Obama to sign new student aid initiative

[Modbert]

banks can still loan money to students that are backed by the federal government. these are called private loans, the legislation did not alter private loans. and since the loans are backed by the government, of course banks loan to students all the time.

you need to research the legislation further, you have serious misconceptions about what it does.

You seem to be misunderstanding what I was saying.

 

[Yurt]

banks can still loan money to students that are backed by the federal government. these are called private loans, the legislation did not alter private loans. and since the loans are backed by the government, of course banks loan to students all the time.

you need to research the legislation further, you have serious misconceptions about what it does.

You seem to be misunderstanding what I was saying.

you said:

Well, let's look at it this way. What bank is going to loan a 18 year old kid $20,000 a year for something that 50% end up dropping out of? (College).

The whole reason that the government has to get involved in the first place I assume (keyword assume) is that banks wouldn't take the risk in lending to college students in the first place. Which is why the Government gave money to the banks to do so.

Now the government is telling the banks that they're just going to do it themselves.

That's what I get out of this anyway. See Post #49 by the way.

do tell how i misread what you said....this ought to be interesting spin

 

[Modbert]

do tell how i misread what you said....this ought to be interesting spin

I said that it's difficult for college students to get large loans on decent interest rates, yes.

 

[DiamondDave]

Hey, has your school hiked costs? My daughter's increased $1500 or so from her freshman to her sophomore year (this year) and is increasing about as much for the remainder of her schooling . . . and beyond. Do you live at school?

Hiked? Well I go to a Public School, so it's not too bad as say some private institutions. I'd say tuition will be around $7,000 next semester. Hiked up about $250-$300. Which isn't bad in comparison.

However, in the last 5 years, tuition has gone like 75% at the school. It's due to the states not paying their share, therefore leaving a gap that the school has to cover by raising prices.

I don't live at school either, so I escape easier.

States not paying their share?? It is YOUR education for your adult life.... The only one who should be paying 'their' share is YOU... this is not the states responsibility, nor the responsibility of the fed, or any other government entity

 

[RodISHI]

Welcome to USAspending.gov

Federal Loans by Type of Recipient, FY 2007
Table shows amounts in billions of dollars

Select Amount Type
Original Subsidy Cost
Face Value

For Profits Government Higher Education Individuals Individuals help link Nonprofits Other Total
Direct Loan $52.365 $18.626 $434.471 $0.017 $10.233 $0.294 $516.006
Guaranteed Loan $36.554 $0.114 $0.000 $0.000 $0.247 $0.299 $37.214
Total $88.918 $18.740 $434.471 $0.017 $10.480 $0.594 $553.220



Federal Loans by Type of Recipient, FY 2008
Table shows amounts in billions of dollars: Display percentages instead

Select Amount Type
Original Subsidy Cost
Face Value

For Profits Government Higher Education Individuals Individuals help link Nonprofits Other Total
Direct Loan $148.827 $24.690 $771.136 $1.268 $15.049 $-2.659 $958.310
Guaranteed Loan $29.031 $0.122 $0.000 $1.305 $0.284 $0.314 $31.057
Total $177.858 $24.812 $771.136 $2.573 $15.333 $-2.345 $989.366




Federal Loans by Type of Recipient, FY 2009
Table shows amounts in billions of dollars: Display percentages instead


Select Amount Type
Original Subsidy Cost
Face Value

For Profits Government Higher Education Individuals Individuals help link Nonprofits Other Total
Direct Loan $877.126 $96.809 $4,206.311 $1.700 $49.414 $0.645 $5,232.006
Guaranteed Loan $26.602 $0.123 $0.000 $13.174 $0.314 $0.211 $40.423
Total $903.728 $96.932 $4,206.311 $14.874 $49.728 $0.855 $5,272.428





Federal Loans by Type of Recipient, FY 2010
Table shows amounts in billions of dollars: Display percentages instead

Select Amount Type
Original Subsidy Cost
Face Value

For Profits Government Higher Education Individuals Individuals help link Nonprofits Other Total
Direct Loan $679.113 $122.648 $4,112.714 $1.118 $25.593 $0.252 $4,941.438
Guaranteed Loan $11.168 $0.021 $0.000 $6.977 $0.069 $0.025 $18.260
Total $690.281 $122.669 $4,112.714 $8.094 $25.662 $0.277 $4,959.698

Recipient Type
Recipient Original Subsidy Cost Face Value
Nonprofits $0 $42,565,445,190
Other $0 $56,406,576
Individuals $0 $115,709,570
Higher Education $0 $4,206,311,223,681
Government $0 $95,110,879,573
For Profits $0 $867,629,444,284

Agency Original Subsidy Cost Face Value
EDUCATION, Department of $0 $5,211,789,108,874
Loan Type
Loan Category Original Subsidy Cost Face Value
Direct Loan Direct Loan help link $0 $5,211,789,108,874



Year Original Subsidy Cost Face Value
2007 $0 $502,550,537,776
2008 $0 $942,574,727,287

2009 $0 $5,211,789,108,874
2010 $0 $4,935,429,963,672

All figures acquired at USASpending.gov Tuesday, March 30, 2010 2:09:47 PM

Loans from All other agencies(FY 2009)
Top 5 Programs
Program Original Subsidy Cost Face Value
31.007: Export - Loan Guarantee/Insured Loans $-503,553,854 $14,350,394,752


Year Original Subsidy Cost Face Value
2007 $11,683,266 $11,408,273,361
2008 $-246,791,880 $12,399,132,948
2009 $-503,553,854 $14,350,394,752
2010 $-708,832,630 $6,198,075,078


Top 10 Recipients
fiscal yearArrayfiscal yearArrayfiscal yearArrayfiscal yearArrayfiscal yearArrayfiscal yearArrayfiscal yearArrayfiscal yearArrayfiscal yearArrayfiscal yearArray
Recipient Original Subsidy Cost Face Value
KOREAN AIR LINE CO., LTD $5,415,108 $75,630,000
WEBSTER BANK $377,306 $2,790,728
U.S. BANK, N.A. $190,002 $7,983,388
DEERE & COMPANY $186,848 $11,649,855
COFINE, S.A. $179,727 $13,302,865
CHANCERY EXPORT FINANCE LLC $136,943 $6,281,804
HENCORP BECSTONE LLC $134,733 $3,620,202
GENERAL ELECTRIC CAPITAL CORPORATION $69,472 $4,478,942
NORTHSTAR TRADE FINANCE INC. $46,757 $4,834,362
BANCO SANTANDER (MEXICO) S.A. $41,346 $1,789,878

Loan Type
Loan Category Original Subsidy Cost Face Value
Direct Loan Direct Loan help link $-298,418,300 $3,296,111,241
Guaranteed Loan Guaranteed Loan help link $-205,135,554 $11,054,283,511



Recipient Type
Recipient Original Subsidy Cost Face Value
Nonprofits $0 $0
Other $0 $0
Individuals $0 $0
Higher Education $0 $0
Government $0 $0
For Profits $-503,553,854 $14,350,394,752

All guarantee loan programs cost the tax payer servicing fees and then charge the taxpayers the guaranteed amount when the lender claims a default has taken place. An originating bank charges continuing service fees up to .5% for these guaranteed loans made to the citizens that the government pays for these banks to make these loans.

 

[Modbert]

States not paying their share?? It is YOUR education for your adult life.... The only one who should be paying 'their' share is YOU... this is not the states responsibility, nor the responsibility of the fed, or any other government entity

You seem to not be getting the idea of Public College and who funds it. It is my education for my adult life, and I am paying for it.

I am merely telling Zoom why I think tuition rates are rising, as they are for all public and private institutions. This is what the colleges themselves are telling us as far as I know too.

Back the hell down with the whole " you should take personal responsibility" lines since I do take personal responsibility. You don't know my situation or me. I'm not about to make judgments on you, and I'll ask you to do the same quite kindly.

 

[Yurt]

do tell how i misread what you said....this ought to be interesting spin

I said that it's difficult for college students to get large loans on decent interest rates, yes.

now you're lying...you said:

Well, let's look at it this way. What bank is going to loan a 18 year old kid $20,000 a year for something that 50% end up dropping out of? (College).

The whole reason that the government has to get involved in the first place I assume (keyword assume) is that banks wouldn't take the risk in lending to college students in the first place. Which is why the Government gave money to the banks to do so.

Now the government is telling the banks that they're just going to do it themselves.

That's what I get out of this anyway. See Post #49 by the way.

you're flat out saying that since banks won't lend to students, the government is telling the banks that they'er jsut going to do it themselves.

this is not true, the legislation does not effect private student loans. like i said, you need to research the legislation further as its clear you have no idea what you are talking about. i thought i would help you out, but you had to get all defensive and lie about what you said.....

sorry for intruding on your delusions about the bill...carry on

 

[DiamondDave]

do tell how i misread what you said....this ought to be interesting spin

I said that it's difficult for college students to get large loans on decent interest rates, yes.

And because it's difficult, mommy government has to come and provide it for you?? There are other ways... tuition reimbursement from a job... co-op programs... taking time off of school while you actually save for your needed monies for paying for it..

I got a decent interest rate on my education loans because I did what I had to do, worked, and paid a whopping 5% or so on a HELOC instead of getting some student loan... used tuition reimbursement, GI Bill, and my own savings for all the classes I took... and it was a great incentive to do it right because it was my money and my ass on the line

 

[boedicca]

Great! Go into debt to the Feds for an overpriced education.

Have you ever wondered why college inflation is worse than health insurance inflation?

Do I detect some jealousy here?

Hardly. I paid for my undergrad and grad degrees myself without getting into massive amounts of debt.

I'm happy.

 

[Modbert]

you're flat out saying that since banks won't lend to students, the government is telling the banks that they'er jsut going to do it themselves.

this is not true, the legislation does not effect private student loans. like i said, you need to research the legislation further as its clear you have no idea what you are talking about. i thought i would help you out, but you had to get all defensive and lie about what you said.....

sorry for intruding on your delusions about the bill...carry on

If it came out that way, then I mispoken. I never said (or meant to) say that students cannot get loans from the bank currently for $20,000. Some can. However, it's not a easy process by any means. The normal college student cannot get such a deal.

Especially if you don't have any parents who can help back you up on that.

Like I said before, you seem to be misunderstanding what I'm saying and need to stop trying to play semantics with what I'm saying.

I'm not being defensive by the way, however you are out on the attack by insulting me in your post without asking me to clarify first.

 

[DiamondDave]

States not paying their share?? It is YOUR education for your adult life.... The only one who should be paying 'their' share is YOU... this is not the states responsibility, nor the responsibility of the fed, or any other government entity

You seem to not be getting the idea of Public College and who funds it. It is my education for my adult life, and I am paying for it.

I am merely telling Zoom why I think tuition rates are rising, as they are for all public and private institutions. This is what the colleges themselves are telling us as far as I know too.

Back the hell down with the whole " you should take personal responsibility" lines since I do take personal responsibility. You don't know my situation or me. I'm not about to make judgments on you, and I'll ask you to do the same quite kindly.

No.. I get the idea just fine... you complained because the state was not paying 'their' fair share... tough shit... boo hoo, the college raised their prices... tuition raises like anything else... due to demand, price of labor and facilities, etc... whether you think that rate is fair is tough shit, you don't HAVE to go and you also have the freedom to go elsewhere where it is not as expensive

 

[Modbert]

And because it's difficult, mommy government has to come and provide it for you?? There are other ways... tuition reimbursement from a job... co-op programs... taking time off of school while you actually save for your needed monies for paying for it..

I got a decent interest rate on my education loans because I did what I had to do, worked, and paid a whopping 5% or so on a HELOC instead of getting some student loan... used tuition reimbursement, GI Bill, and my own savings for all the classes I took... and it was a great incentive to do it right because it was my money and my ass on the line

Okay asshole, what the **** do you not understand about the concept of a loan? Stop calling me a damn deadbeat, because I'm going to pay it back in full.

My ass is still on the line, and it's still my money I'm going to have to pay back eventually.

 

[Modbert]

No.. I get the idea just fine... you complained because the state was not paying 'their' fair share... tough shit... boo hoo, the college raised their prices... tuition raises like anything else... due to demand, price of labor and facilities, etc... whether you think that rate is fair is tough shit, you don't HAVE to go and you also have the freedom to go elsewhere where it is not as expensive

Complained? Prove I was "complaining". Are you a ******* mind reader that can sense my emotions over the damn internet? The only one who is assuming anything is your ass.

Never in my post did I say it was unfair. So go **** yourself for assuming anything about me and telling me how I supposedly feel.

 

[DiamondDave]

And because it's difficult, mommy government has to come and provide it for you?? There are other ways... tuition reimbursement from a job... co-op programs... taking time off of school while you actually save for your needed monies for paying for it..

I got a decent interest rate on my education loans because I did what I had to do, worked, and paid a whopping 5% or so on a HELOC instead of getting some student loan... used tuition reimbursement, GI Bill, and my own savings for all the classes I took... and it was a great incentive to do it right because it was my money and my ass on the line

Okay asshole, what the **** do you not understand about the concept of a loan? Stop calling me a damn deadbeat, because I'm going to pay it back in full.

My ass is still on the line, and it's still my money I'm going to have to pay back eventually.

Never called you a deadbeat.. what I complain about is ones like you who think you are owed an 'easy' loan at a 'decent' rate just because you want it for school... sorry, Charlie... wrong answer

 

[Modbert]

Never called you a deadbeat.. what I complain about is ones like you who think you are owed an 'easy' loan at a 'decent' rate just because you want it for school... sorry, Charlie... wrong answer

Where the **** did I say I am owed an easy loan at a decent rate because I want it for school? Find the ******* post or apologize asshole.

 

[Yurt]

you're flat out saying that since banks won't lend to students, the government is telling the banks that they'er jsut going to do it themselves.

this is not true, the legislation does not effect private student loans. like i said, you need to research the legislation further as its clear you have no idea what you are talking about. i thought i would help you out, but you had to get all defensive and lie about what you said.....

sorry for intruding on your delusions about the bill...carry on

If it came out that way, then I mispoken. I never said (or meant to) say that students cannot get loans from the bank currently for $20,000. Some can. However, it's not a easy process by any means. The normal college student cannot get such a deal.

Especially if you don't have any parents who can help back you up on that.

Like I said before, you seem to be misunderstanding what I'm saying and need to stop trying to play semantics with what I'm saying.

I'm not being defensive by the way, however you are out on the attack by insulting me in your post without asking me to clarify first.

LOL...you and A15 need to read up on what semantics is....its not playing semantics to take your actual words for face value....i did in fact ask you to explain how i misunderstood your words, your explanation was in direct contrast to your unambigious express words in a previous post (that i posted twice and you still can't explain yourself). that is not semantics at all. your words were not ambigious. you do this all the time, just like A15. you guys make bullshit statements and then when someone points out your error you whine about semantics because you can't actually explain away your statements because they are clear.

the ONLY thing this legislation did was cut out the middle man, thus purportedly giving more for pell grants and capping repayment at 10% of your income. it did nothing to alter private student loans.

 

[DiamondDave]

No.. I get the idea just fine... you complained because the state was not paying 'their' fair share... tough shit... boo hoo, the college raised their prices... tuition raises like anything else... due to demand, price of labor and facilities, etc... whether you think that rate is fair is tough shit, you don't HAVE to go and you also have the freedom to go elsewhere where it is not as expensive

Complained? Prove I was "complaining". Are you a ******* mind reader that can sense my emotions over the damn internet? The only one who is assuming anything is your ass.

Never in my post did I say it was unfair. So go **** yourself for assuming anything about me and telling me how I supposedly feel.

You did indeed state "It's due to the states not paying their share"... there should be no share that the state is 'required' to pay for adult education

IMHO if a state wishes to run a college, it should be self sustaining and not some money pit that they throw taxpayer money in to for you to have it 'cheaper' at the expense of another.... but it is indeed another governmental money pit

 

[Modbert]

You did indeed state "It's due to the states not paying their share"... there should be no share that the state is 'required' to pay for adult education

IMHO if a state wishes to run a college, it should be self sustaining and not some money pit that they throw taxpayer money in to for you to have it 'cheaper' at the expense of another.... but it is indeed another governmental money pit

And that's your opinion. I'm merely telling Zoom what I was told. Never in my post did I call the raising of tuition rates to be unfair.

 

[Modbert]

LOL...you and A15 need to read up on what semantics is....its not playing semantics to take your actual words for face value....i did in fact ask you to explain how i misunderstood your words, your explanation was in direct contrast to your unambigious express words in a previous post (that i posted twice and you still can't explain yourself). that is not semantics at all. your words were not ambigious. you do this all the time, just like A15. you guys make bullshit statements and then when someone points out your error you whine about semantics because you can't actually explain away your statements because they are clear.

the ONLY thing this legislation did was cut out the middle man, thus purportedly giving more for pell grants and capping repayment at 10% of your income. it did nothing to alter private student loans.

Wait a minute, how does this thread have anything to do with A15?

I think someone still is a bit peeved over previous events.

 

[Vel]

And because it's difficult, mommy government has to come and provide it for you?? There are other ways... tuition reimbursement from a job... co-op programs... taking time off of school while you actually save for your needed monies for paying for it..

I got a decent interest rate on my education loans because I did what I had to do, worked, and paid a whopping 5% or so on a HELOC instead of getting some student loan... used tuition reimbursement, GI Bill, and my own savings for all the classes I took... and it was a great incentive to do it right because it was my money and my ass on the line

Okay asshole, what the **** do you not understand about the concept of a loan? Stop calling me a damn deadbeat, because I'm going to pay it back in full.

My ass is still on the line, and it's still my money I'm going to have to pay back eventually.

Unless of course you choose an Obama aproved job and then you get any remaining debt forgiven after just 10 years. I'd like to know though, how it can be considered constitutional for the government to forgive some loans and yet not others?