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Student loan rates double after Congress failed on fix

L

lightningbaron

Member
How many of us are students that got screwed by the student loan rates?

The government can't run the railroad (Amtrak). The government can't managed its debt and continues to spend.

Guess the kids are not going to college.

Today, Obama and Congress screwed many students trying to get an education. The irony, mortgage rates are cheaper. Thanks for nothing; everyone in office should be removed for the failure.

Source: http://www.foxnews.com/politics/2013/07/01/student-loan-rates-double-as-calendar-turns-to-july/
 
OMG, graduates past 6 months will need to scale back their cell plan, forego buying a new cell for another year when their current one works fine, and not be able to afford everything the cable company offers on their TV menu? The horror!
 
I'm glad I graduated before this. I worked through school and still have a ton of student debt. The money I could be saving not paying 800 bucks a month in loans.

Oh well most of the people I went to school with their parents payed for. I feel bad for my brother and sister now. My parents can't afford crap so I'll probably have to help them.
 
lightningbaron said:
How many of us are students that got screwed by the student loan rates?

The government can't run the railroad (Amtrak). The government can't managed its debt and continues to spend.

Guess the kids are not going to college.

Today, Obama and Congress screwed many students trying to get an education. The irony, mortgage rates are cheaper. Thanks for nothing; everyone in office should be removed for the failure.

Source: http://www.foxnews.com/politics/2013/07/01/student-loan-rates-double-as-calendar-turns-to-july/
Click to expand...

how many of us paid back our loans 8 years early and don't want to subsidize everyone else?

my rates were 6.8%. no problem paying them off. maybe don't go to a school to which you don't have a scholarship? i had 75k in scholarship money, only ended up with 17k in loans.
 
i paid for my schooling . . . worked since i was 15 and saved. Came out with no debt... i've already started a 529a for my 3yr old daughter but depending on how things go it may help it may not...
 
I'm glad I graduated when Cal State schools were about $200 a quarter. No debt and only worked about 20 hours a week and still had beer money.

Thats another thing in 1990 my freshman year I made $10 an hour at this industrial hardware store called Cuesta Equipment I bet kids make same today and beer and tuition costs way more.
 
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lightningbaron said:
How many of us are students that got screwed by the student loan rates?

The government can't run the railroad (Amtrak). The government can't managed its debt and continues to spend.

Guess the kids are not going to college.

Today, Obama and Congress screwed many students trying to get an education. The irony, mortgage rates are cheaper. Thanks for nothing; everyone in office should be removed for the failure.

Source: http://www.foxnews.com/politics/2013/07/01/student-loan-rates-double-as-calendar-turns-to-july/
Click to expand...


Margin rates for trading are cheaper. You can get rates between .87 - 1.7% for margin.
 
Just an odd question. Since my parents are now divorced and my sister lives with my mom who doesn't make much, would fafsa and scholarships still require my dads income?

I'm thinking she could get some help now since my mom makes low income. When they were together because my dads income was above average I applied for all types of scholarships and aid, despite my excellent grades I got nothing. Only 1k a year if I wanted to do pharmacy but that wasn't my thing.
 
sze5003 said:
Just an odd question. Since my parents are now divorced and my sister lives with my mom who doesn't make much, would fafsa and scholarships still require my dads income?

I'm thinking she could get some help now since my mom makes low income. When they were together because my dads income was above average I applied for all types of scholarships and aid, despite my excellent grades I got nothing. Only 1k a year if I wanted to do pharmacy but that wasn't my thing.
Click to expand...

Something similar happened with me. I lived with my mother and they said she made too much so I got shit for financial aid. Then, she moved to virginia and I moved in with my dad who is disabled and basically makes nothing...all of a sudden, the school and fafsa wanted to give me the moon, the sun, and the stars.

so yes, you can change parents, but be prepared to explain why. People try to do it all the time to get more money. In my case, I got lucky because I had to move. Over the course of the summer that year, I was asked to write 4 different statements about why I changed parents on my Fafsa and had to submit proof of x,y,and z. In the end, I was cleared and the woman on the phone told me I should have been filling under my dad in the first place.

Its also funny that during my time at school, I ended up working as a fundraiser asking people for money to put into the same fund that is paying 70% of my tuition.
 
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Yeah well my mother has primary custody as by choice of the kids. So they share custody in a way because he gets to see them on long vacations and such. My father is all the way across the US so as long as he does not move back here, I think she will get a lot more aid..I hope. If not, I'll have to be the one co signing for her loans and that wouldn't do me anymore good than a hole in my head right now.
 
sze5003 said:
Yeah well my mother has primary custody as by choice of the kids. So they share custody in a way because he gets to see them on long vacations and such. My father is all the way across the US so as long as he does not move back here, I think she will get a lot more aid..I hope. If not, I'll have to be the one co signing for her loans and that wouldn't do me anymore good than a hole in my head right now.
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Who has custody over who has nothing to do with it. It simply goes by who you are dependent on. If you live with a single parent (or two parents) who provides for you...then that is whose information you put on the FAFSA.
 
lightningbaron said:
How many of us are students that got screwed by the student loan rates?

The government can't run the railroad (Amtrak). The government can't managed its debt and continues to spend.

Guess the kids are not going to college.

Today, Obama and Congress screwed many students trying to get an education. The irony, mortgage rates are cheaper. Thanks for nothing; everyone in office should be removed for the failure.

Source: http://www.foxnews.com/politics/2013/07/01/student-loan-rates-double-as-calendar-turns-to-july/
Click to expand...
Grad students have been screwed by student loan rates for many years.
Welcome to the club.
 
So basically if I summarize the responses in this thread it boils down to: "I already got mine so fuck you!".
 
They should double. The inevitable result would be lowered tuitions. The education loan bubble is absurd and needs to pop.
 
ivwshane said:
So basically if I summarize the responses in this thread it boils down to: "I already got mine so fuck you!".
Click to expand...


More like: "We worked hard and paid for our education, so why do you think you deserve low interest rates".

IMO the government needs to just stop subsidizing/guaranteeing student loans all together and let the market correct for defaulting on loans. That's the reason tuition is getting out of control as it is.
 
lightningbaron said:
How many of us are students that got screwed by the student loan rates?

The government can't run the railroad (Amtrak). The government can't managed its debt and continues to spend.

Guess the kids are not going to college.

Today, Obama and Congress screwed many students trying to get an education. The irony, mortgage rates are cheaper. Thanks for nothing; everyone in office should be removed for the failure.

Source: http://www.foxnews.com/politics/2013/07/01/student-loan-rates-double-as-calendar-turns-to-july/
Click to expand...

How many students are getting screwed by loan rates? 0.

Try getting a loan elsewhere to hang yourself with. No one else other than our government is dumb enough to loan to you shitheads for anything near those % rates.

Get some brains, you're obviously in need of them if you think this is really that ridiculous. You can thank your fellow class-mates since they can't pay their $200k bill for majoring in international culture.
 
Doppel said:
They should double. The inevitable result would be lowered tuitions. The education loan bubble is absurd and needs to pop.
Click to expand...

Over the years I've seen interest rates on student loans fluctuate up and down quite a bit. I've never seen tuition go anywhere but up. In the mid 1990's when I went to law school interest rates were about 8%, but tuition was still going up every year.

Somehow I doubt this is going to cause tuition to drop.
 
lothar said:
I've been paying 6.8% since 2006. All grad students have.
These students can suck it.
Click to expand...

Student loans are a rip off, even moreso in my day. In the mid 80s when I got my loans interest rates were 9%. Plus when I got a $5000 loan, I received a check for about $4500 after all the fees were taken out. I thought to myself, "and this is supposed to be some sort of deal"? Does it still work that way?
 
My loan rates doubled when I graduated. Still didn't stop me from fulfilling my obligation to repay them. I chose to go to school. I chose to pay for it. I didn't expect anyone to pay for my higher education. I alone was profiting from it so therefore I should have been the one to pay for it.
 
xBiffx said:
My loan rates doubled when I graduated. Still didn't stop me from fulfilling my obligation to repay them. I chose to go to school. I chose to pay for it. I didn't expect anyone to pay for my higher education. I alone was profiting from it so therefore I should have been the one to pay for it.
Click to expand...

too bad more people don't have your perspective on the matter . . .
 
I don't think any one is arguing I want free money. With interest rates getting higher and the economy being crappy it's going to be tough paying back if you don't find a job.

I knew I had to pay back my loans and I am doing that. While it may not be fair my colleagues got free passes by having others pay for their school, I chose to study something that got me a job and will keep the job.

Only advice I can give is if you are going to be taking private Loans for your school, study something that will make you money. You will be working to pay back the money and have a little left to maybe enjoy yourself if you are good with finances and don't need the newest things all the time, but at least you will have a job because your skills are in demand.
 
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