Government Taking Control of Student Loans

Government Taking Control of Student Loans

PostBy: lowfog01 On: Thu Sep 17, 2009 6:26 pm

This sucks! This bill passed the house today. Once the government gets control of issuing loans for higher education, they will take authority for deciding who gets to go to College and who doesn't. Don't believe me - just look how hands off the Government has been at GM and the Financial Institutions taxpayers now own. Mark my words the next thing will be a “work study program” that will allow the loan if you study this and agree to work for the government for x number of years. This is one more attempt to control the education and future of the US work force for generations to come. And the hits just keep on coming with this Administration. This is a blatant attempt to steal another aspect of our liberty. How far are we, the people, going to let this go. Lisa
lowfog01
 
Hand Fed Coal Stove: Mark II & Mark I
Coal Size/Type: nut/pea

Re: Government Taking Control of Student Loans

PostBy: tvb On: Thu Sep 17, 2009 7:15 pm

So I take it you would rather see billions of dollars be given in subsidies to private lenders rather than loaned directly to students or given to them in the form of increased PELL grant funding?

FWIW, the gov't has been directly involved in student loans since they began. It was only under Republican admins that much of the industry was privatized further. This includes Sallie Mae becoming a completely private organization in 2004 after they donated $250000 to the Bushco inauguration committee. I guess the SLM execs may have to take a pay cut from the $1 - over $3 million salaries they pay themselves on the backs of students paying back loans and your tax dollars.
tvb
 
Stove/Furnace Make: Alaska
Stove/Furnace Model: Channing III

Re: Government Taking Control of Student Loans

PostBy: jpete On: Thu Sep 17, 2009 7:44 pm

tvb wrote:So I take it you would rather see billions of dollars be given in subsidies to private lenders rather than loaned directly to students or given to them in the form of increased PELL grant funding?

FWIW, the gov't has been directly involved in student loans since they began. It was only under Republican admins that much of the industry was privatized further. This includes Sallie Mae becoming a completely private organization in 2004 after they donated $250000 to the Bushco inauguration committee. I guess the SLM execs may have to take a pay cut from the $1 - over $3 million salaries they pay themselves on the backs of students paying back loans and your tax dollars.


What are your thoughts of the entire government printing money out of thin air and placing the debt on the backs of the taxpayers?

Things you agree with = good?

Things you don't = bad?
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice


Re: Government Taking Control of Student Loans

PostBy: tvb On: Thu Sep 17, 2009 8:02 pm

jpete wrote:
Things you agree with = good?

Things you don't = bad?


You're funny. Did you take a class to get so smart?
tvb
 
Stove/Furnace Make: Alaska
Stove/Furnace Model: Channing III

Re: Government Taking Control of Student Loans

PostBy: Poconoeagle On: Thu Sep 17, 2009 8:07 pm

A guy named Max had pills in his shoe to......"Get Smart" !!!!

whoops that was a phone 8-)







99 was hot :oops:
Poconoeagle
 
Stove/Furnace Make: Buckwalter & Co. , EFM520
Stove/Furnace Model: No. 28 Glenwood 1880, Alaska

Re: Government Taking Control of Student Loans

PostBy: jpete On: Thu Sep 17, 2009 8:28 pm

tvb wrote:
jpete wrote:
Things you agree with = good?

Things you don't = bad?


You're funny. Did you take a class to get so smart?


No. Born that way.

Did you take a class to be evasive?

What are your thoughts of running the entire country and most of the world on the backs of the US taxpayer?

Here's an easier one. What are your thoughts of guys like Chris Dodd buying houses one the backs of the US taxpayer?
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice

Re: Government Taking Control of Student Loans

PostBy: lowfog01 On: Thu Sep 17, 2009 8:36 pm

Poconoeagle wrote:A guy named Max had pills in his shoe to......"Get Smart" !!!!

whoops that was a phone 8-)

99 was hot :oops:


:D Say What? I'm still laughing.
lowfog01
 
Hand Fed Coal Stove: Mark II & Mark I
Coal Size/Type: nut/pea

Re: Government Taking Control of Student Loans

PostBy: lowfog01 On: Thu Sep 17, 2009 8:56 pm

TVB,

I expected you to be one of the first to reply. Are you so insecure in your abilities to take care of yourself that you have to have someone, i.e. the government, take care of all aspects of your life? Why anyone would want to invite the government into their lives anymore then it already is beyond me – like the government has ever successfully run any enterprise other then the military. Give me a break!

In case you missed it - this is not an issue of subsidies or loans; this is an issue of individual freedoms. This is an obvious power grab by one political party in order to direct the education of our youth and work force for generations to come. Under the constitution - you remember that pesky little document don't you - the federal government has no business in education in the first place much less determining how and who can get school loans. Once upon a time it was against the law for the Federal Government to duplicate any enterprise which was being done or capable of being done by individuals in private enterprises. Capitalism and free enterprise is what makes American great. Slowly the liberties we have enjoyed have been whittled away and you and your ilk are too blind to see it or you see and you refuse to do anything about it. Hopefully you'll wake up before it's too late. Lisa
lowfog01
 
Hand Fed Coal Stove: Mark II & Mark I
Coal Size/Type: nut/pea

Re: Government Taking Control of Student Loans

PostBy: ErikLaurence On: Thu Sep 17, 2009 9:55 pm

The Feds have been making direct student loans since the 1960s.

What exactly does this bill change?

Or is this just more moaning about Obama being president?
ErikLaurence
 
Stove/Furnace Make: Reading Lehigh
Stove/Furnace Model: LL Hyfire II w/heat jacket

Re: Government Taking Control of Student Loans

PostBy: jpete On: Thu Sep 17, 2009 10:04 pm

ErikLaurence wrote:The Feds have been making direct student loans since the 1960s.

What exactly does this bill change?

Or is this just more moaning about Obama being president?


The Feds have been fronting the money for the loans, but did they have the right to refuse or accept those loans?

I think that's the difference.
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice

Re: Government Taking Control of Student Loans

PostBy: ErikLaurence On: Thu Sep 17, 2009 10:15 pm

jpete wrote:
ErikLaurence wrote:The Feds have been making direct student loans since the 1960s.

What exactly does this bill change?

Or is this just more moaning about Obama being president?


The Feds have been fronting the money for the loans, but did they have the right to refuse or accept those loans?

I think that's the difference.


I don't know. Whoever started this thread didn't provide a link.

Here 's something in the WSJ
http://online.wsj.com/article/BT-CO-20090917-715193.html
This link is broken, either the page no longer exists or there is some other issue like a typo.


There is no mention of how the legislation changes who gets loans. They seem to be basically cutting out the middleman of the student loan business. Private industry didn't provide funds for student loans, they were just the middleman. Essentially no one gets turned down for student loans.

I think this is just another example of Obama Paranoia Syndrome.
ErikLaurence
 
Stove/Furnace Make: Reading Lehigh
Stove/Furnace Model: LL Hyfire II w/heat jacket

Re: Government Taking Control of Student Loans

PostBy: mikeandgerry On: Fri Sep 18, 2009 1:57 am

The government isn't just cutting out the middle man, they are cutting out competition and choice among lenders. There is a clear motivation to do so because the CBO essentially said the savings could be rendered through private channels:

The non-partisan Congressional Budget Office said that ending fees paid to private lenders would save the taxpayer $87 billion over the next decade.

An alternative proposal floated by a group of lenders including Sallie Mae would realize the same level of savings, the CBO said.

In the Senate, staff on the Health Education Labor and Pensions Committee are drafting legislation similar to the House version, according to a Senate Democratic aide.

The Senate bill also would end private-lender origination of loans, the aide said, leaving the federal government as the sole provider of college loans.


Since obviously they are acting to control this aspect of funding higher education, it can't be paranoia on my part to wonder what Obama & comrades have planned if it could be done privately at the same cost savings.

And BTW--Here's a good reason to be paranoid about Obama....:
http://english.pravda.ru/opinion/column ... pitalism-0

When you have Russian op-ed pieces comparing your president and governmnet to the style of government that they have tried to throw off, it is cause for concern. It's making Kruschev look like he had a crystal ball fifty years ago.
mikeandgerry
 
Stoker Coal Boiler: Axeman-Anderson Anthratube 130-M

Re: Government Taking Control of Student Loans

PostBy: djackman On: Fri Sep 18, 2009 2:29 am

According to the WSJ link the private sector was already getting out of the student loan industry.


http://online.wsj.com/article/BT-CO-20090917-715193.html
This link is broken, either the page no longer exists or there is some other issue like a typo.


"Complaining that the business is no longer profitable, more than 180 lenders have exited all or part of the federal student loan program since the fall of 2007"

But the WSJ is part of the MSM, and Glen Beck didn't say it, so it's probably not true.
djackman
 
Stove/Furnace Make: 1980 vintage Tarm
Stove/Furnace Model: FT22 (aka 202) installed!

Re: Government Taking Control of Student Loans

PostBy: ErikLaurence On: Fri Sep 18, 2009 6:10 am

mikeandgerry wrote:The government isn't just cutting out the middle man, they are cutting out competition and choice among lenders. There is a clear motivation to do so because the CBO essentially said the savings could be rendered through private channels:



Except the government was always the lender. No one in the student loan business lent their own money, they lent the feds money. All private industry here did was mark up the loan.

Under this bill you can still go to private lenders for a student loan, the problem is, they don't exist.
Last edited by ErikLaurence on Fri Sep 18, 2009 6:13 am, edited 1 time in total.
ErikLaurence
 
Stove/Furnace Make: Reading Lehigh
Stove/Furnace Model: LL Hyfire II w/heat jacket

Re: Government Taking Control of Student Loans

PostBy: ErikLaurence On: Fri Sep 18, 2009 6:11 am

djackman wrote:According to the WSJ link the private sector was already getting out of the student loan industry.


http://online.wsj.com/article/BT-CO-20090917-715193.html
This link is broken, either the page no longer exists or there is some other issue like a typo.


"Complaining that the business is no longer profitable, more than 180 lenders have exited all or part of the federal student loan program since the fall of 2007"

But the WSJ is part of the MSM, and Glen Beck didn't say it, so it's probably not true.


Of course the WSJ is owned by News Corp, which also owns Fox News and Glenn Beck's TV show.
ErikLaurence
 
Stove/Furnace Make: Reading Lehigh
Stove/Furnace Model: LL Hyfire II w/heat jacket