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Level the playing field: the Bank On Students Loan Fairness Act

Kulindahr

Kulindahr

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Elizabeth Warren has been busy, and has a grand idea based on fairness, equality, and the future good of the country. The idea is simple: since investing in our youth and their education is at least as important as investing in the wealthy, those youth should get the same great rate on loans from the government, to pay for that education, that the banks who roll up the big bucks for the rich get. What rate is that? The one the Federal Reserve gives the big banks -- 0.75%

Sounds like a sensible idea, yes?

Here's a good source.
 
No, it is a bad idea. Student loans are very risky, while loans to the "wealthy" are much less so. And the wealthy do not borrow money at the Federal Reserve rate, but much higher. Remember banks are not loaning their own money, but that of their depositors.They need a spread between what the bank pays, and what it charges to meet payroll and all the other expenses plus, hopefully, a profit. Ordering the banks to lose money on student loans will simply drive mores out of the business. But this is typical of Democrat meddling,reminiscent of their requirement of loans to minorities and other poor before the last crash. When the next downturn occurs, the Democrats will wail:"Boo hoo, the banks made all those unprofitable loans to students."
 
money should be loaned based on the feasibility of it being repaid
 
Then again, education should be a priority of any administration, left, right or diagonally up. And motivation plays a huge part in both education, and finding a job after. Knowing you'll be paying off debts for decades to come isn't really the most motivating thing in the world.

I mean, I have a lot to say about the absurdity of cost of education in the US, but it would be off-topic.
 
I agree with that. And I am in a "cheap" field too. Once you have an instrument, you're pretty much good to go. But business students? Law students? Apart from the overall higher costs of tuition, they spend sometimes thousands of dollars just on text books each semester. It's obscene, this industry that is built around education.
 
chance1 said:
money should be loaned based on the feasibility of it being repaid
Click to expand...

Ordinarily, yes. But just as there's venture capital, there's also investment capital -- and student loans, for the country, fall in that sort of area. At that point the question should be what rate is most beneficial for the benefit of the country.

My actual problem with it is I can't tell (yet) if it is just meant for college students, or for loans to go to any sort of school where a diploma/certificate is expected to result in skills that should bring a higher income.
 
Kulindahr said:
Ordinarily, yes. But just as there's venture capital, there's also investment capital -- and student loans, for the country, fall in that sort of area. .
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Unfortunately, in the case of many students an education is a bad investment. Too many young people graduate from college that are completely and utterly unqualified to do anything except perhaps teach.

More attention needs to be paid to students who are better suited for training in the trades, for example.
 
HenryReardon said:
Unfortunately, in the case of many students an education is a bad investment. Too many young people graduate from college that are completely and utterly unqualified to do anything except perhaps teach.

More attention needs to be paid to students who are better suited for training in the trades, for example.
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Fuckin'-a Henry.

Too bad ignorant people don't know their place. We need ditch diggers too.

The nerve of some people trying to improve their lot by education. Ignorance is bliss. :mad:
 
Kulindahr said:
Ordinarily, yes. But just as there's venture capital, there's also investment capital -- and student loans, for the country, fall in that sort of area. At that point the question should be what rate is most beneficial for the benefit of the country.

My actual problem with it is I can't tell (yet) if it is just meant for college students, or for loans to go to any sort of school where a diploma/certificate is expected to result in skills that should bring a higher income.
Click to expand...

piece couple months back in TIME magazine about a gap year - where HS seniors actually take a year off - work - figure out what they want to do - vs. going to college and as a Freshmen spending the year drinking and not much studying - at great expense

i agree with loki that college costs r outa control and too readily available low interest loans promotes those costs staying up rather than coming down as increased access creates demand

and not everyone should go to college too

as for the 85 crew blowing farts about the broad topic of "education" here - their understanding is simply spend more money get better education

LOL

they've actually tried that in Newark ....... google it
 
I worked my way through school. When I graduated I owed no one. My nephew will graduate with an $80K bill due. That is nonsense.
 
Durango95 said:
I worked my way through school. When I graduated I owed no one. My nephew will graduate with an $80K bill due. That is nonsense.
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This is not a you/your nephew difference, it's the times. It's impossible to cover your tuition through working while in schools, and the schools themselves actually warn you of that during application.

I have a scholarship that covers over 90% of my tuition and I've been working ever since coming here, yet I'm not even close to paying the rest on my own.
 
Rolyo85 said:
This is not a you/your nephew difference, it's the times. It's impossible to cover your tuition through working while in schools, and the schools themselves actually warn you of that during application.

I have a scholarship that covers over 90% of my tuition and I've been working ever since coming here, yet I'm not even close to paying the rest on my own.
Click to expand...

your simple it's not that it's this approach to all is ........... less than informed

check out TIME magazine this week

cover topic
 
Durango95 said:
I worked my way through school. When I graduated I owed no one. My nephew will graduate with an $80K bill due. That is nonsense.
Click to expand...

Yep, everyone should be just like you. It's wrong to do anything that you wouldn't do. Everyone should like what you like, hate what you hate and do what you do.

And I bet you walked 40 miles through blinding snowstorms carrying 30 pounds of books and got to the classroom early to start up the stove to warm up the room before the other students got there. Banged the erasers together for the schoolmarm too.

And you liked it. :lol:
 
CowboyBob said:
Fuckin'-a Henry.

Too bad ignorant people don't know their place. We need ditch diggers too.

The nerve of some people trying to improve their lot by education. Ignorance is bliss. :mad:
Click to expand...

Many of them don't improve their lot. Far from it.
 
HenryReardon said:
Many of them don't improve their lot. Far from it.
Click to expand...


How many don't improve their lot? Got stats to prove your point?

I see now.....if some don't improve their lot then no one should get student loans.

Besides, education and knowledge is priceless. Knowledge is an improvement no matter what they do with it.


Keep banging those erasers Henry.
 
Rolyo85 said:
This is not a you/your nephew difference, it's the times. It's impossible to cover your tuition through working while in schools, and the schools themselves actually warn you of that during application.

I have a scholarship that covers over 90% of my tuition and I've been working ever since coming here, yet I'm not even close to paying the rest on my own.
Click to expand...

Guarantee you are at an "expensive" private college instead of a cheaper, public one. It's crying wolf. It's the same as the person that buys a new Mercedes and complains about the car payments and the insurance on the car. Nobody forced you to buy the Mercedes when a cheaper car does the same job of transporting.
 
maxpowr9 said:
Guarantee you are at an "expensive" private college instead of a cheaper, public one. It's crying wolf. It's the same as the person that buys a new Mercedes and complains about the car payments and the insurance on the car. Nobody forced you to buy the Mercedes when a cheaper car does the same job of transporting.
Click to expand...

I get the distinct impression there is a foreign student in play here. I might be wrong but it sure seems that way. Whether that is true or not it is astounding how much American taxpayers pay for other country's citizens education.
 
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