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Student Loan Interest Rankles College Grads
theodp writes "Like many recent college grads, Steven Lee finds himself unemployed in one of the roughest job markets in decades and saddled with a big pile of debt — he owes about $84,000 in student loans for undergrad and grad school. But what's really got Lee angry are the high interest rates on his government-backed student loans. 'The rate for a 30-year mortgage is around 5%,' Lee said. 'Why should anyone have to pay 8.5%? The government has bailed out homeowners. It's bailed out big businesses. Why can't it also help students?' Not only that, federal student loans are the only loans in the nation that are largely non-dischargeable in bankruptcy, have no statutes of limitations, and can't be refinanced after consolidation, so Lee can forget about pulling a move out of the GM playbook. And unlike mortgages on million-dollar vacation homes, student loans have very limited tax deductability. A spokeswoman for the Department of Education blamed Congress for the rates which she conceded 'may seem high today,' but suggested that students are a credit-unworthy lot who should thank their lucky stars that rates aren't 12% or higher. Makes one long for the good-old-days of 3% student loans, doesn't it?"
The state has its own bank to offer residents low interest loans for socially useful things like student loans.
But it's basically Reaganomics. The theory goes that education shouldn't be supported because I guess it isn't really a social good and colleges should be run like businesses. So thank Neocon libertarianism for your loan payments. To do a "back in my day" may be annoying but it can also be enlightening. I remember something like $7.50 per undergraduate state college quarter credit. 48 in a typical three quarter year for a cool $360/year tuition. Sure, I was making $1.5/hour on my first summer job hammering together harrow weeder belts on a night shift factory job and that was considered a good high school wage so let's say $1/hour was more typical. Up that to $7.50 today and multiple by $360 and you should be paying something like $2,700/year for tuition at a four-year state college. Thank Reaganomics and "running colleges like a business" for your difference.
Health care and Education should be all free so every individual can all focus on providing the best productivity they can offer to the society, without worrying about meeting ends!
New Economic Perspectives
PS if you think someone's mind gets broadened by living in a UK university town, that's your affair. More likely the anal opening is getting broadened, if you get my drift.
Shutting down free speech with violence isn't fighting fascism. It IS fascism!
You are an idiot. I love it when people like you assume everyone can just get a job and pay off what they own or an internship or co-op. Because everyone who lives is like you right, so we all can tip-toe through the tullips and find any source of income, right? Give me a fucking break. People should be able to choose what education is best for them, and if that means it is not a State school, then so be it. Stick up your ass you mindless dickwad. I am tired of people like you saying how easy life is, when it is not. Life is a bitch and you got lucky so stfu and keep your opinions to yourself.
Where have you been dude.
USA is broke.
$70 trillion in obligations, not even a 99% tax rate will fix it.
You're on borrowed time, expect alaska, california, hawaii to be sold on ebay to other countries.
The only thing that will fix usa is a massive pendamic virus that will kill 90% of people over age of 60.
How late is the 787 dreamy liner? how many Airbus380s have flown?
Liberty freedom are no1, not dicks in suits.