House votes to cut student loans.
By on Jan 17th, 2007 at 7:01 pm
House votes to cut student loans.
“The House of Representatives voted overwhelmingly to cut interest rates on some federal student loans Wednesday, passing the fifth of six bills Democratic leaders have promised to pass in their first 100 hours of making new laws.”
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The big one is tomorrow. I hope they are real serious about cleaning up the big oil mess. I won’t be here tomorrow to help clean up our own mess.
January 17th, 2007 at 7:08 pmYou might want to change the misleading title of this entry.
The house did *not* vote to cut student loans; they voted to cut interest rates on student loans….
January 17th, 2007 at 7:08 pmAnd some Republicans decried the bill as not doing enough. As if they give a sh*t about education NOW. Last year Republicans cut 15 billion from student aid.
January 17th, 2007 at 7:10 pmIt’s time for Pelosi to announce the agenda for the next 100 hours and the 100 hours after that.
She has shown that this conference means business. The Republicans are in disarray. If she keeps this focus and discipline going they will eventually go on record as supporting the undoing of many of the atrocities of the last six years, forcing the Republicans to play defense.
Already the upcoming elections are peeling the Republicans away from the president on the surge issue. Now they need to pass something that makes going to war – any war, but particularly with Iran – without new Congressional approval an impeachable offense.
January 17th, 2007 at 7:10 pmSince it suits my purposes, I really like this bill. :)
January 17th, 2007 at 7:11 pmLike #3 Buzzbomb, I also heard that some Republicans have said the bill doesn’t go far enough! M-F Hypocrites!! As if they ever cared about student loans when they had power to do something.
January 17th, 2007 at 7:20 pmMay they all be tarred and feathered after being attacked by fire ants.
this is, again, great news… it’s fafsa time again…
i’ve heard some very logical responses AGAINST the 100 hours plan…
January 17th, 2007 at 7:24 pmthe main one being that there isn’t enough time AND press devoted to each piece of legislation to get the people behind it, understand it…
i know, of course, about the problem with the librul press, but that argument makes sense…
the war too easily takes the wind out of these sails…
but i also understand pelosi’s reasoning…
just puttin’ that out there…
Zooey I’m with you. I am still paying off my student loans.
January 17th, 2007 at 7:24 pmLike I said on the ThinkFast Thread,
I’m really glad I had the foresight to consolidate @ 2.75%!
Yikes!
That rate, with that amount of money? Not Fun!
:)
January 17th, 2007 at 7:28 pmZooey I’m with you. I am still paying off my student loans.
Comment by Rebel In CA
I just started acquiring them.
January 17th, 2007 at 7:29 pmJust finished my first week at the university!
lucky you, true blue…
January 17th, 2007 at 7:42 pmwhen my son consolidated in 02 it was 5%…
was able to get my daughter’s at that rate, until this past year…
and i count that as a pretty good rate… these days…
This actually raises the cost of college.
When the student loan interest rates are cut, or if students get a tax credit for student loans, then that means students have “extra money” that was formerly used to pay for loans.
This gives Universities the ability to raise their tuition to take up the slack.
Voila. The Democrats make a big payback to their University staffer support.
January 17th, 2007 at 7:49 pmYou should correct the headline to “House votes to cut interest on student loans.”
It is misleading otherwise. They did not cut student loans, Nico.
January 17th, 2007 at 8:00 pmThat is soooo way cool.
Now if they can please retro my locked consolidated effing 9.0% effing loan.
January 17th, 2007 at 8:01 pmNow if they can please retro my locked consolidated effing 9.0% effing loan.
Comment by ForTruth
Ouch! Damn…
January 17th, 2007 at 8:38 pm#12 muckdog – that’s not correct at all.
Universities raise tuition all the time, but it has little to nothing to do with what students can afford.
January 17th, 2007 at 8:58 pm… i heard some talk about the financial aid problem lately being due to the schools doling out a big proportion of aid to a lot of students who don’t NEED the help, but who have great ACTs, and extra curriculars, etc. – these outstanding students help get the ratings up for the schools… by the time the incentives are given out, there’s not much left for the needs-based students…
January 17th, 2007 at 9:09 pmonce again – pandering to the “haves”…
imagine that…
Now if they can please retro my locked consolidated effing 9.0% effing loan.
Comment by ForTruth
I thought it couldn’t go over 8 or 8.5…
Still, da-mn
January 17th, 2007 at 9:11 pm#17 katy – ah, yeah, that’s not right either. Sorry.
The problem is that college is expensive, period. Pretty much universities give aid *based on financial need*. Often what a university says is a family’s need may in fact be much more than they can practically afford.
January 17th, 2007 at 9:14 pmIn 1993 when I got those loans for graduate school, the interest rate ceiling was 9%. Probabley the highest ever. Effin’ sweet.
January 17th, 2007 at 9:19 pmwell, dr sinker… you’re correct – it ain’t right, at all…
i just know what i was listening to, on franken, i believe…
huh… i’m trying to get to franken’s web page to find out the name of the guest… none of AirAmerica’s pages want to open…
anyone know why?
by the way… are you a medical doctor? (bet you hate when people do that)…
January 17th, 2007 at 9:21 pmKaty,
No, I’m not a real doctor (I don’t deal with blood). Mine is Piled Higher and Deeper.
January 17th, 2007 at 9:23 pmVoila. The Democrats make a big payback to their University staffer support.
Comment by muckdog
You don’t know what the f*ck you’re talking about.
January 17th, 2007 at 9:24 pmMine is Piled Higher and Deeper.
Comment by DrSinker
Heh.
January 17th, 2007 at 9:25 pmHow about capping tuition increases! I’ve got 2 thru, 1 going and 2 more to go. We help all we can but every year comes an increase! Must be someway to get these increases under control!
January 17th, 2007 at 9:25 pmMine is Piled Higher and Deeper.
Comment by DrSinker — January 17, 2007 @ 9:23 pm
yea… i raised one of those!… a chemist… actually official in may…
i’ll have to remind him with that one occasionally…
well, i’m having some unexplained dizzyness at times… what to do?
January 17th, 2007 at 9:34 pmanyone?
Congrats to your son Katy – it’s a great deal of work. Probably in chemistry he had decent financial support in grad school?
January 17th, 2007 at 9:36 pmvery decent… full ride… whew!… bragging rights:
he chose berkeley out of mit, harvard, scripps and cal tech…
he is going on to post doc work at cal tech…
…he did, and still does, work very hard…
if i hadn’t been there, i wouldn’t know where he came from!
and, thank you!
January 17th, 2007 at 9:46 pmLooks like RedState is invading…
January 17th, 2007 at 9:53 pmrachel can you please stop by now?
January 17th, 2007 at 9:55 pmAs an employee in the student loan industry for nearly 5 years, I worked with lips sewn shut during the elections of 2004. One of the biggest supporters of the Republican administration (this is public record, btw) was also one of the biggest student loan companies in the country. I no longer work for the old gal.. Sallie, that is.. but I’ll bet some of my former bosses are crying in their stock portfolios over the Democratic treachery. How dare they do something which benefits the students, rather than the student loan industry! I love it when Karma shows her pretty face.
January 18th, 2007 at 1:58 amWhen the student loan interest rates are cut, or if students get a tax credit for student loans, then that means students have “extra money†that was formerly used to pay for loans.
This gives Universities the ability to raise their tuition to take up the slack.
Voila. The Democrats make a big payback to their University staffer support.
Why would universities raise tuition for already graduated students? The interest cut only helps students who are finished with school as they pay less interest. If the loan is subsidized, the government pays the interest while the student is in school anyways, regardless of the interest rate. Lowering interests rates for these loans in no way helps current students.
The article talked about “some federal loans”, so we don’t even know if it applies to other types of loans.
January 18th, 2007 at 2:28 amOh great just when I am about to pay off my final student loan balance in full, they drop the interest rates, great.
January 18th, 2007 at 8:41 amJust as the big sh*t can turn into a rose, there is hope for Chris. I’ve written him many times, asking him not to have screaming, plagiarist and fabricator, Anne Coulter as a guest on his show but he is not listening. I find the same talking heads pretending to be experts on everything and yelling at each other irritating.
January 18th, 2007 at 9:08 amToo bad this doesn’t help those who need money for college because their parents are to stingy to help, but will only help the most down-and-out candidates. It wouldn’t do sh*t to alleviate the burden most of my friends are still carrying, years after graduating.
January 18th, 2007 at 9:44 am#43 Fools on the Hill
I’ve written him many times, asking him not to have screaming, plagiarist and fabricator, Anne Coulter as a guest on his show but he is not listening.
That makes two of us. I’ve asked him what possible value there could be to having her on Hardball. She calls people names (”Al Gore is a total fag.”), makes jokes about bombing buildings and poisoning Supreme Court Justices, but she really doesn’t know her stuff when it comes to the issues. I’ve tried explaining to him why I don’t have a problem with many of the conservative guests he has when they’re people who are respectful and have something resembling a logical argument to present. I guess it’s just fun for him to have a human freak show like her on to ’spice things up’.
January 18th, 2007 at 10:26 amFiona
I just wanted to write to say that you have a great site and a wonderful resource for all to share.
March 16th, 2008 at 3:44 am