Sen. Elizabeth Warren Intros Legislation To Allow Refinancing Of Student Loans

[MisterChester]

I think the real problem is that government is expected to solve money problems with money. Tuitions have skyrocketed the past 15 years? K, loan more money. Wages are stagnant but inflation is growing? K, hand out more assistance. They could really save a lot of money by getting to the root of the problem than just giving away cash.

 

[rockhopper46038]

I agree that we shouldn't be funding peoples' attendance to college; that the .gov has distorted this market; and that college educations are not required to do many of the jobs that need to be done. But Warren's proposal is political gold. A huge percentage of the population are quite comfortable with the .gov's loving-caring embrace and assistance. When they're being strangled by that mountain of college loans you've piled on yourself, the prospect of having it relieved will be a winner and a vote getter.

I often disagree with MrJarrell, but if you're a run-of-the-mill recent college graduate; not a member of a site like this but just got out of 4-6 years of liberal indoctrination; who would you vote for? Some republican (more likely a libertarian) that's telling you it's your debt, you did it to yourself, now deal with it? Or a kind, benevolent democrat that feels your pain and has a program that will take all your worries away?

With rhetorical flourish, I redirect you to my post #6

It's "smart politics" but, when applied to politics, "smart" really just means "opportunistic".

 

[rockhopper46038]

I think the real problem is that government is expected to solve money problems with money. Tuitions have skyrocketed the past 15 years? K, loan more money. Wages are stagnant but inflation is growing? K, hand out more assistance. They could really save a lot of money by getting to the root of the problem than just giving away cash.

Thats all politicians knows how to do. They just spend taxpayer money. If they knew how to solve problems they could have applied themselves to making an honest living somewhere.

 

[mrjarrell]

No, the point of the thread has little to nothing to do with the topic.
The point of the thread is a puff piece designed to attempt elevate the lying weasel elizabeth warren in the polls.
It's a feel good, "she's helping" the poor disadvantaged people who KNOWINGLY signed up for these loans.

Now, the debatable part is that the OP knows this and is foisting these progressive losers on us intentionally
OR he is just too dense to see he's being used as a tool to further the progressive agenda.

I'm starting to think you've been sniffing toner too long. The point of the post is that this piece of legislation is currently up for consideration in the senate. I would have posted it even if it had been Cruz who suggested it. You need to step away from the glue. The fumes are addling your brains. There's no agenda except in your paranoid little mind.

 

[actaeon277]

I'm not sure that colleges are making people "better educated". 10 years ago, it seemed the big push was "grading on a curve" in almost every class.
Everyone gets a 50 percent, except the one guy that actually studied.
Instead of being mad at themselves, they're mad at the guy that beat them.
Get ready for a class of engineers that get half of what they do wrong, an don't have a problem with it.

 

[zippy23]

a libearl friend of mine loves this woman, i asked him why she lied about her ethnicity and how can you trust a woman who lies about her ethnicity, and his response......"do i need to show you all the republicans that lie?" i said yes, please show me all of them, and the conversation ended. This is how stupid liberals are, she might win, because liberals dont care if their candidates lie or screw them over, they hate republicans, blame them for everything and blindly vote D. its unreal

 

[MisterChester]

 

[steveh_131]

I'm starting to think you've been sniffing toner too long. The point of the post is that this piece of legislation is currently up for consideration in the senate. I would have posted it even if it had been Cruz who suggested it. You need to step away from the glue. The fumes are addling your brains. There's no agenda except in your paranoid little mind.

Do you think that her proposal is a good idea?

Do you think that folks should vote for her?

Or were you just pointing out a smart political move on her part?

 

[mrjarrell]

Do you think that her proposal is a good idea?

Do you think that folks should vote for her?

Or were you just pointing out a smart political move on her part?

I don't particularly like her proposal, but the issue HAS to be addressed at some point. Taxing millionaires is not the solution to it. The fact that we have a student loan bubble approaching a trillion dollars is frightening. She is correct that the issue is harming the economy. We will have to address it and soon. Refinancing the loans (government loans) would be a step in the right direction and we do have to get stepping soon. If this particular bubble bursts we're really in deep ****.

I wouldn't vote for her. Others are free to cast their votes as they please.

Just pointin out that it's not a dumb move on her part for her particular constituency. She's playing to her peeps, not the folks on the right or libertarians.

 

[printcraft]

I'm starting to think you've been sniffing toner too long. The point of the post is that this piece of legislation is currently up for consideration in the senate. I would have posted it even if it had been Cruz who suggested it. You need to step away from the glue. The fumes are addling your brains. There's no agenda except in your paranoid little mind.

Originally Posted by printcraft

OR he is just too dense to see he's being used as a tool to further the progressive agenda.

 

[BehindBlueI's]

Gee.
Those poor people.
Being forced to take out expensive loans that they can't afford to pay back.
If only there were some way to help them NOT SIGN FOR THE STUPID LOAN IN THE FIRST PLACE.

I financed my truck. I could afford to pay the loan. When interest rates dropped, I refinanced because it's stupid not to. It saved me about $30 a month.
I financed my rental house. I could afford to pay the loan. When interest rates dropped, I refinanced because it's stupid not to. It saved me about $115 a month.
I financed my house. I could afford to pay the mortgage. When interest rates dropped, I refinanced because it's stupid not to. It saved me about $200 a month.

Why should I not be able to do the same for a loan I took out for an education as I can a loan I took out for transportation or living quarters?

 

[findingZzero]

Really? Isn't she the one that lied about being a Native American? She's a moron. Like most liberals.

Pistol whip yerself Bob. Name calling degrades your credibility.
If you represent most conservatives (I don't think so) then conservatives have no credibility.
My wife thought she might have some native american blood because someone of her relatives in an old photo looked the part.This would 've helped with tuition for our daughter. She would have to confirm that before applying for whatever dispensation that implies. Didn't pan out. Taking advantage of opportunities offered is far from stupid. I'd say not checkiing this opportunity would be stooopid.

 

[rockhopper46038]

I financed my truck. I could afford to pay the loan. When interest rates dropped, I refinanced because it's stupid not to. It saved me about $30 a month.
I financed my rental house. I could afford to pay the loan. When interest rates dropped, I refinanced because it's stupid not to. It saved me about $115 a month.
I financed my house. I could afford to pay the mortgage. When interest rates dropped, I refinanced because it's stupid not to. It saved me about $200 a month.

Why should I not be able to do the same for a loan I took out for an education as I can a loan I took out for transportation or living quarters?

You should, and can with a private loan. My issue is that the only money the government has to hand out is OUR money. They already loan at rates/risks that the private sector would not (or cannot) do, because the private sector has to answer to the people who provide the funds. The government doesn't have to answer to anyone, and care not a whit if the loans they issue make money, lose money, or break even. If the loans experience higher than expected default rates, they just go back to the taxpayer pool and get more money. The government shouldn't be in the educational loan business, period. Private schools can offer private scholarships to those most deserving, and private lenders can provide financing at market rates for those that need to borrow against their future earning potential. Get the government out of it.

 

[PistolBob]

Pistol whip yerself Bob. Name calling degrades your credibility.
If you represent most conservatives (I don't think so) then conservatives have no credibility.
My wife thought she might have some native american blood because someone of her relatives in an old photo looked the part.This would 've helped with tuition for our daughter. She would have to confirm that before applying for whatever dispensation that implies. Didn't pan out. Taking advantage of opportunities offered is far from stupid. I'd say not checkiing this opportunity would be stooopid.

Popeye, I represent the non-stupid. My credit is awesome.

 

[ModernGunner]

Government should not be providing or subsidizing loans of any type, and this program is, perhaps, one of the worst. Just cut the program completely and reduce the burden on the American taxpayer.

 

[actaeon277]

I financed my truck. I could afford to pay the loan. When interest rates dropped, I refinanced because it's stupid not to. It saved me about $30 a month.
I financed my rental house. I could afford to pay the loan. When interest rates dropped, I refinanced because it's stupid not to. It saved me about $115 a month.
I financed my house. I could afford to pay the mortgage. When interest rates dropped, I refinanced because it's stupid not to. It saved me about $200 a month.

Why should I not be able to do the same for a loan I took out for an education as I can a loan I took out for transportation or living quarters?

You CAN get a regular loan, and pay off your student loan.
It's not illegal.

You should, and can with a private loan. My issue is that the only money the government has to hand out is OUR money. They already loan at rates/risks that the private sector would not (or cannot) do, because the private sector has to answer to the people who provide the funds. The government doesn't have to answer to anyone, and care not a whit if the loans they issue make money, lose money, or break even. If the loans experience higher than expected default rates, they just go back to the taxpayer pool and get more money. The government shouldn't be in the educational loan business, period. Private schools can offer private scholarships to those most deserving, and private lenders can provide financing at market rates for those that need to borrow against their future earning potential. Get the government out of it.

What this guy said.

 

[Tsigos]

You should, and can with a private loan. My issue is that the only money the government has to hand out is OUR money. They already loan at rates/risks that the private sector would not (or cannot) do, because the private sector has to answer to the people who provide the funds. The government doesn't have to answer to anyone, and care not a whit if the loans they issue make money, lose money, or break even. If the loans experience higher than expected default rates, they just go back to the taxpayer pool and get more money. The government shouldn't be in the educational loan business, period. Private schools can offer private scholarships to those most deserving, and private lenders can provide financing at market rates for those that need to borrow against their future earning potential. Get the government out of it.

Historically, higher education has been the most reliable method of creating opportunities for social mobility. Unless you have parents with the means and willingness to co-sign for loans, you cannot attend college. Getting the government out of the student loan business means we take a step backward by reducing access to the American Dream and reinforce a class-based society.

 

[rockhopper46038]

Historically, higher education has been the most reliable method of creating opportunities for social mobility. Unless you have parents with the means and willingness to co-sign for loans, you cannot attend college. Getting the government out of the student loan business means we take a step backward by reducing access to the American Dream and reinforce a class-based society.

While I agree with your first sentence, I do not agree with the rest. You do NOT need your parents to co-sign for a loan. It seems every parent these days does co-sign big tuition loans, but there is nothing that says that every kid needs to go to Harvard, Stanford, or the most prestigious "State" school in the region. And they certainly don't need to go to some boutique school known for their $120,000 degree in "Urban Planning and Societal Impingement". Parents wrecking their financial situation and raiding their retirement saving to send Joey off to party for 5 years in search of piece of parchment that may or may not ever result in a job with reasonable career prospects is a cycle we don't need to encourage.

Now, there are all sorts of social engineering tools that could be used to play with these outcomes. Some degree choices being pursued could be "rewarded" with lower interest rate loans, while other deemed "undesirable" could be saddled with higher tariffs. Year one could be saddled with higher (or lower) rates as a sieve to weed out those that aren't really serious about their education, with progressively lower rate for progress and higher grades. All kinds of ideas could be tried. But we shouldn't. We should just get government out of it.

 

[Tsigos]

While I agree with your first sentence, I do not agree with the rest. You do NOT need your parents to co-sign for a loan. It seems every parent these days does co-sign big tuition loans, but there is nothing that says that every kid needs to go to Harvard, Stanford, or the most prestigious "State" school in the region. And they certainly don't need to go to some boutique school known for their $120,000 degree in "Urban Planning and Societal Impingement". Parents wrecking their financial situation and raiding their retirement saving to send Joey off to party for 5 years in search of piece of parchment that may or may not ever result in a job with reasonable career prospects is a cycle we don't need to encourage.

Now, there are all sorts of social engineering tools that could be used to play with these outcomes. Some degree choices being pursued could be "rewarded" with lower interest rate loans, while other deemed "undesirable" could be saddled with higher tariffs. Year one could be saddled with higher (or lower) rates as a sieve to weed out those that aren't really serious about their education, with progressively lower rate for progress and higher grades. All kinds of ideas could be tried. But we shouldn't. We should just get government out of it.

I don't know many 18 year olds that would have good enough credit to get a loan without government help/involvement. If you go to school full-time, you are not likely able to also work a full-time job to pay your tuition in cash each semester even at a small unpresigious school.

Private banks that make non-cosigned student loans only do so because they are guaranteed by the government. So, under such system, the taxpayers take all the risk but the banks get all the rewards. Why not let the students borrow directly from the government at the rate the banks borrow it from taxpayers?

 

[BehindBlueI's]

You should, and can with a private loan. My issue is that the only money the government has to hand out is OUR money. They already loan at rates/risks that the private sector would not (or cannot) do, because the private sector has to answer to the people who provide the funds. The government doesn't have to answer to anyone, and care not a whit if the loans they issue make money, lose money, or break even. If the loans experience higher than expected default rates, they just go back to the taxpayer pool and get more money. The government shouldn't be in the educational loan business, period. Private schools can offer private scholarships to those most deserving, and private lenders can provide financing at market rates for those that need to borrow against their future earning potential. Get the government out of it.

First, that's a different issue if they should exist. For now, they do, and it only seems fair to let those who qualify refinance them same as any other loan.

As far as the government getting their money back, they don't seem nearly as lackadaisical as you seem to think. They are one of the hardest debts to shake off in a bankruptcy proceeding, and private lenders can't garnish your federal and state tax returns.

You CAN get a regular loan, and pay off your student loan.
It's not illegal.

So what's the problem with letting people who qualify refinance the loans they have with the lender they have?