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WASHINGTON — College students taking out new loans for the fall term will see interest rates twice what they were in the spring – unless Congress fulfills its pledge to restore lower rates when it returns after the July 4 holiday.
Subsidized Stafford loans, which account for roughly a quarter of all direct federal borrowing, went from 3.4 percent interest to 6.8 percent interest on Monday. Congress' Joint Economic Committee estimated the cost passed to students would be about $2,600.
Efforts to keep interest rates from doubling on new Stafford loans fell apart last week amid partisan wrangling in the Senate. Democratic senators and the White House both predicted that a deal would be reached in Congress to bring the rates down again before students return to campus.
But if an agreement remains elusive, students could find themselves saddled with higher interest rates this year than last.
Read more @: Student Loan Rates Double After Congressional Inaction
Yayy! My loans just doubled! If a deal isnt reached loans for many others and mine will also double! This is very upsetting, and hard to even believe! [/FONT][/COLOR]
Read more @: Student Loan Rates Double After Congressional Inaction
Yayy! My loans just doubled! If a deal isnt reached loans for many others and mine will also double! This is very upsetting, and hard to even believe! [/FONT][/COLOR]
I don't really feel too bad about it, since apparently rates dropped sharply after I got out of school, since mine were around 6-7%. I paid them off just fine, others will too as long as they aren't wasting the money on a useless degree with no hope of employment that pays well.
Read more @: Student Loan Rates Double After Congressional Inaction
Yayy! My loans just doubled! If a deal isnt reached loans for many others and mine will also double! This is very upsetting, and hard to even believe! [/FONT][/COLOR]
The only loans that are doubling are NEW loans. So, unless you're borrowing MORE money? You're good.
Nonetheless, I think it's AWFUL!!!!!!! When banks can borrow from the Fed at near-zero, they don't need 6.something% on a guaranteed loan. Our government should be ashamed.
Read more @: Student Loan Rates Double After Congressional Inaction
Yayy! My loans just doubled! If a deal isnt reached loans for many others and mine will also double! This is very upsetting, and hard to even believe! [/FONT][/COLOR]
I could be wrong Maggie, but didn't Obama and the Democrats pass legislation to take the banks out of the student loan business and make it a government monopoly? Wasn't that supposed to make borrowing easier and less costly?
The President signed a new law that makes it easier for students to pay back their federal college loans. Starting in 2014, new borrowers will pay no more than 10 percent of their disposable income, and the President recently proposed accelerating this benefit for current students. The law also allows any remaining debt to be forgiven after 20 years. Those engaged in public-service professions—such as teachers, nurses, or members of the armed forces—will have any remaining debt forgiven after 10 years if they make their payments on time.
Perhaps it's nit-picking, but your loan didn't double, just the cost of servicing the loan doubled. Instead of paying $3.40 per $100 annually, you'll pay $6.80 per $100 annually.
Your main source of pain is the various institutions who are grossly overcharging for the services they provide.
disincentivising the full development of our national intellectual resources is a serious mistake.
I don't think pumping out Art History or Musicology degrees passes for the "full development of our national intellectual resources." If that is a seriously the concern, then I would say a bit of discretion for financial aid is necessary and student loans don't meet that criteria. After all, why should society pay for degrees that society doesn't need?
disincentivising the full development of our national intellectual resources is a serious mistake.
If that were your goal then you should want to make schools harder and college harder to get into and stay in so people would stop screwing around and taking 5 years to graduate to buy another year of suspended adolescence.
why should a football player lift large metal objects in preparation for a game when the game itself does not involve lifting metal objects?
also, the interest rates aren't just increasing for majors which you feel are non-essential.
i have no problem with making courses more challenging as long as access to tutoring is not dependent on financial means. i'd support a redesign of the education system, including block scheduling. in this model, courses would meet every other day for twice as long, and the lecture period would include one on one time with the teacher while completing coursework.
i have no problem with making courses more challenging as long as access to tutoring is not dependent on financial means. i'd support a redesign of the education system, including block scheduling. in this model, courses would meet every other day for twice as long, and the lecture period would include one on one time with the teacher while completing coursework.
Mine are already at 6.8 and 7.9. Graduate loans receive no subsidies.
The game of football involves people lifting large human objects. The body doesn't care whether its lifting humans or metal, so metal perfectly is applicable to becoming more adept at lifting humans.
And you're absolutely right. Which is why I said that society's resources should be directed at majors that it needs most, not majors that lead to a job working at the golden arches and sucking off the government tit.
Read more @: Student Loan Rates Double After Congressional Inaction
Yayy! My loans just doubled! If a deal isnt reached loans for many others and mine will also double! This is very upsetting, and hard to even believe! [/FONT][/COLOR]
I don't know where you went to college, but mine has a tremendous amount of free tutoring resources. Of which I've never used :lol:
It's good for the state, so you should be okay with it.
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