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Post by Vypernight on Sept 11, 2011 16:47:51 GMT -5
My cousin posted this on her FB page, and I thought itd be legit enough to discuss. signon.org/sign/want-a-real-economic.fb1?source=s.fb&r_by=577857Basically, it's a bill that, among other things, forgives student loans as a way to boost the economy. Unfortunately, all I can find on it online is just those words, "forgive students loans." I like the idea, but what concerns me is whether the gov't is covering the loans or just telling the companies they're S.O.L. on any future payments. If the former, we're still paying, just in a different way. If the latter, the companies aren't going to be too thrilled with being burned out of their money, and they'll be less likely to hand out any loans in the future. Don't get me wrong; I'm not trying to be a heartless conservative here. I'm just concerned that this may backfire rather badly. Does anyone know anything about this and can shed some light on it? |
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Post by anon87311 on Sept 11, 2011 16:50:36 GMT -5
i think it would be more like "the gov't will cover x% of your loans", or something like that if it were to happen.
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Post by Dragon Zachski on Sept 11, 2011 17:23:15 GMT -5
Considering the "legendary" loans I've heard students taking, I'm pretty sure this would cost SOMEONE bookoo bucks.
Unfortunately, I don't think this is the time to be doing this kind of stuff. We don't need just less debt, we need the capacity to not only pay our debts, but also be able to afford things. Because people being able to afford things means that the company that sells those things gets more money.
And that is how an economy gets moving.
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Post by caseagainstfaith on Sept 11, 2011 17:41:15 GMT -5
Personally I am for this. I have a lot of student loan debt. It wasn't bad back when I graduated but since I had trouble finding a job (any job really) after graduating college it just kept getting put on the back burner and ballooned out and there wasn't anything I could honestly do. and yes they were deferred for economic hardship but as you know that doesn't stop the interest from still being piled on. So now they are really big and still nothing I can do because of how much they have ballooned out from the interest. So if I could get this giant pain in the ass off my back I would be jumping for joy. Edit - also here is a link to the H Res 365 - www.govtrack.us/congress/bill.xpd?bill=hr112-365 |
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Post by ltfred on Sept 12, 2011 2:01:45 GMT -5
Like many things in the US, your student loan system is famously inefficient- by design. Essentially, if my understanding is correct, the government assumes 100% of the risk associated, the student pays 150% what should be the price and the bank takes 200% profits.
Just ban it and have the government offer loans directly.
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Post by Runa on Sept 12, 2011 4:54:38 GMT -5
Jesus Christ...
...I am so frickin' glad for HECS-HELP/FEE-HELP in Australia: deferred payment until you make a certain amount of money.
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Post by Vypernight on Sept 12, 2011 4:58:59 GMT -5
As I said, I'm not against the idea, I'm just concerned that it'll backfire. If the governemt takes over, you're still paying for you loan; we're just paying for it was well.
I haven't gotten a reply from my cousin yet. She's nice, but I'm expecting to be slammed by some of her friends (Extreme Left) for being an, 'evil conservative fundamentalist nazi" again. Then again, I've already p#$$ed off both the left and the right on FB, just because I have views that are on either side.
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Post by Art Vandelay on Sept 12, 2011 5:04:02 GMT -5
Jesus Christ... ...I am so frickin' glad for HECS-HELP/FEE-HELP in Australia: deferred payment until you make a certain amount of money. The fact that they don't charge interest is also nice. |
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Post by szaleniec on Sept 12, 2011 5:08:34 GMT -5
Jesus Christ... ...I am so frickin' glad for HECS-HELP/FEE-HELP in Australia: deferred payment until you make a certain amount of money. Likewise SLC in the UK, though they do charge some interest. |
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Post by malicious_bloke on Sept 12, 2011 5:14:38 GMT -5
Jesus Christ... ...I am so frickin' glad for HECS-HELP/FEE-HELP in Australia: deferred payment until you make a certain amount of money. Likewise SLC in the UK, though they do charge some interest. Yeah. I think you get 2 years after you finish your course before they start charging interest. TBH I was working while I was still an undergrad, so I'd paid off the 20-odd grand of tuition fee and maintenance loans I picked up by the time I finished my degree |
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Post by Dragon Zachski on Sept 12, 2011 5:32:36 GMT -5
I know that for my student loan, there was no interest at all as long as I was in school.
The interest itself is also pretty low, and I'm actually taking my time in paying it off for a couple of reasons, one of them being lack of income, the other being that dragging out debt actually increases your credit rating for some odd reason.
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Post by erictheblue on Sept 12, 2011 6:42:47 GMT -5
I like the idea, but what concerns me is whether the gov't is covering the loans or just telling the companies they're S.O.L. on any future payments. Neither. I just read the bill. It just says "Congress should do something about personal debt. |
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Post by m52nickerson on Sept 12, 2011 6:58:14 GMT -5
Like many things in the US, your student loan system is famously inefficient- by design. Essentially, if my understanding is correct, the government assumes 100% of the risk associated, the student pays 150% what should be the price and the bank takes 200% profits. Just ban it and have the government offer loans directly. I believe this was basically done in the Health Care Reform law. |
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Post by MaybeNever on Sept 12, 2011 19:27:28 GMT -5
I think the question to ask here is "who's Bill?"
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Post by Vene on Sept 12, 2011 19:48:39 GMT -5
William
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