Senate GOP blocks SL refinance bill

[karinothing]

www.freep.com/article/20140611/NEWS07/306110117/GOP-blocks-student-loan-bill

[Deleted]

Way to attract younger voters....

[racegrrl714]

Of course they did. I wouldn't expect anything more from them.

[msmerymac]

WHY DO WE NEED 60 VOTES IN THE SENATE FOR EVERYTHING?!

[Deleted]

what is the average interest rate for most borrowers--does anyone know?

[karinothing]

Jun 11, 2014 12:05:40 GMT -5 flygirl said:

what is the average interest rate for most borrowers--does anyone know?

Really depends on when you borrowed. I would say around 7% or so for federal loans.

[EllieArroway]

Jun 11, 2014 12:05:40 GMT -5 flygirl said:

what is the average interest rate for most borrowers--does anyone know?

For borrowers right now it's something like 4.5 subsidized or 6.5 unsubsidized for federal loans.

[Deleted]

I thought federal loans taken out after 7/2006 or so were locked at 6.8%. Did that change?

Older federal loans that aren't consolidated are around 3% or less now.

[Velar Fricative]

FUCK THEM RIGHT IN THE EYEBALLS.

That is so not helpful but I don't care.

[eclaires]

The future of this country is just so bright. ::screams::

[redwino]

Can someone tell me how the bill would have raised taxes? I'm not following that part.

[karinothing]

Jun 11, 2014 12:29:29 GMT -5 redwino said:

Can someone tell me how the bill would have raised taxes? I'm not following that part.

I think becuase they no longer could count on the income coming in from the interest and they would have to replace that income somehow. I am not sure.

[josieposy]

Jun 11, 2014 12:26:50 GMT -5 eclaires said:

The future of this country is just so bright. ::screams::

We gotta wear (cheap) shades!

[Deleted]

Jun 11, 2014 12:29:29 GMT -5 redwino said:

Can someone tell me how the bill would have raised taxes? I'm not following that part.

I think it would have lowered taxes because all those big banks would have lost revenue from the higher interest rates.... oh wait. Corporations don't pay taxes in the US

[Deleted]

Jun 11, 2014 12:29:29 GMT -5 redwino said:

Can someone tell me how the bill would have raised taxes? I'm not following that part.

It paid for the lower interest rate by the "buffet rule" and raised taxes that way. 

[redwino]

Ok. I got it... I think

[Velar Fricative]

I call BS on the reason of this not reining in college costs. Yes, college costs need to be reined in. But this is a separate issue, so fuck everyone who voted against this.

[illgetthere]

Jun 11, 2014 12:16:27 GMT -5 @kcpokergal said:

I thought federal loans taken out after 7/2006 or so were locked at 6.8%. Did that change?

Older federal loans that aren't consolidated are around 3% or less now.

My subsidized loans from 2007 or so until 2011 are all lower. The rates dropped every year and I had one 6.8 and four 3.4-6%

[ttt]

Jun 11, 2014 12:05:40 GMT -5 flygirl said:

what is the average interest rate for most borrowers--does anyone know?

studentaid.ed.gov/types/loans/interest-rates#what-are-the-interest

[Deleted]

Jun 11, 2014 12:37:01 GMT -5 illgetthere said:

Jun 11, 2014 12:16:27 GMT -5 @kcpokergal said:

I thought federal loans taken out after 7/2006 or so were locked at 6.8%. Did that change?

Older federal loans that aren't consolidated are around 3% or less now.

My subsidized loans from 2007 or so until 2011 are all lower. The rates dropped every year and I had one 6.8 and four 3.4-6%

That's good--the laws must have changed.

[cattledogkisses]

I wonder how much of this is due to the perception that they worked and paid their own ways through college, and so this generation just needs to stop being lazy and work harder.

I have so much trouble trying to explain even to my (normally fairly enlightened) parents why things are not the same now as when they went to college.

[PinkSquirrel]

My H's federal loans are locked in around a delightful 7.5%.

[Deleted]

I consolidated in 2009 and mine are locked at 6.8%. Maybe it's 7.3%.

[eclaires]

My loans for my last year are 6.8%. All the ones before that are much lower because some were consolidated prior to the big jump (was that in 2006?) and some are in the 1% range and others are in the 3% range, I believe.

[secretlyevil]

Utterly un.fucking.believable.

[ttt]

Jun 11, 2014 13:14:33 GMT -5 @dyermaker said:

Jun 11, 2014 12:46:34 GMT -5 cattledogkisses said:

I wonder how much of this is due to the perception that they worked and paid their own ways through college, and so this generation just needs to stop being lazy and work harder.

I have so much trouble trying to explain even to my (normally fairly enlightened) parents why things are not the same now as when they went to college.

I was not a fan of this particular bill because it rewards people that took out the most in loans and is reliant upon what they make now, which is not exactly what we want to incentivize. I would rather see an expansion of grant aid for students demonstrating financial need and programs offering repayment for those working in underserved sectors. This supports better trends for college access for the poor and subsidizing poor wages in needed sectors. This still has to be in combination with some kind of effort to curb rising tuition.

Do you really think that people would intentionally make less money solely so their loan payments would be lower? I just don't think that people actually act that way. 

[Velar Fricative]

Guess what, US economy? If my interest rates could go down to 3.86%, that's more money I can put away for the down payment on our next house. Don't you want me to buy a house and stimulate the economy and stuff??

Assholes. This makes zero sense. I will pay back every dime I took out plus the interest - I'm certainly not asking for loan forgiveness. But I am annoyed that you can refinance just about anything else except student loans. Come the fuck on.

[ttt]

Jun 11, 2014 12:29:29 GMT -5 redwino said:

Can someone tell me how the bill would have raised taxes? I'm not following that part.

All I can think of is that it's because the government makes a shitload of money off student loans, and they'd have to raise taxes to replace that? 

[lasagnasshole]

Hey, but remember that it doesn't matter if you vote for a tea partier or not because everything is the same and nothing matters and there's no difference!!!!!!!!!!!!

[karinothing]

Jun 11, 2014 14:05:33 GMT -5 @dyermaker said:

Jun 11, 2014 13:34:47 GMT -5 ttt said:

All I can think of is that it's because the government makes a shitload of money off student loans, and they'd have to raise taxes to replace that? 

The government breaks even on undergrad loans. They make money off of grad loans. Forgiving loans would mean a deeper deficit for a population that is not bringing any additional added value compared to programs that help students demonstrating financial need or rewarding workers from needed sectors.

www.forbes.com/sites/jeffreydorfman/2014/04/19/student-loan-profits-show-government-should-get-out-of-student-loan-business/

Sorry if I am missing something but this bill dealt with refinancing to a lower interest rate NOT forgiving. So I am not sure 1. what you mean when you are talking about forgiving loans and 2. what where you work or how much you make impacts this, becuase I am pretty sure everyone would be eligible for refinancin. I think the only requirement is that you are in good standing.