Republicans Block Bill To Extend Low Interest Rates For Student Loans

[JakeStarkey]

What I don't get is this......the students aren't getting free money. They are fucking LOANS! That means in addition to the principle, they are currently paying 3.?% interest on their debt. The government is going to collect that original money plus interest. There's no reason to raise taxes OR to cut to pay for this.

Yes...there are students who default.....but even if those people file for bankruptcy, those debts aren't eligible for forgiveness. They will get the money back eventually...they can even garnish wages to collect it.

And the federal government is supposed to be your personal loan officer? Your own personal bank??

Nah... don't think so

Congress and the banks have disagreed with that perception for fifty years.

 

[eflatminor]

I am correcting your false assumption you know what you are talking about.

Because you call my findings (and those of Mises, Hayek, etc) 'false assumptions' and that you do so with no logic, reason or evidence does not make it so. I get you only have emotionally based arguments on which to rely...but that's not how everyone thinks.

 

[Urkie]

Once again, Republicans show us who they work for. Their hatred of this president and his landmark health care law seeps from their pores. They would rather gut preventive health care funds (part of the ACA) than ask a small percentage of wealthy people to pay a little extra in order to prevent student loan interest rates from doubling.

Student Loan Vote: Republicans Block Bill To Extend Low Interest Rates

WASHINGTON -- Senate Republicans on Tuesday blocked a bill that would have frozen student loan interest rates before they are set to double on July 1.

In a partisan vote of 52 to 45, the Senate failed to reach the 60 votes needed to begin debate on the Democratic bill. Sen. Olympia Snowe (Maine) was the lone Republican to vote "present." A Snowe spokesman told The Huffington Post her vote was related to her practice of voting "present" on legislation that contains the potential or appearance of association with the private business activity of her husband.

The vote wasn't much of a surprise: Republicans have been signaling they would filibuster the bill because of its cost offsets. Democrats would cover the $6 billion cost of keeping student loan interest rates at 3.4 percent for another year by raising Social Security and Medicare payroll taxes on certain high-earners. By contrast, Republicans have called for nixing a preventive health fund to pay for it.

Ultimately, the vote gives Democrats another chance to try to frame Republicans as favoring the wealthy over the middle class in the midst of intensifying election-year politicking.

During debate on the bill, Sen. Tom Harkin (D-Iowa) said Republicans were "afraid" to agree to let it come up for debate because they would be forced to choose between helping college students and protecting the rich.

Screw the hand outs get a job to pay for college.

Do you realize how expensive college is right now?

I would consider myself lucky to have grown up in a family that was pretty well off and could help me pay for some of it but I still needed a job and additional help through student loans to pay for it. Notice it is called a "loan" and that means you have to pay it back eventually and interest is also accrued over time. If the interest rates go up then that will mean even more accrued interest and more graduates defaulting on their payments. But it's a handout according to you....

 

[blastoff]

Once again, Republicans show us who they work for. Their hatred of this president and his landmark health care law seeps from their pores. They would rather gut preventive health care funds (part of the ACA) than ask a small percentage of wealthy people to pay a little extra in order to prevent student loan interest rates from doubling.

Student Loan Vote: Republicans Block Bill To Extend Low Interest Rates

WASHINGTON -- Senate Republicans on Tuesday blocked a bill that would have frozen student loan interest rates before they are set to double on July 1.

In a partisan vote of 52 to 45, the Senate failed to reach the 60 votes needed to begin debate on the Democratic bill. Sen. Olympia Snowe (Maine) was the lone Republican to vote "present." A Snowe spokesman told The Huffington Post her vote was related to her practice of voting "present" on legislation that contains the potential or appearance of association with the private business activity of her husband.

The vote wasn't much of a surprise: Republicans have been signaling they would filibuster the bill because of its cost offsets. Democrats would cover the $6 billion cost of keeping student loan interest rates at 3.4 percent for another year by raising Social Security and Medicare payroll taxes on certain high-earners. By contrast, Republicans have called for nixing a preventive health fund to pay for it.

Ultimately, the vote gives Democrats another chance to try to frame Republicans as favoring the wealthy over the middle class in the midst of intensifying election-year politicking.

During debate on the bill, Sen. Tom Harkin (D-Iowa) said Republicans were "afraid" to agree to let it come up for debate because they would be forced to choose between helping college students and protecting the rich.

Only rich people deserve to be educated.

Everyone else should work in factories, digging ditches or forced to join the military.

Amen! Oh, and don't forget all that dirty air and water we've got ready for their consumption.

 

[Urkie]

What I don't get is this......the students aren't getting free money. They are fucking LOANS! That means in addition to the principle, they are currently paying 3.?% interest on their debt. The government is going to collect that original money plus interest. There's no reason to raise taxes OR to cut to pay for this.

Yes...there are students who default.....but even if those people file for bankruptcy, those debts aren't eligible for forgiveness. They will get the money back eventually...they can even garnish wages to collect it.

And the federal government is supposed to be your personal loan officer? Your own personal bank??

Nah... don't think so

The federal government does this so more kids can go to college and they SHOULD have a vested interest in seeing the younger generations get an education. To think otherwise is just plain stupid. If these loans did not exist then I can guarantee you that a lot of people could not go to college.

 

[DiamondDave]

What I don't get is this......the students aren't getting free money. They are fucking LOANS! That means in addition to the principle, they are currently paying 3.?% interest on their debt. The government is going to collect that original money plus interest. There's no reason to raise taxes OR to cut to pay for this.

Yes...there are students who default.....but even if those people file for bankruptcy, those debts aren't eligible for forgiveness. They will get the money back eventually...they can even garnish wages to collect it.

And the federal government is supposed to be your personal loan officer? Your own personal bank??

Nah... don't think so

The federal government does this so more kids can go to college and they SHOULD have a vested interest in seeing the younger generations get an education. To think otherwise is just plain stupid. If these loans did not exist then I can guarantee you that a lot of people could not go to college.

WRONG

It is not KIDS.. they are FUCKING ADULTS.... 18 and over.. .responsible for themselves...

Idiotic

 

[DiamondDave]

What I don't get is this......the students aren't getting free money. They are fucking LOANS! That means in addition to the principle, they are currently paying 3.?% interest on their debt. The government is going to collect that original money plus interest. There's no reason to raise taxes OR to cut to pay for this.

Yes...there are students who default.....but even if those people file for bankruptcy, those debts aren't eligible for forgiveness. They will get the money back eventually...they can even garnish wages to collect it.

And the federal government is supposed to be your personal loan officer? Your own personal bank??

Nah... don't think so

Congress and the banks have disagreed with that perception for fifty years.

And while POLITICIANS disagree because of pandering for votes... that still does not make the federal government your personal loan officer or bank

Sorry charlie

 

[zeke]

It will do the economy a world of good if interest rates double on student loans. Make them much more profitable and that will allow the banks to lend more to all those looking to start a lawn care business (the growth industry of America. that and scrapping.)

See how trickle down works? It's like someone pissing on your head and telling you it's raining.

 

[Urkie]

And the federal government is supposed to be your personal loan officer? Your own personal bank??

Nah... don't think so

The federal government does this so more kids can go to college and they SHOULD have a vested interest in seeing the younger generations get an education. To think otherwise is just plain stupid. If these loans did not exist then I can guarantee you that a lot of people could not go to college.

WRONG

It is not KIDS.. they are FUCKING ADULTS.... 18 and over.. .responsible for themselves...

Idiotic

No, you are wrong and being very maniacal in the process. A good college costs $15,000 or more a year to go to these days. How the fuck can an 18 year old fresh out of high school afford that without any kind of help? There's no way to do it without a loan of some sort.

 

[zeke]

I think is serves the Repus well to keep higher education away from middle class kids.

If todays kids are not kept dumber than a box of rocks, how the hell else you gonna get them to vote Republican?

 

[eflatminor]

If these loans did not exist then I can guarantee you that a lot of people could not go to college.

You cannot know that because you cannot know how that capital would have been spent had it not been taken out of the economy through compulsory taxes. You are falling victim to the 'broken window fallacy'. Look it up.

Your argument is identical to that used to justify Fannie, Freddie, FHA, and zero down payment loans...all because someone "guaranteed" that without that government meddling, Americans would not experience the wonders of home ownership. We're seeing how that turned out right now. Interestingly, Canada has no Fannie, Freddie, FHA, etc yet they have a higher rate of home ownership than we do.

 

[DiamondDave]

The federal government does this so more kids can go to college and they SHOULD have a vested interest in seeing the younger generations get an education. To think otherwise is just plain stupid. If these loans did not exist then I can guarantee you that a lot of people could not go to college.

WRONG

It is not KIDS.. they are FUCKING ADULTS.... 18 and over.. .responsible for themselves...

Idiotic

No, you are wrong and being very maniacal in the process. A good college costs $15,000 or more a year to go to these days. How the fuck can an 18 year old fresh out of high school afford that without any kind of help? There's no way to do it without a loan of some sort.

Are they adults? Yes.. Hence they are not kids.. you are wrong.. you fail.... end of story

 

[Urkie]

WRONG

It is not KIDS.. they are FUCKING ADULTS.... 18 and over.. .responsible for themselves...

Idiotic

No, you are wrong and being very maniacal in the process. A good college costs $15,000 or more a year to go to these days. How the fuck can an 18 year old fresh out of high school afford that without any kind of help? There's no way to do it without a loan of some sort.

Are they adults? Yes.. Hence they are not kids.. you are wrong.. you fail.... end of story

You fail because you did not address anything I said. Lets see if you can afford that $15,000 a year payment on a job at the grocery store which pays less then that. Lets just see it...

 

[DiamondDave]

The federal government does this so more kids can go to college and they SHOULD have a vested interest in seeing the younger generations get an education. To think otherwise is just plain stupid. If these loans did not exist then I can guarantee you that a lot of people could not go to college.

WRONG

It is not KIDS.. they are FUCKING ADULTS.... 18 and over.. .responsible for themselves...

Idiotic

No, you are wrong and being very maniacal in the process. A good college costs $15,000 or more a year to go to these days. How the fuck can an 18 year old fresh out of high school afford that without any kind of help? There's no way to do it without a loan of some sort.

And how do you do it??

Go to community college for the first year or 2...
Postpone college while you work and save
Join the military for the GI Bill/College fund
Earn a scholarship
Work a job that offers tuition assistance or reimbursement
Work while you go to school
Go to school part time and do what you can afford
Get a fucking loan yourself
Sell your toys
Play scratch off tickets
Win the WSOP
Find a charity willing to help
get help from family
Beg on the street corner
Sell solid gold pencils
Pray to Loki for money in exchange for loyalty
Go to trade school and not college right away

The possibilities are fucking endless.... you are not OWED it.. you are not to be guaranteed a loan by the government... and you are responsible for yourself as an adult

 

[DiamondDave]

No, you are wrong and being very maniacal in the process. A good college costs $15,000 or more a year to go to these days. How the fuck can an 18 year old fresh out of high school afford that without any kind of help? There's no way to do it without a loan of some sort.

Are they adults? Yes.. Hence they are not kids.. you are wrong.. you fail.... end of story

You fail because you did not address anything I said. Lets see if you can afford that $15,000 a year payment on a job at the grocery store which pays less then that. Lets just see it...

You failed from your initial post.. they are not kids you moronic asshole... they are adults and COMPLETELY responsible for themselves... whether they do it or not....

 

[eflatminor]

How the fuck can an 18 year old fresh out of high school afford that without any kind of help? There's no way to do it without a loan of some sort.

I did it without a loan and without help from parents. How? I started working and saving at age 13. When I got to college, I worked my way through, full time+. Sure I missed the whole college party thing and I wasn't wearing the latest fashions, but I got through a college degree and grad school with no debt, not a dime. Why is working ones way through school out of the question for you?

 

[Urkie]

If these loans did not exist then I can guarantee you that a lot of people could not go to college.

You cannot know that because you cannot know how that capital would have been spent had it not been taken out of the economy through compulsory taxes. You are falling victim to the 'broken window fallacy'. Look it up.

Your argument is identical to that used to justify Fannie, Freddie, FHA, and zero down payment loans...all because someone "guaranteed" that without that government meddling, Americans would not experience the wonders of home ownership. We're seeing how that turned out right now. Interestingly, Canada has no Fannie, Freddie, FHA, etc yet they have a higher rate of home ownership than we do.

Canada may not have those exact programs but they have some that are similar to them. You can still get a loan to go to college from the government (CSLP) and mortgages are protected by the CMHC. The reason they have more home ownership has more to do with smarter regulations.

 

[DiamondDave]

If these loans did not exist then I can guarantee you that a lot of people could not go to college.

You cannot know that because you cannot know how that capital would have been spent had it not been taken out of the economy through compulsory taxes. You are falling victim to the 'broken window fallacy'. Look it up.

Your argument is identical to that used to justify Fannie, Freddie, FHA, and zero down payment loans...all because someone "guaranteed" that without that government meddling, Americans would not experience the wonders of home ownership. We're seeing how that turned out right now. Interestingly, Canada has no Fannie, Freddie, FHA, etc yet they have a higher rate of home ownership than we do.

Canada may not have those exact programs but they have some that are similar to them. You can still get a loan to go to college from the government (CSLP) and mortgages are protected by the CMHC. The reason they have more home ownership has more to do with smarter regulations.

You can get a loan.. they are called banks.. you are not owed a loan by the government guaranteed simply because you exist as a citizen....

You have a WANT.... most adults WANT things.... but in the real world, you have to work for them... but many like you think that your wants are needs and that others must be there and exist to assist you with your wants... whether it be for a home loan or a student loan or whatever else....

 

[Urkie]

And how do you do it??

Go to community college for the first year or 2...
Postpone college while you work and save
Join the military for the GI Bill/College fund
Earn a scholarship
Work a job that offers tuition assistance or reimbursement
Work while you go to school
Go to school part time and do what you can afford
Get a fucking loan yourself
Sell your toys
Play scratch off tickets
Win the WSOP
Find a charity willing to help
get help from family
Beg on the street corner
Sell solid gold pencils
Pray to Loki for money in exchange for loyalty
Go to trade school and not college right away

The possibilities are fucking endless.... you are not OWED it.. you are not to be guaranteed a loan by the government... and you are responsible for yourself as an adult

When did I say that the government owes me the right to go to college? They provide loans to help less fortunate people have a chance to go to college.

And screw you for saying get a job. I did get a job but I still needed help and I know I'm not alone. The purpose of a loan is to help in the short term but you have to pay it off long term. It's not like it's free money.

 

[asaratis]

The Democrats were responsible for deciding a few years ago that the interest rate would double now. So, are they owning up to that? They did it for a reason. They wanted to be able to pretend they were the heroes by stopping their own plan from becoming reality. And they knew this would be an issue in a campaign year and they figured it would be great to add some other BS to the bill that they knew the Repubs wouldn't go for. This way, the Repubs will look like the bad guys. It was set up this way from the start.

The Repugs don't have to look like the "bad guy", they are choosing to.

What part of Democrat Foolery do you not understand?

Dems pass a law that says student loan rates will double on such and such a date...near an election.

Dems propose and pass a healthcare bill that will eventually bankrupt the US if fully implemented.

Dems propose a bill to delay the rise in student loan rates. (They'll propose the rise again.)

Repubs say the rate rise is to be funded by money that was to go toward the healthcare debacle.

Dems blame Repubs for rising cost of student loans.


Actually, what is happening here is that Dems have figured out a way to tax students without calling it a tax.