Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
goldenbear2020
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Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby goldenbear2020 » Fri May 12, 2017 8:00 pm

Direct loans: 6% fixed interest (up from 5.31%), 1.069% origination fee, $20,500 annual limit
GradPLUS loans:: 7% fixed interest (up from 6.31%), 4.276% origination fee, up to annual cost of attendance

https://www.washingtonpost.com/news/gra ... t-for-now/

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Hikikomorist
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby Hikikomorist » Fri May 12, 2017 8:05 pm

:cry:

uhwrestler
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby uhwrestler » Sat May 13, 2017 1:00 am

meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world

RedPurpleBlue
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby RedPurpleBlue » Sat May 13, 2017 12:33 pm

uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world


We are the richest country in the world. Unfortunately, it doesn't mean we share our wealth.

dabigchina
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby dabigchina » Sat May 13, 2017 3:12 pm

uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world

that's the price we pay for muh freedumz

/s

saf18hornet
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby saf18hornet » Thu May 25, 2017 11:09 am

uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world


and it only comes with a 47% tax rate if you make more than 58k per year, not bad.....

mathaddict
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby mathaddict » Fri Jun 23, 2017 9:30 am

saf18hornet wrote:
uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world


and it only comes with a 47% tax rate if you make more than 58k per year, not bad.....


Not to mention that sweet, sweet VAT...

Phil Brooks
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby Phil Brooks » Fri Jun 23, 2017 10:24 am

saf18hornet wrote:
uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world


and it only comes with a 47% tax rate if you make more than 58k per year, not bad.....


Honestly, for most middle class people the standard of living in both countries is the same. In the U.S. taxes + private school tuition + private health care (which includes the cost of having to pay out-of-pocket for a medical problem, discounted by the not insignificant probability that the health insurance company will find a loophole and not cover you) = basically the same as taxes in Germany.

The only unique consequence of our super-private system is that it produces more millionaires and billionaires than in Germany. Congratulations. I'm sure you'll be one of them.

mathaddict
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby mathaddict » Fri Jun 23, 2017 11:10 am

Phil Brooks wrote:
saf18hornet wrote:
uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world


and it only comes with a 47% tax rate if you make more than 58k per year, not bad.....


Honestly, for most middle class people the standard of living in both countries is the same. In the U.S. taxes + private school tuition + private health care (which includes the cost of having to pay out-of-pocket for a medical problem, discounted by the not insignificant probability that the health insurance company will find a loophole and not cover you) = basically the same as taxes in Germany.


Share of GDP for taxes, private tertiary expenditure, and private healthcare expenditure:
Germany: 36.1% + 1.6% + 2.6% = 40.3%
United States: 26% + 2.6% + 8.9% = 37.5%

So it's pretty similar. My gut tells me that the American "middle class" probably bears more of the tax burden than the German "middle class," but I don't know that for a fact or how much.

I used percentage of GDP, which is more a measure of economic burden overall than personal burden, primarily because I knew where to find this data. If someone knows where to find better data, please - for the love of god - correct me.

Sources:
Tax revenue: http://www.heritage.org/index/explore?view=by-variables
Education: https://data.oecd.org/eduresource/priva ... cation.htm
Healthcare: http://data.worldbank.org/indicator/SH.XPD.PRIV.ZS

The only unique consequence of our super-private system is that it produces more millionaires and billionaires than in Germany. Congratulations. I'm sure you'll be one of them.


I think you're implying this is a bad thing, but I fail to see how, so I'll just leave it alone.

devilsadvocatetroll
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby devilsadvocatetroll » Fri Jun 23, 2017 11:59 am

mathaddict wrote:
Phil Brooks wrote:
saf18hornet wrote:
uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world


and it only comes with a 47% tax rate if you make more than 58k per year, not bad.....


Honestly, for most middle class people the standard of living in both countries is the same. In the U.S. taxes + private school tuition + private health care (which includes the cost of having to pay out-of-pocket for a medical problem, discounted by the not insignificant probability that the health insurance company will find a loophole and not cover you) = basically the same as taxes in Germany.


Share of GDP for taxes, private tertiary expenditure, and private healthcare expenditure:
Germany: 36.1% + 1.6% + 2.6% = 40.3%
United States: 26% + 2.6% + 8.9% = 37.5%

So it's pretty similar. My gut tells me that the American "middle class" probably bears more of the tax burden than the German "middle class," but I don't know that for a fact or how much.

I used percentage of GDP, which is more a measure of economic burden overall than personal burden, primarily because I knew where to find this data. If someone knows where to find better data, please - for the love of god - correct me.

Sources:
Tax revenue: http://www.heritage.org/index/explore?view=by-variables
Education: https://data.oecd.org/eduresource/priva ... cation.htm
Healthcare: http://data.worldbank.org/indicator/SH.XPD.PRIV.ZS

The only unique consequence of our super-private system is that it produces more millionaires and billionaires than in Germany. Congratulations. I'm sure you'll be one of them.


I think you're implying this is a bad thing, but I fail to see how, so I'll just leave it alone.


If he believes that it is better to improve the quality of life for the vast majority of people in a country rather than improve any single individual's chance of becoming a millionaire / billionaire, then he'd think our super-private system is a bad thing. Quite simple, really.

Phil Brooks
Posts: 272
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby Phil Brooks » Fri Jun 23, 2017 12:02 pm

devilsadvocatetroll wrote:
mathaddict wrote:
The only unique consequence of our super-private system is that it produces more millionaires and billionaires than in Germany. Congratulations. I'm sure you'll be one of them.


I think you're implying this is a bad thing, but I fail to see how, so I'll just leave it alone.


If he believes that it is better to improve the quality of life for the vast majority of people in a country rather than improve any single individual's chance of becoming a millionaire / billionaire, then he'd think our super-private system is a bad thing. Quite simple, really.


Yes, that is exactly what I believe.

Also, if you factor in private spending on childcare, Americans are far worse off than Germans.

https://www.weforum.org/agenda/2016/12/ ... cost-oecd/

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star fox
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby star fox » Sat Jun 24, 2017 5:01 pm

uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world

Cry me a river that the gubmint won't fully fund your ability to obtain a license that will pay you $180K. Be grateful you got an open source of capital for it.

RedPurpleBlue
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby RedPurpleBlue » Sun Jun 25, 2017 6:29 pm

star fox wrote:
uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world

Cry me a river that the gubmint won't fully fund your ability to obtain a license that will pay you $180K. Be grateful you got an open source of capital for it.


Making disdainful posts doesn't really add to the discussion on this thread. If you don't like what uhwrestler posted, engage its substance. Otherwise, just continue scrolling and don't post.

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chargers21
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby chargers21 » Sat Jul 01, 2017 1:31 am

star fox wrote:
uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world

Cry me a river that the gubmint won't fully fund your ability to obtain a license that will pay you $180K. Be grateful you got an open source of capital for it.

I think I'm with wherever your head is. I'd rather pay interest on optional loans for optional education than be forced to pay yuge taxes. I enjoy my freedom, even if it doesn't make me a billionaire.

Also
Phil Brooks wrote:
Honestly, for most middle class people the standard of living in both countries is the same. In the U.S. taxes + private school tuition + private health care (which includes the cost of having to pay out-of-pocket for a medical problem, discounted by the not insignificant probability that the health insurance company will find a loophole and not cover you) = basically the same as taxes in Germany.

The only unique consequence of our super-private system is that it produces more millionaires and billionaires than in Germany. Congratulations. I'm sure you'll be one of them.

since when was private school something that people pay for regularly??

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magnum_law
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby magnum_law » Sat Jul 01, 2017 11:29 am

RedPurpleBlue wrote:
star fox wrote:
uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world

Cry me a river that the gubmint won't fully fund your ability to obtain a license that will pay you $180K. Be grateful you got an open source of capital for it.


Making disdainful posts doesn't really add to the discussion on this thread. If you don't like what uhwrestler posted, engage its substance. Otherwise, just continue scrolling and don't post.


That was a substantive post. It's among the most valid perspectives on this thread. I don't understand the eagerness to allow the government to manage every aspect of your personal finances.

RedPurpleBlue
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby RedPurpleBlue » Sat Jul 01, 2017 7:44 pm

magnum_law wrote:
RedPurpleBlue wrote:
star fox wrote:
uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world

Cry me a river that the gubmint won't fully fund your ability to obtain a license that will pay you $180K. Be grateful you got an open source of capital for it.


Making disdainful posts doesn't really add to the discussion on this thread. If you don't like what uhwrestler posted, engage its substance. Otherwise, just continue scrolling and don't post.


That was a substantive post. It's among the most valid perspectives on this thread. I don't understand the eagerness to allow the government to manage every aspect of your personal finances.


You're right. There's substance there. I should have critiqued the condescending style.

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BlendedUnicorn
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby BlendedUnicorn » Sat Jul 01, 2017 8:01 pm

If y'all want to discuss the relative merits of the german system and the american system or whatever take it to the lounge.

Phil Brooks
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Re: Interest rates rise to 6% (Direct loans) and 7% (GradPLUS loans)

Postby Phil Brooks » Mon Jul 10, 2017 11:50 am

chargers21 wrote:
star fox wrote:
uhwrestler wrote:meanwhile in germany all university tuition at all levels is free.....plus gov healthcare

and people keep saying were the richest country in the world

Cry me a river that the gubmint won't fully fund your ability to obtain a license that will pay you $180K. Be grateful you got an open source of capital for it.

I think I'm with wherever your head is. I'd rather pay interest on optional loans for optional education than be forced to pay yuge taxes. I enjoy my freedom, even if it doesn't make me a billionaire.

Also
Phil Brooks wrote:
Honestly, for most middle class people the standard of living in both countries is the same. In the U.S. taxes + private school tuition + private health care (which includes the cost of having to pay out-of-pocket for a medical problem, discounted by the not insignificant probability that the health insurance company will find a loophole and not cover you) = basically the same as taxes in Germany.

The only unique consequence of our super-private system is that it produces more millionaires and billionaires than in Germany. Congratulations. I'm sure you'll be one of them.

since when was private school something that people pay for regularly??


Mixed messages from TLS. In another thread entitled "Huge pay cut to go in-house," the OP said he wanted to "give his kids every advantage," which obviously included private school. Everyone applauded OP. I said that I hope OP's kid doesn't turn out to be one of those delusional people who started life on third base but believes that they succeeded only through their own hard work and therefore shouldn't pay taxes. Ultimately I was accused of asking the OP to "sacrifice his child on the altar of a broken public school system."




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