September 3rd 2010 06:02 pm
The Future of Federal Student Loans
On Tuesday, March 31, the New America Foundation’s Education Policy Program hosted “The Future of Federal Student Loans” This event featured representatives from the Obama administration, the student loan community, and New America’s Education Policy Program to discuss the pros and cons of the President’s proposal to stop guaranteeing federal student loans and to instead make the loans directly. On Feb. 26, the Obama Administration laid out a bold plan to expand financial aid, paid for in part by ending the Federal Family Education Loan (FFEL) program and instead contracting with companies to service loans. This proposal is controversial in the lending community, the higher education community, and on Capitol Hill.
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Tags: college, education, federal, FFEL, loans, Obama, private, Public, Reform, Sector, student
15 Comments »
elladftg on 05 Apr 2009 at 5:27 pm #
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HighVoltage18388 on 06 Apr 2009 at 2:38 pm #
DUDE!! what a long vid!!!
Moveontonumber2 on 23 May 2009 at 8:45 am #
Federal and Private student loans are a usury mechanism to enslave a young work force. These debts arise out of necessity not frivolous spending. If you get into trouble and can’t pay what happens? The interest rate sky rockets, the penalties compound, you lose the right to a tax refund, and ultimately you lose your rights to social security, medicare, and your rights as an American citizen. Do not fall into the trap.
Moveontonumber2 on 23 May 2009 at 8:48 am #
If they really think an education is necessary then they need to make it affordable by funding the schools directly which would bring down the price of college for the individual. WHO IN THEIR RIGHT MIND GIVES A 17 YEAR OLD A $15,000 LOAN WITH NO CREDIT OR COLLATERAL? A GOVERNMENT WHO AIMS TO ENSLAVE A YOUNG WORK FORCE, THATS WHO!
PurrGrrl on 19 Jun 2009 at 11:31 am #
Eliminate student loans entirely. Smaller, less wealthy European countries provide free education to their ppl. But in US poor students r denied the ability to better themselves–required to put themselves in debt in order to get an educ &they end up paying more money to go to college than their wealthier friends whose parents pay upfront ’cause loans must b paid back w/interest& fees.
Instead of best&brightest aspiring to prof’l positions, only the wealthiest can attain those positions.
applyforstudentloan on 28 Jun 2009 at 4:54 pm #
I strongly believe that the governments and the lenders have an agenda..look at the amount of money is being handed out in loans freely. In the long term those who borrow will never repay their debt for a long long time. It’s true high percentage will be enslaved to the system.. Do your research before your apply .
Check out my free report…click on my user name
yoops on 05 Jul 2009 at 5:42 pm #
I borrowed in total $30k for only 1 years worth of college. I left college after I learned of the evils of student loans and I’m completely pissed. Why the fuck did nobody tell me this during high school or even my financial aid advisers. Bunch of crooks screwing the American youth over. If you are poor and you wish to get higher education, you are screwed buddy.
Moveontonumber2 on 08 Jul 2009 at 8:25 am #
I was the son of a 100% disabled female Vietnam veteran when I graduated high school. I was “entitled” to chapter 35 benefits. Instead of the government practicing predatory giving, they practiced predatory lending and I racked up 30k for school. Its now at 53k and I’ve paid 13.5k . They tell me the benefits I should have gone to school with are not retroactive. If I cant hold them accountable, how can they hold me accountable? Its a modern slave trap.
pd18750 on 27 Jul 2009 at 8:32 pm #
Let’s just hope that the new income-based repayment (IBR) plan is the best thing ever to happen to managing student loan debt. If it’s not, then I won’t hesitate to renounce my U.S. citizenship and live and work in another country, I’m sure a foreign country would LOVE the education and expertise of a U.S.-educated Ph.D.
Student loan debt is the new terrorism
Macwildstar on 03 Aug 2009 at 2:22 pm #
no. The IBR program is just another cost shifting program. If you don’t work in a field that qualifies for total forgivness at the end of 25 years, you then pay income tax on the balance, for some of us that amount due will be greater than what we started with. So instead of paying thru Dept of Ed, we pay thru the IRS.
No.. this is not a solution, it is just another avoidance of the real problem: That the student loan industry since the late 1970’s became predatory and exploits students.
Macwildstar on 03 Aug 2009 at 2:26 pm #
I agree, Eliminate the loans, make it pell grants to those who are most qualified. Some competition is always good. Not everyone needs to go to college. I know 2 professional students who have 4 degrees each who will NEVER be hired by any good company worth working for because they have absolutly no common sense. These 2 have over 250k each in student loan debts, that they will never be able to pay for.
codewarrior05 on 13 Dec 2009 at 7:58 pm #
22:10 min it, I had to laugh. “They hoped it would reduce tuition”
How about get the federal government out of the student loan business?
codewarrior05 on 13 Dec 2009 at 9:20 pm #
How about getting the federal government out of the student loan business? Before student loans were the norm, tuition was affordable and students could work a part time job to pay the costs.
beebop46n2 on 16 Mar 2010 at 2:35 pm #
Anyone that cares about education in this country needs to look at a guy by the name Peter Schiff. Do a search on youtube. Currently our primary educational institutions reward the administrative staff and teacher’s unions and not the students. Our current system is failing our youth. Govt needs to get out of guaranteeing loans. Then the banks have to actually look at the ability of the individual to pay back the loan. It’s common sense. Don’t repeat the mortgage crisis.
GreatSatan1 on 30 Mar 2010 at 9:48 am #
Get rid of the middleman right?
We don’t need no stinkin’ middleman. Costs the American people too much unnecessary money.
Get rid of the middlemen. Corporations are the enemy of the people. Corporations that own farms, orchards, trucks, railroads, fertilizer companies, storage warehouses, processing facilities, pesticide companies, advertising companies, packaging companies, corporate retailers. These are all profit making enterprises that add to the cost of our food. We need to nationalize.