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Student loan rates in limbo

June 12, 2013

Interest rates on certain kinds of federal loans to college students could double as a result of the latest Washington, D.C....

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(13)

bwc511

Jun-12-13 7:33 AM

No matter which way you look at it, sad.

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voiceofreason1

Jun-12-13 9:12 AM

Student loans are important, but I believe familes & students need to be educated on some of the fine points.

When I got out of college in 2007, I had received 2 disbursements of my student loan money, so I had 2 separate loans. I consolidated, but they would not combine the 2 disbursements into one loan amount.

I had the 2 loans at 3.5%, but because there were 2 loans, my monthly interest rate was 7%. Ouch.

Also, a friend received a student loan to go back to school. You get a lump sum check for a portion of the total loan amount--typically a few thousand dollars--which which you can buy needed items (computer, software, etc.) She took that money and spent it going to Disney World! What???? I could not get her to understand that she was going to have to pay that money back at some point. Didn't matter to her. Off she & her family went. There needs to be better oversight on how that money is spent.

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GOTOSCHOOL

Jun-12-13 10:19 AM

Asknot- well said...v true.

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BeRight

Jun-12-13 12:14 PM

People make choices. Some good and some bad. Some students live close to a college and commute doing away with a dorm expense. Some people go to college and actually work part time instead of partying. Others choose a school based on the bar scene and football team. Community colleges provide great opportunities for a great education at bargain prices. Many of the Occupy movement were simply students with massive amount of student loan debt that wanted their loans forgiven. Can you say “FREE RIDE”?

I and many of my fellow graduates worked our butts off for 4 years with two or three weekend and weeknight jobs, and along with some grants, paid our way and graduated debt free.

It is wonderment to me whenever I see a recent graduate lament their student loan debt. It begs to ask the question “didn’t you know what you were signing when you signed those LOAN PAPERS and your parents co-signed those LOAN PAPERS?” I do not think the person providing the loan holds a gun to the studen

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BeRight

Jun-12-13 12:15 PM

students head during the signing process.

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swilson60

Jun-12-13 1:18 PM

re voiceofreason1's comment: I thought there were restrictions on what a government student loan could be used for (used to be anyway). I thought the loan was issued in the college AND the student's name. Has this changed or are you talking about some other kind of loan....like from a bank?

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voiceofreason1

Jun-12-13 3:29 PM

@swilson60 The student loan is government insured (Sallie Mae) and they send you a check to buy necessities before you start your schooling.

There was no oversight of what you used the money for. I received my loan in 2004, so perhaps there have been changes--but the person I cited in my previous post did the Disney World trip just a couple of years ago.

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READINGON

Jun-12-13 3:56 PM

What is even harder for me to deal with is the PELL Grant money that is given to those that claim they are low income. In addition to tuition, there is also 'extra' given to them as well for 'living expenses'. Try sitting next to a PELL Grant recipient (or group of recipients) in class as they share their exceitment when this 'extra' money will be given to them and all the wonderful things they plan to do with it. It is not uncommmon to hear about large screen TV's, tattoos, phones, cars, etc. Trust me, the abuse is rampant and disgusting. Most don't even finish the semester as the PELL grant is disbursed a few weeks into the semester. They can then wash and repeat each semester for I don't know how long, or they can simply flunk out and keep the money. Those of us that have to actually pay for our education can request 'extra' for living expenses, but will have to pay it back and then some. There you go.

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READINGON

Jun-12-13 3:59 PM

*excitement

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rollingstone

Jun-12-13 4:12 PM

hey i got a novel idea for all you left - lunatics...why not everybody assume responsiblity for their own funding of their own college education? why not everyone shop for the best rates they can find and then assume the responsibility to pay them off later?

where in the Constitution does it say anything about the government funding college education?

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BeRight

Jun-12-13 4:52 PM

Asknot: If you commute to Ohio State and bypass room and board it costs $10,037 to be full time. If you really want a degree you can make it happen. Some people are motivated and some are not. I don't want to disagree with you but not everyone gets loans and not everyone graduates with debt. The media only makes it sound like everyone does.

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scrappile

Jun-13-13 11:03 AM

I notice the article talks about LOAN rates, that means this is not free money, now these land grant universities get grant money to do research that ends up allowing a 10 year old girl to geta lung transplant due to the drug therapys developed by tax dollars investing in education, innovation, and research, of course we could keep giving exxon billions in subsidies and let tax exempt "pro-life" orgs. invest in the 10 year olds anti-rejection meds, good luck with that...

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scrappile

Jun-13-13 11:09 AM

If the loan rates for college students double, should the rates for those that developed synthetic credit default swaps also double?

0 Agrees | 3 Disagrees | Report Abuse »

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