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Started By
Message
From Fed to Private Loans. Do you think Trump has the best plan ?
Posted on 11/21/16 at 7:09 am
Posted on 11/21/16 at 7:09 am
President Trump Impact on Student Loans ??
Young Turks on No Fed Loans
I really have my doubts about this. I get that Trump has dodged out of bankruptcy and maintained his business. However, I dont really feel a total dropoff of federal loans is the best path.
My issue with private loaners is that there is nothing stopping them from raising interest rates. Also, they make not make payment plans as suitable as the federal govt (12% of your monthly income is very fair in my opinion)
Young Turks on No Fed Loans
I really have my doubts about this. I get that Trump has dodged out of bankruptcy and maintained his business. However, I dont really feel a total dropoff of federal loans is the best path.
My issue with private loaners is that there is nothing stopping them from raising interest rates. Also, they make not make payment plans as suitable as the federal govt (12% of your monthly income is very fair in my opinion)
This post was edited on 11/21/16 at 8:07 am
7
Posted on 11/21/16 at 7:16 am to volod
Sounds like a good plan to weed out the "I'm not really serious about a college degree but it beats the hell out of having to find a job at age 18".
Posted on 11/21/16 at 7:17 am to volod
Maybe universities with graduation rates as low as Southern should be excluded from the federal student loan program.
Posted on 11/21/16 at 7:21 am to volod
The govt doesn't win in the loan market. Subsidized loans are increasing our debt. Discontinuing them will cost students more, but it will also force colleges to reevaluate the way they spend money and charge tuition when their income pool starts to decline
Posted on 11/21/16 at 7:22 am to GetCocky11
quote:
Maybe universities with graduation rates as low as Southern should be excluded from the federal student loan program.
Volod has admitted that Southern sucks. No need to bash it any more
Posted on 11/21/16 at 7:24 am to volod
quote:
President Trump Impact on Student Loans ??
I really have my doubts about this. I get that Trump has dodged out of bankruptcy and maintained his business. However, I dont really feel a total dropoff of federal loans is the best path.
My issue with private loaners is that there is nothing stopping them from raising interest rates. Also, they make not make payment plans as suitable as the federal govt (12% of your monthly income is very fair in my opinion)
IMO, it is better to work your way through school and take 6-8 years, than to have 100,000+ in student loans in 4-5 years from a financial stand point.
But I am a Dave Ramsey kind of thinker, my only bills excluding utilities are car and mortgage. will have only 1 car note soon.
Posted on 11/21/16 at 7:33 am to bayoumuscle21
quote:
IMO, it is better to work your way through school and take 6-8 years, than to have 100,000+ in student loans in 4-5 years from a financial stand point.
It depends on your personal abilities. If I'm going to school to be an artist with no secure job after college, then yea I'd be an idiot to run up 100k in loans with no different way to pay for them than when I was in college. But if I'm going to school to be an engineer and make significantly more after school than I could before getting my degree, then my best opportunity is to take the loans and graduate as quickly as possible to secure my higher level income earlier
And I like Dave as well, but Dave has this goal of eliminating debt at the cost of income sometimes. A lot of people have terrible money management skills, and they need to follow Dave to the letter. But some of us are capable of managing money correctly, and those people don't have to completely avoid debt, if they can manage it appropriately to maximize their income
This post was edited on 11/21/16 at 7:35 am
Posted on 11/21/16 at 7:38 am to Upperdecker
quote:
quote:
Maybe universities with graduation rates as low as Southern should be excluded from the federal student loan program.
quote:
Volod has admitted that Southern sucks. No need to bash it any more
I'm not bashing Volod. I'm bashing failing universities like Southern that add to the student debt crisis while not churning out valuable college grads.
Posted on 11/21/16 at 7:55 am to GetCocky11
quote:
I'm bashing failing universities like Southern that add to the student debt crisis while not churning out valuable college grads.
Whether you bash me or not is not the problem. My experiences aside, I'm concerned about the well-being of people going to school as a whole.
Collegiate funding affects other demographics. Older people going back to school, military, single parents needing to find a better job, etc.
I understand why Trump wants to get the Feds out of loaning money. Its just that we need a way to hold private banks accountable so that they dont worsen the issue with high-end interest rates.
Keep in mind, most wage jobs are staring to require at least 2 year certifications for positions. This policy backfire on the average Trump supporter, since most of their income goes directly to living expenses.
Posted on 11/21/16 at 8:08 am to volod
quote:
My issue with private loaners is that there is nothing stopping them from raising interest rates.
Nothing other than the agreed upon terms of the loan?
quote:
Also, they make not make payment plans as suitable as the federal govt (12% of your monthly income is very fair in my opinion)
What you think is fair matters less than the terms that were agreed upon. Don't take out loans under terms you cannot adhere to.
Posted on 11/21/16 at 8:10 am to volod
quote:
Collegiate funding affects other demographics. Older people going back to school, military, single parents needing to find a better job, etc.
I went back to school at 30 to get a master's degree. With a job, family, mortgage, etc. I did it as fast and cheap as possible. My degree has already led to a better paying job. Some people don't need to go to college, and some degrees are worthless.
Posted on 11/21/16 at 8:33 am to volod
The big banks, who received nearly interest free loans themselves to go along with their massive bailouts, now get to charge students exorbitant interest rates and enslave them for decades.
What could possibly go wrong?
All of you who thought Donald Trump was just like you because he, too, was an Islamophobe will soon realize that he is going to enrich himself and his banking friends just like any other wealthy politician would.
What could possibly go wrong?
All of you who thought Donald Trump was just like you because he, too, was an Islamophobe will soon realize that he is going to enrich himself and his banking friends just like any other wealthy politician would.
Posted on 11/21/16 at 8:40 am to volod
quote:
Its just that we need a way to hold private banks accountable so that they dont worsen the issue with high-end interest rates.
If this is what we need to save us, let it be. Let the market decide who goes to college. They people that really want to go and work hard - the only ones that should go anyway - will still go to college.
Posted on 11/21/16 at 8:45 am to Stingray
quote:
If this is what we need to save us, let it be. Let the market decide who goes to college. They people that really want to go and work hard - the only ones that should go anyway - will still go to college.
I love how the Trumpkins on this board pick and choose their Ayn Rand-ish objectivism. Totally against free trade. In favor of "letting the market decide" who goes to college.
Makes sense.
Posted on 11/21/16 at 8:48 am to Upperdecker
quote:
The govt doesn't win in the loan market. Subsidized loans are increasing our debt. Discontinuing them will cost students more, but it will also force colleges to reevaluate the way they spend money and charge tuition when their income pool starts to decline
the government profited 41 billion dollars in the college loan market.
Posted on 11/21/16 at 8:52 am to volod
quote:
. Its just that we need a way to hold private banks accountable so that they dont worsen the issue with high-end interest rates.
LOL Trump wants to deregulate banks and privatize the federal loan program. It will be a fricking disaster.
It cracks me up you people didnt even care about this shite earlier and now the reality of Trump being in charge is starting to hit home with his stupid ideas born of no experience.
Posted on 11/21/16 at 9:05 am to volod
Can't private loans be required to have the save features and flexibility as the fed loans currently have? If so, what's the difference?
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