took it from an investment in the greatness of our country jtuck004 Aug 2013 #62

A lot of these were witten off years ago and any payments go to vulture collection agencies. Spitfire of ATJ Aug 2013 #14

That's entirely irrelevant. Demo_Chris Aug 2013 #16

It should be free. My point is a lot of this debt doesn't even go to the schools.... Spitfire of ATJ Aug 2013 #17

True, but until it's actually free this is what we are stuck with. nt Demo_Chris Aug 2013 #19

The 1st way we phase into a free system is to forgive outstanding debt. Spitfire of ATJ Aug 2013 #21

Nonsense.... Demo_Chris Aug 2013 #22

The rich are going to go to ivy league places anyway. There was a time when the rich built schools.. Spitfire of ATJ Aug 2013 #23

Nope. All that has to happen is Congress pass a law and the President sign ... oldhippie Aug 2013 #47

that's nice bigapple123 Aug 2013 #57

Who's going to pay for it? oldhippie Aug 2013 #59

Um no - it's not true that the majority of college students are wealthy. limpyhobbler Aug 2013 #36

Some of these are decades old and will never be collected. Spitfire of ATJ Aug 2013 #13

Isn't the first reuirement of an "income-based repayment plans", uh, income? And with half of them jtuck004 Aug 2013 #15

I am surprised that it's not MORE.. SoCalDem Aug 2013 #18

parents are paying the monthly payments for a good percentage, others are struggling Liberal_in_LA Aug 2013 #66

If they think they are getting money out of me davidpdx Aug 2013 #20

Oh, they'lll get it all right Orrex Aug 2013 #38

No, but the vampiristic lenders will when they run out if blood. Dash87 Aug 2013 #67

Most of my friends who got PhDs have six figure debt. a la izquierda Aug 2013 #24

Ah, I tip my hat to you! KansDem Aug 2013 #32

I got very, very lucky. a la izquierda Aug 2013 #68

Hard to pay off a student loan with a $8.75/hr part time job. hobbit709 Aug 2013 #25

Actually, the lenders are pretty flexible about it Orrex Aug 2013 #39

Schools are just as much to blame for this as the lenders liberal N proud Aug 2013 #26

Perhaps university departments should be required... KansDem Aug 2013 #33

Interesting. 96% placement and $58K starting salary .... oldhippie Aug 2013 #48

Agreed. Someone disinterested should be in charge of credit approval. lumberjack_jeff Aug 2013 #54

50% in default is a shocking figure - yet more evidence the system, economy is broken. reformist2 Aug 2013 #31

My family has enrolled in the program to adjust the payment and it makes quite a difference. jwirr Aug 2013 #34

Or, looking at the figures in the article, 91% of debt is not in default bhikkhu Aug 2013 #43

In dollars, it's 9%. But in terms of people, it's 50%. reformist2 Aug 2013 #58

I do not think people are really ready for a true income based repayment program Bunnahabhain Aug 2013 #44

hm... bigapple123 Aug 2013 #52

Gee. What. A. Surprise. Safetykitten Aug 2013 #65

Ban "for profit" colleges from government or government backed student loans. gulliver Aug 2013 #69

they will get it even if they have to garnish wages sad-cafe Aug 2013 #70

Such a stupid system MFrohike Aug 2013 #73

That's what happens when wages are kept low and jobs are shipped overseas Marrah_G Aug 2013 #79