Democrats Hike Interest Rate on Student Loans

[Ruteger]

Liberalism IS a Mental Disorder....
Democrats Hike Interest Rates on Student LoansJuly 10, 2013



Windows MediaBEGIN TRANSCRIPTRUSH: "A Senate bill that would freeze a low interest rate on one type of federal student loan for another year," failed to clear a vote just this afternoon.  So, the interest rate, instead of going down to 3.4%, is going to stay at 6.8%.  I'll give you the history of this thing.  I'm just whetting your appetite with this. I'm not gonna go into details, but this was all a campaign issue.  When the Democrats, one of the first pieces of legislation they wrote was to cut the student loan rate temporarily and then have it jump back up last summer. In the campaign of 2012, the student loan rate was supposed to go up 6.8%, make it look like the Republicans were to blame for it, a campaign issue for Obama.
They had the Republicans by the shorts, in a sense. They were gonna lower it then last summer back down to 3.4%, which is what it was.  And the effort to get it back down to 3.4% has continued to fail.  Imagine that.  Washington just can't bring itself to return any money to anybody.
BREAK TRANSCRIPT
RUSH:  Okay, here's the student loan news.  "A Senate bill," and Democrats run the Senate "A Senate bill that would freeze a low interest rate on one type of federal student loan for another year, along with buying lawmakers more time to craft a long-term strategy for setting all education loan interest rates, failed to clear a procedural vote Wednesday afternoon. That bounces the issue back to negotiations yet again, as lawmakers try to reach a consensus before the August recess, at which point most students will have to lock in their loans for the coming school year. The vote was 51 in favor and 49 opposed, not enough to advance the bill. The failed key test vote came after contentious discussions Tuesday, much of it between Democrats who have been split on the issue."
Split on the issue?  Why, what does that tell you?  Why, that tells you that some Democrats want the student loan interest rate kept at 6.8%.
BREAK TRANSCRIPT
RUSH: Back to this student loan business.  The key vote came after contentious discussions on Tuesday, much of it between Democrats that have been split on the issue.  "At the weekly Democratic caucus luncheon, Sen. Elizabeth Warren (D-Mass.) harshly criticized Sen. Joe Manchin III (D-W.Va.) for sponsoring a bill with Republicans that would tie interest rates for all major federal education loans to market rates but would not impose a formal cap on how high those rates could go in future years."
So the Democrats couldn't come to an agreement on this.  And as they say here, they've got until next month to get this done before everybody leaves.  So you students counting on your best buds, the Democrats, to lower your interest rate for you, they couldn't even come to an agreement on that yesterday. [/size]

[analog kid]

Every Republican supported filibustering that bill. Something Glenn bin Limbaugh conveniently failed to mention.

If the bill would have come up for a vote, it would have passed.

[onan]

Nearly every Republican supported filibustering that bill. Something Glenn bin Limbaugh conveniently failed to mention.

If the bill would have come up for a vote, it would have passed.

I have come to the conclusion, that debate or discussion with anyone that suggests a political ideology is a mental illness, is a waste of time.

[analog kid]

I have come to the conclusion, that debate or discussion with anyone that suggests a political ideology is a mental illness, is a waste of time.

You're right about that. Just drunk posting and going for the low hanging fruit.

edit: shitty coherence

[Zoo]

Silly sheep both parties what their people in debt.

For the 2010â€"11 academic year, annual current dollar prices for undergraduate tuition, room, and board were estimated to be $13,600 at public institutions, $36,300 at private not-for-profit institutions, and $23,500 at private for-profit institutions. Between 2000â€"01 and 2010â€"11, prices for undergraduate tuition, room, and board at public institutions rose 42 percent, and prices at private not-for-profit institutions rose 31 percent, after adjustment for inflation. The inflation-adjusted price for undergraduate tuition, room, and board at private for-profit institutions was 5 percent higher in 2010â€"11 than in 2000â€"01.

SOURCE:U.S. Department of Education, National Center for Education Statistics. (2012). Digest of Education Statistics, 2011 (NCES 2012-001), Chapter 3 .
Total tuition, room and board rates charged for full-time undergraduate students in degree-granting institutions, by type and control of institution: Selected years, 1980â€"81 to 2010â€"11
Year and control of institution   Constant 2009â€"10 dollars1   Current dollars
All institutions   4-year institutions   2-year institutions   All institutions   4-year institutions   2-year institutions
All institutions
1980â€"81   $7,759   $8,756   $5,580   $3,101   $3,499   $2,230
1990â€"91   10,620   12,303   6,361   6,562   7,602   3,930
2000â€"01   13,393   15,996   6,766   10,820   12,922   5,466
2001â€"02   13,842   16,589   6,955   11,380   13,639   5,718
2002â€"03   14,298   17,185   7,441   12,014   14,439   6,252
2003â€"04   15,086   18,059   7,809   12,953   15,505   6,705
2004â€"05   15,595   18,666   8,022   13,793   16,510   7,095
2005â€"06   15,939   19,007   7,881   14,634   17,451   7,236
2006â€"07   16,438   19,611   7,926   15,483   18,471   7,466
2007â€"08   16,617   19,823   7,819   16,231   19,363   7,637
2008â€"09   17,257   20,606   8,318   17,092   20,409   8,238
2009â€"10   17,649   21,093   8,533   17,649   21,093   8,533
2010â€"11   18,133   21,657   8,734   18,497   22,092   8,909
Public institutions
1980â€"81   $5,938   $6,381   $5,072   $2,373   $2,550   $2,027
1990â€"91   7,699   8,485   5,612   4,757   5,243   3,467
2000â€"01   9,390   10,711   5,990   7,586   8,653   4,839
2001â€"02   9,757   11,185   6,249   8,022   9,196   5,137
2002â€"03   10,118   11,648   6,666   8,502   9,787   5,601
2003â€"04   10,769   12,432   7,002   9,247   10,674   6,012
2004â€"05   11,153   12,918   7,208   9,864   11,426   6,375
2005â€"06   11,386   13,188   7,071   10,454   12,108   6,492
2006â€"07   11,731   13,587   7,235   11,049   12,797   6,815
2007â€"08   11,848   13,748   7,141   11,573   13,429   6,975
2008â€"09   12,375   14,400   7,641   12,256   14,262   7,568
2009â€"10   12,804   15,014   7,703   12,804   15,014   7,703
2010â€"11   13,297   15,605   7,925   13,564   15,918   8,085
Private not-for-profit and for-profit institutions
1980â€"81   $13,686   $13,995   $10,766   $5,470   $5,594   $4,303
1990â€"91   20,894   21,423   15,055   12,910   13,237   9,302
2000â€"01   26,456   27,054   18,453   21,373   21,856   14,907
2001â€"02   27,261   27, 848   19,248   22,413   22,896   15,825
2002â€"03   22,778   28,310   21,129   23,340   23,787   17,753
2003â€"04   28,679   29,198   22,779   24,624   25,070   19,558
2004â€"05   29,189   29,690   22,949   25,817   26,260   20,297
2005â€"06   29,307   29,770   23,312   26,908   27,333   21,404
2006â€"07   30,194   30,703   21,535   28,439   28,919   20,284
2007â€"08   30,475   30,945   22,200   29,767   30,226   21,685
2008â€"09   31,102   31,576   22,946   30,804   31,273   22,726
2009â€"10   31,023   31,488   24,483   31,023   31,488   24,483
2010â€"11   31,395   31,975   23,401   32,026   32,617   23,871
1Constant dollars based on the Consumer Price Index, prepared by the Bureau of Labor Statistics, U.S. Department of Labor, adjusted to a school-year basis.
NOTE: Data are for the entire academic year and are average total charges for full-time attendance. Tuition and fees were weighted by the number of full-time-equivalent undergarduates, but were not adjusted to reflect student residency. Room and board were based on full-time students. Data through 1995-96 are for institutions of higher education, while later data are for degree-granting institutions. Degree-granting institutions grant associate’s or higher degrees and participate in Title IV federal financial aid programs. The degree-granting classification is very similar to the earlier higher education classification, but it includes more 2-year colleges and excludes a few higher education institutions that did not grant degrees.

SOURCE: U.S. Department of Education, National Center for Education Statistics. (2012). Digest of Education Statistics, 2011 (NCES 2012-001), Table 349.

Related Tables and Figures:  (Listed by Release Date)

2012, Digest of Education Statistics 2011, Table 351. Undergraduate tuition and fees and room and board rates for full-time students in degree-granting institutions, by percentile of charges and control and level of institution: Selected years, 2000-01 through 2010-11
2012, Digest of Education Statistics 2011, Table 352. Average graduate and first-professional tuition and required fees in degree-granting institutions, by first-professional field of study and control of institution: 1989-90 through 2010-11
2012, The Condition of Education 2012: Postsecondary Expenses
2012, The Condition of Education 2012: Postsecondary Revenues
2012, The Condition of Education 2012: Price of Attending an Undergraduate Institution
2011, The Condition of Education 2011: Price of Graduate and First-Professional Attendance
2008, The Condition of Education 2008: Special Analysis 2008-Community Colleges
Other Resources:  (Listed by Release Date)

2011, Integrated Postsecondary Education Data System (IPEDS): IPEDS is a system of surveys designed to collect data from all primary providers of postsecondary education.
2010, National Postsecondary Student Aid Study (NPSAS) examines the characteristics of students in postsecondary education, with special focus on how they finance their education.

Just some fun facts for everyone enjoy ;-) !!1

[PB the Deplorable]

Why is the government in the student loan business in the first place?  I went to school on student loans, and if I recall correctly private lending institutions handled them.  They were able to offer low rates because the only government involvement was to guarantee the loans.  I thought that worked pretty well.

The only thing I can think of is the people that don't believe in our system hijacked the student loan program.  These are people that think 'profit' is evil, and the private sector gouges consumers when a profit is made.  That if only 'profit' was taken out of the system, everything would be cheaper and more efficient. 

No matter that every single time the government has taken something over, costs skyrocket, service drops, and innovation becomes non-existent.  Due to the lack of market discipline.  The additional bureaucracy and waste is many times more than the original evil 'profit' ever was. 

This is always the case, it's the nature of things economic, yet still the 'Progressives' press on with their goal of ultimately destroying the private sector.  Regardless of consequences and regardless of their continued lack of success in ever making anything better (see ObamaCare).  Just sure they know best.  And so now student loan interest rates are being jacked up during a time of historic low rates being offered by the private sector.

[onan]

the government has always been involved in payment for education. It has been the slow corruption of money through both politicians and bankers that have turned a once equitable way to gain a higher education into another way to diminish the middle class.


When the country was founded, large grants of land were set aside to be worked with all proceeds going to promote a state university. thomas Jefferson was so proud of his involvement in Virginia's first state college funding he had it mentioned on his grave stone. Along with his authorship of the declaration of independence and the bill of rights. He left off his credentials of president, vice president, and secretary of state.

[Juan]

In my mind, one of the big troubles with student loans is the fact that one can't discharge them in bankruptcy.  That means the lender has no incentive to investigate the borrower's ability to pay them back, and that leads to loans made to people who cannot handle them. Kids who should be working their way through a community college are attending larger, more expensive schools at their peril.

[Yorkshire pud]

In my mind, one of the big troubles with student loans is the fact that one can't discharge them in bankruptcy.  That means the lender has no incentive to investigate the borrower's ability to pay them back, and that leads to loans made to people who cannot handle them. Kids who should be working their way through a community college are attending larger, more expensive schools at their peril.

As a matter of interest when does the loan start to get paid back? When the student is still in college/ uni? After graduation? Or and if the post grad is earning above a salary amount?

[PB the Deplorable]

In my mind, one of the big troubles with student loans is the fact that one can't discharge them in bankruptcy.  That means the lender has no incentive to investigate the borrower's ability to pay them back, and that leads to loans made to people who cannot handle them. Kids who should be working their way through a community college are attending larger, more expensive schools at their peril.

And so many of the programs have approx zero jobs waiting for graduates.  Which is fine - it's not supposed to be just about getting a job.  But it makes little sense to borrow huge sums and end up not getting a better job out of the deal.

[PB the Deplorable]

the government has always been involved in payment for education. It has been the slow corruption of money through both politicians and bankers that have turned a once equitable way to gain a higher education into another way to diminish the middle class.


When the country was founded, large grants of land were set aside to be worked with all proceeds going to promote a state university. thomas Jefferson was so proud of his involvement in Virginia's first state college funding he had it mentioned on his grave stone. Along with his authorship of the declaration of independence and the bill of rights. He left off his credentials of president, vice president, and secretary of state.

I think college should be free, or minimal.  Or at least affordable for everyone that has been a good student in HS or CC and wants to continue.  A lot more of the jobs on campus could be part time jobs for students.  So much of our education system can be done so much better.  And it has little to do with money - if it did it would have been fixed long ago..

[onan]

I think college should be free, or minimal.  Or at least affordable for everyone that has been a good student in HS or CC and wants to continue.  A lot more of the jobs on campus could be part time jobs for students.  So much of our education system can be done so much better.  And it has little to do with money - if it did it would have been fixed long ago..

I harbor few illusions about college financing. I first went to school when PEL grants were the norm. I knew many students that received them and there was little interest in working for their education. More so, it was good money to have several months of no responsibility. I have also had friends that had little interest in paying back their college loans.


It came as little surprise to me that more binding regulations for payment of loans and better managing of grants were necessary.


But along with those scenarios were a much larger and more responsible group that did take their education seriously.


What I have never really looked as is why college has become so expensive. Those costs have for more than 3 decades grown at a much higher rate than all other aspects of normal cost of living.


But back to who hiked who... even trying to stay above the fray of good guy and bad buy politician, it is hard to not see this as a victim of obstruction.


Legislators that don't legislate are not being patriotic, they are being fanatical, and no matter what side that isn't helpful... and it takes a moron to not see that.

[Juan]

What I have never really looked as is why college has become so expensive. Those costs have for more than 3 decades grown at a much higher rate than all other aspects of normal cost of living.

I've looked on a limited basis, and it seems administrations have grown greatly, as well as the number of tenured professors who leave all the teaching to graduate assistants.  I'm sure further research will uncover other reasons for the increases.

[stevesh]

As a matter of interest when does the loan start to get paid back? When the student is still in college/ uni? After graduation? Or and if the post grad is earning above a salary amount?

As I understand it, repayment begins a certain number of months after graduation (or dropping out).

[stevesh]

  A lot more of the jobs on campus could be part time jobs for students. 

Dream on. The unions would never allow that.

[Ruteger]

I am confused. Academia is dominated by Democrats, Leftists, Socialists and Communists, yet tuition is being hiked beyond belief so the poor cannot afford to attend college - a Capitalist's Wet Dream!


Of course, these same Leftists Profs and Administrators will not make their "shared sacrifice" or take any cut in pay or defy the Unions.


Liberalism IS a mental disorder.

[NowhereInTime]

I am confused. Academia is dominated by Democrats, Leftists, Socialists and Communists, yet tuition is being hiked beyond belief so the poor cannot afford to attend college - a Capitalist's Wet Dream!


Of course, these same Leftists Profs and Administrators will not make their "shared sacrifice" or take any cut in pay or defy the Unions.


Liberalism IS a mental disorder.

You're a schmuck.  Conservatism, which by its very nature refuses evidence against its philosphy, is sociopathy incarnate.
Here's why college is so friggin' expensive:
http://www.cbsnews.com/8301-505145_162-57517032/why-college-tuition-keeps-rising/

http://money.cnn.com/2012/10/24/pf/college/public-college-tuition/index.html

Amongst many things are huge cuts in state and federal support and the colleges going on building sprees to attract students.

Unions.  People trying to make the most out of their workplace? A crime against capitalism.  Same old tired conservative complaint. 

[PB the Deplorable]

... Unions.  People trying to make the most out of their workplace? A crime against capitalism.  Same old tired conservative complaint.

There is an enormous difference between unions in the private sector and government employee unions.

The main problem is there is no one to oppose the demands government sector unions.  On one side of the table are the union bosses offering a huge voting block, and on the other side of the table are the representatives of the politicians that want those votes.  The people paying the freight have no say.  Which is why the states and cities are being bankrupted by the excess hiring, excess compensation, benefits, and pensions.

Public sector unions need to be outlawed.

[NowhereInTime]

There is an enormous difference between unions in the private sector and government employee unions.

The main problem is there is no one to oppose the demands government sector unions.  On one side of the table are the union bosses offering a huge voting block, and on the other side of the table are the representatives of the politicians that want those votes.  The people paying the freight have no say.  Which is why the states and cities are being bankrupted by the excess hiring, excess compensation, benefits, and pensions.

Public sector unions need to be outlawed.

Limited, yes.  Outlawed, no. Even public employees need workplace protection.  Of course,  there are many private colleges where negotiations could take place. And they are not the downfall of western civilization.

[Sardondi]

You're a schmuck.  Conservatism, which by its very nature refuses evidence against its philosphy, is sociopathy incarnate....

Oh yeah, there's a finely reasoned post, and with so much evidence. Thank you for reminding me of an attitude which is all too distressingly common among those of your political persuasion.

[b_dubb]

End of the Day : there is very little difference between parties as they both exist to serve the same money. But if you feel compelled to blame the Other Party then go ahead. Nothing I say will stop you

[NowhereInTime]

Oh yeah, there's a finely reasoned post, and with so much evidence. Thank you for reminding me of an attitude which is all too distressingly common among those of your political persuasion.

Right.  I'm supposed to let him demean me & mine by posting not once, but twice that Liberalism is a mental disorder.  You are always the arbiter of fairness. This is one lib who's not going to let you rail at me like I'm a child, naive, or mentally deficient.

[Sardondi]

...This is one lib who's not going to let you rail at me like I'm a child, naive, or mentally deficient.

Nope, it's much more fun watching you act like it.

Look, all that aside, here's what really gets me: it's that you provoked me into posting in a Ruteger thread, and essentially aligning with him. Up until now I have always studiously avoided it. But I can't say that anymore, thanks to you, and hereafter my username will always be associated with a looney tunes troll bait. So damn you, sir; damn you.

[NowhereInTime]

Nope, it's much more fun watching you act like it.

Look, all that aside, here's what really gets me: it's that you provoked me into posting in a Ruteger thread, and essentially aligning with him. Up until now I have always studiously avoided it. But I can't say that anymore, thanks to you, and hereafter my username will always be associated with a looney tunes troll bait. So damn you, sir; damn you.

Now I genuinely feel bad.  I apologize for besmirching your good name.

[Ruteger]

Sorry, but I disagree. Again, I must state the obvious fact that "Liberalism IS a mental disorder." Liberalism/Fabian Socialism (insanity) is voting for the same political philosophy that has repeatedly FAILED time and time again in various governments around the world that have embraced it. The tools that voted Hussein Obama into office TWICE, think "Oh yeah, we got the right guy this time! He's smart! He'll be the One to finally make it work." How's that Hoax and Chains workin' out for ya? Sorry, but Mao, Stalin, Hitler, Greece, Spain, Italy, Portugal, etc all tried and failed.


Capitalism is not perfect - and it never will be, but it's made America the greatest nation to ever have existed.

You're a schmuck.  Conservatism, which by its very nature refuses evidence against its philosphy, is sociopathy incarnate.
Here's why college is so friggin' expensive:
http://www.cbsnews.com/8301-505145_162-57517032/why-college-tuition-keeps-rising/

http://money.cnn.com/2012/10/24/pf/college/public-college-tuition/index.html

Amongst many things are huge cuts in state and federal support and the colleges going on building sprees to attract students.

Unions.  People trying to make the most out of their workplace? A crime against capitalism.  Same old tired conservative complaint.

[Ruteger]

Another thought - if your Leftist pals in Academia cannot even run their own education system properly, and make it affordable for the average American, what will they do with the US economy which is a gazillion times bigger and more complex?!


And when these same egg-heads have their mitts on ObamaCare?


[size=78%]Liberalism IS a mental disorder.[/size]

You're a schmuck.  Conservatism, which by its very nature refuses evidence against its philosphy, is sociopathy incarnate.
Here's why college is so friggin' expensive:
http://www.cbsnews.com/8301-505145_162-57517032/why-college-tuition-keeps-rising/

http://money.cnn.com/2012/10/24/pf/college/public-college-tuition/index.html

Amongst many things are huge cuts in state and federal support and the colleges going on building sprees to attract students.

Unions.  People trying to make the most out of their workplace? A crime against capitalism.  Same old tired conservative complaint.

[West of the Rockies]

Oh, look, I can do it, too! 

Conservatives are all horrible, money-grubbing, liars!*







*NO, I do NOT believe this.

[Yorkshire pud]

Sorry, but Mao, Stalin, Hitler, Greece, Spain, Italy, Portugal, etc all tried and failed.

I didn't get that memo; Hitler was a liberal? Mao was a liberal? Franco the Spanish dictator was a liberal? Mussolini was a liberal? Righhhtt.

Capitalism is not perfect - and it never will be, but it's made America the greatest nation to ever have existed.

Really? I think you might find that you're wrong..wronger than a wrong thing having a really wrong day that's getting wrongerer.


History didn't begin in 1776..Truly it didn't. I could explain why, but it will be too much for you and you'll hit the bottle, then you'll do a bit of blow, and you'll 'handle it', but then before you know it, you'll be robbing your friends to pay for the crack habit, all to make the pain stop.


Instead...go to your local library..Look up..History.

[moto-rama]

The OP has reached beyond the old rightwing method of typing in all CAPS and has discovered the insidiousness of html....

[Nucky Nolan]

The OP has reached beyond the old rightwing method of typing in all CAPS and has discovered the insidiousness of html....

We all know that "progressives" type in small print. It's one of those internet truisms.