The end of student loans as we know them?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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Birdman
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The end of student loans as we know them?

Postby Birdman » Wed Jul 27, 2011 11:27 pm

http://blogs.forbes.com/janetnovack/201 ... ent-loans/

Looks like we're all on the chopping block for these debt ceiling deals...

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Bildungsroman
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Re: The end of student loans as we know them?

Postby Bildungsroman » Wed Jul 27, 2011 11:28 pm

Well shit.


Also, overdramatic title much?
Last edited by Bildungsroman on Wed Jul 27, 2011 11:28 pm, edited 1 time in total.

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bk1
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Re: The end of student loans as we know them?

Postby bk1 » Wed Jul 27, 2011 11:28 pm

Can you even read?

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Drake014
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Re: The end of student loans as we know them?

Postby Drake014 » Wed Jul 27, 2011 11:29 pm

"Under both the Boehner and Reid plans, no new subsidized loans would be issued to graduate students after July 1, 2012"

Its good to be a May 2012 graduate.

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AreJay711
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Re: The end of student loans as we know them?

Postby AreJay711 » Wed Jul 27, 2011 11:34 pm

So no new subsidized loans? Not the end of the world I guess.

adonai
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Re: The end of student loans as we know them?

Postby adonai » Wed Jul 27, 2011 11:38 pm

Does every year technically count as a "new loan"? So for those of us going to law school this year will we have to deal with the interest from subsidized loans after 1L?

schooner
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Re: The end of student loans as we know them?

Postby schooner » Wed Jul 27, 2011 11:38 pm

Well crap. The President had proposed something similar earlier (see this article) but this sounds like it's really happening. Nice way to kick students while leaving the outdated corporate tax breaks alone. Thank you, Republicans.

Call your Congressional delegation's office to complain. And call Sen. Reid's office too: 202-224-3542. (They won't really care if you're not from his home state, but a flood of calls WILL be noted.) Calling Boehner's office is probably useless because his caucus doesn't give a shit.

onthemoney
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Re: The end of student loans as we know them?

Postby onthemoney » Wed Jul 27, 2011 11:40 pm

They're also going to stop the loan fee rebate (2.5% on Grad Plus and .5% on Stafford).

Anonymous Loser
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Re: The end of student loans as we know them?

Postby Anonymous Loser » Wed Jul 27, 2011 11:42 pm

What does that work out to over the life of the loans for a typical borrower, if subsidized Staffords are not available: somewhere around $8,000 in additional costs?

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Bildungsroman
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Re: The end of student loans as we know them?

Postby Bildungsroman » Wed Jul 27, 2011 11:42 pm

schooner wrote:Well crap. The President had proposed something similar earlier (see this article) but this sounds like it's really happening. Nice way to kick students while leaving the outdated corporate tax breaks alone. Thank you, Republicans.

Everyone has to make sacrifices, and blaming the Republicans for this is retarded since the Democrats, the Republicans, and President Obama have all proposed this.

schooner
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Re: The end of student loans as we know them?

Postby schooner » Wed Jul 27, 2011 11:48 pm

And don't forget that student loan interest rates will probably rise too, if/when the federal govt's credit rating is downgraded. The statutory 6.8% rate for Stafford loans is in effect only through the 2012-2013 academic year.

I couldn't find any info on how much all these possible changes will cost. If the interest accruing on newly issued loans are capitalized right away, probably in the thousands (at least) by graduation?

schooner
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Re: The end of student loans as we know them?

Postby schooner » Wed Jul 27, 2011 11:52 pm

Bildungsroman wrote:
schooner wrote:Well crap. The President had proposed something similar earlier (see this article) but this sounds like it's really happening. Nice way to kick students while leaving the outdated corporate tax breaks alone. Thank you, Republicans.

Everyone has to make sacrifices, and blaming the Republicans for this is retarded since the Democrats, the Republicans, and President Obama have all proposed this.


I agree that everyone has to make sacrifices, but Dems are giving in way more than Republicans because Rs are not budging on taxes. These are not cuts that Ds want to make.

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Corwin
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Re: The end of student loans as we know them?

Postby Corwin » Thu Jul 28, 2011 4:14 pm

Bildungsroman wrote:
schooner wrote:Well crap. The President had proposed something similar earlier (see this article) but this sounds like it's really happening. Nice way to kick students while leaving the outdated corporate tax breaks alone. Thank you, Republicans.

Everyone has to make sacrifices, and blaming the Republicans for this is retarded since the Democrats, the Republicans, and President Obama have all proposed this.

If everyone was making sacrifices, I don't think we would even have a debate.





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