Government Makes $41.3 Billion On Student Loans

[low03tb]

so ass backwards it's not even funny

Government books $41.3 billion in student loan profits


Give handouts to those who don't want to work, but charge me 5-7% or more interest for getting a degree and using that money within the economy. :bored:

 

[Boosted T-4]

This really sucks seeing this stuff.

I have student loans I have to start paying back now.

 

[HYBRED]

Good thing I paid off my gov't loans first...now it's just a bank making mad money of me:lol1:

 

[VirtualSVT]

Students loans are backed by the gov't. So you default on the company that wrote you the loan and they go to the gov't and get paid 100% AND then go after your taxes and leave the debt over your head.

So they can get paid twice.


Rape

 

[thomas91169]

Sucks you cant just default on them either, that government debt does not go away.

But you can walk away from a $500k home loan.....

 

[UncleDan]

Whatever. Nothing surprises me anymore. The whole Country is going down in a ball of flames and theirs nothing anyone can do about it.

 

[RX1Cobra]

I don't understand what the problem is? Why do you think you should get an interest free loan? You don't want a loan save up and pay cash. Also don't forget about 36+ billion they paid out in Pell Grant. Before you ask, yes I have loans I'm paying back and I knew I'd have to pay interest on them.

 

[Camaro_94]

They gotta have money coming in from somewhere to pay for welfare, food stamps, and Obama phones from people abusing the system!

 

[R.D.P.]

I sure hope none of you that have gov't student loans are the same ones calling everything socialism and bitching about how the gov't needs to get out of your lives :nono:

 

[04svtsnke]

I don't understand what the problem is? Why do you think you should get an interest free loan? You don't want a loan save up and pay cash. Also don't forget about 36+ billion they paid out in Pell Grant. Before you ask, yes I have loans I'm paying back and I knew I'd have to pay interest on them.

This. No one is making you sign the papers. You're investing in your education, it just sucks the interest rate is getting higher. Be lucky your not paying for grade school....

 

[Riddla]

I don't understand what the problem is? Why do you think you should get an interest free loan? You don't want a loan save up and pay cash. Also don't forget about 36+ billion they paid out in Pell Grant. Before you ask, yes I have loans I'm paying back and I knew I'd have to pay interest on them.

/thread

You can always ask a bank for a loan....

 

[thomas91169]

I don't understand what the problem is? Why do you think you should get an interest free loan? You don't want a loan save up and pay cash. Also don't forget about 36+ billion they paid out in Pell Grant. Before you ask, yes I have loans I'm paying back and I knew I'd have to pay interest on them.

How do you feel knowing the $150k in student loans you took out for a job that they told you would pay $60-80k easy when you got out no longer exist, and that you can barely find $35k jobs and now pay half your monthly income just paying back said loans? And no, im not talking about some faggy liberal arts major, im talking something like business law and shit like that.

Yes, at this point, they should be severely re-evaluated. Im not saying zero interest, but god damn, you can get a ****ing house for better interest rates than a student loan. Explain this shit?


But wait, there's more! Get a job for the government, and you can apply for loan forgiveness.


It blows my mind the amount we give in handouts every year yet the people who are actually trying to do more than get by in life consistently get screwed.

 

[HYBRED]

I sure hope none of you that have gov't student loans are the same ones calling everything socialism and bitching about how the gov't needs to get out of your lives :nono:

Um...by definition, loans have to be paid back. Free healthcare, foodstamps, rent assistance, etc...don't. Not even remotely the same.

FWIW, my private loan interest is much lower than my gov't loans were...

 

[thomas91169]

Um...by definition, loans have to be paid back. Free healthcare, foodstamps, rent assistance, etc...don't. Not even remotely the same.

Bingo.

 

[black4vcobra]

Not surprising, the government attempts to take money from it's citizens in every way possible and that money disappears into a black hole of fraud, waste and abuse.

 

[Planter]

Sucks you cant just default on them either, that government debt does not go away.

But you can walk away from a $500k home loan.....

You can declare bankruptcy if you can prove a financial hardship, but good luck with that.

 

[Jomo1994z71]

I graduate in a few weeks with a Master's degree.
I have $135,000 in the hole at 7.5%.
Makes me sick just thinking about it!

 

[TorchMach]

I don't understand what the problem is? Why do you think you should get an interest free loan? You don't want a loan save up and pay cash. Also don't forget about 36+ billion they paid out in Pell Grant. Before you ask, yes I have loans I'm paying back and I knew I'd have to pay interest on them.

The problem with this is if the government is backing the loans, so in turn the schools can charge whatever they want because they know the students can get loans for it.

If no one was willing to loan them money, schools would be forced to drop their costs or no one would go. (be forced to close down)

Look at it as business, not a school.

Hope I didn't lose you there chief.

 

[NC85]

Don't care. I went to college, got loans, paid loans. I'm sure government made money on the interest. Nothing new there.

Biggest problem I see is college students racking up HUGE debt like its cool. Then complaining about what they owe when its over. Man up and pay up.

I've seen my friends do it and don't understand why they didn't choose a cheaper school or another avenue before they layered themselves into a pit of debt before even crossing the stage.

Some dreams turn into nightmares.....

 

[SVTPete83]

Hell I am shocked the government has made money on a program they run! Good job guys! That being said, I know lots of people who pay for college as they go, while working 30 hours a week (well now 27 cause of obamacare). You sign the papers for a loan, you gotta pay it off. Home defaults and handouts are a whole separate problem that has nothing to do with student loans.