There Is Nothing to Stop

Discussion in 'Current Events' started by WillowTree, Mar 27, 2010.

  1. WillowTree
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    WillowTree Diamond Member

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    a student from going to a private bank, taking out a loan and spending it on his or her education is there??? just don't call it a student loan.. stick it to those assholes in washington..
     
  2. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Banks require collateral for loans.

    Student loans have been backed by taxpayers for years. (One of the big causes of education inflation, btw - too much easy taxpayer money).

    Students lack a borrowing base and income qualification - won't work, especially with the new regulations and capital requirements being put in place.
     
  3. WillowTree
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    WillowTree Diamond Member

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    but their mommies and daddies have the collateral and the borrowing power.. stick it to those suckers in dc who think they can dicate who the fuck you will or will not borrow money from..
     
  4. Ravi
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    Ravi Diamond Member

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    No idea where you are going with this. Students that don't qualify for student loans don't normally need them.
     
  5. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Yes, parents can cosign for loans.

    They'd be better off taking out home equity loans and writing off the interest. You can't do that with college loans.
     
  6. Ravi
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    Ravi Diamond Member

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    You can't write off interest from home equity loans.
    Edit: oops, I was thinking of something else.
     
    Last edited by a moderator: Mar 27, 2010
  7. WillowTree
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    WillowTree Diamond Member

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    you gotta pay close attention, I said,, I think, go borrow from a private bank,,just don't call ita student loan,, so an equity loan will do nicely.. stick it to those assholes who think they can dictate,, they gonna give the little old community banks a shitload of our money,, little republican kids ought to get mom and dad to borrow some ..
     
  8. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Uh...yes you can. There's just a limit to the amount that qualifies.

    IRS Publication 936

    Home Equity Debt

    If you took out a loan for reasons other than to buy, build, or substantially improve your home, it may qualify as home equity debt. In addition, debt you incurred to buy, build, or substantially improve your home, to the extent it is more than the home acquisition debt limit (discussed earlier), may qualify as home equity debt.

    Home equity debt is a mortgage you took out after October 13, 1987, that:

    -Does not qualify as home acquisition debt or as grandfathered debt, and

    - Is secured by your qualified home.

    Example.

    You bought your home for cash 10 years ago. You did not have a mortgage on your home until last year, when you took out a $20,000 loan, secured by your home, to pay for your daughter's college tuition and your father's medical bills. This loan is home equity debt.
    Home equity debt limit. There is a limit on the amount of debt that can be treated as home equity debt. The total home equity debt on your main home and second home is limited to the smaller of:

    - $100,000 ($50,000 if married filing separately), or

    - The total of each home's fair market value (FMV) reduced (but not below zero) by the amount of its home acquisition debt and grandfathered debt. Determine the FMV and the outstanding home acquisition and grandfathered debt for each home on the date that the last debt was secured by the home.


    Publication 936 (2009), Home Mortgage Interest Deduction
     
  9. Ravi
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    Ravi Diamond Member

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    Yes, my bad. I was thinking of something else.
     
  10. blu
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    blu Senior Member

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    so only people with well off parents should be allowed college? what if your parents credit is bad which generally isn't because of hte kid's action?
     

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