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News & Politics News & Politics

Student Loan Rates Set To Double On July 1

Posted by on Jun. 29, 2013 at 9:54 AM
  • 7 Replies

http://www.npr.org/2013/06/28/196243698/student-loan-rates-set-to-double-on-july-1

The interest rate on government-backed student loans is going to jump from 3.4 percent to 6.8 percent Monday.


by on Jun. 29, 2013 at 9:54 AM
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Replies (1-7):
lylalane7275
by Silver Member on Jun. 29, 2013 at 9:58 AM

I work with a few people that have been frantically trying to get their loans paid off, but you know life happens.  Will this have any impact on you?

imagirlgeek
by Bronze Member on Jun. 29, 2013 at 1:33 PM
1 mom liked this

This is exactly why I worked during the day, and went to school at night...taking only the number of classes I could afford to pay for.  I wouldn't change a thing about that choice either.  I know people who are still trying to pay off loans years after they finished school....doing the exact same job I am.  

JanuaryBaby06
by on Jun. 30, 2013 at 1:42 PM

no ti wont effect me but it will effect most of the people  i know and went to school with.

JoJoBean8
by Silver Member on Jul. 2, 2013 at 10:25 AM

It will impact my husband who is in school. 

Ziva65
by Bronze Member on Jul. 2, 2013 at 10:40 AM
1 mom liked this

I saw a program on this.

I can't believe people really. It was a girl at Columbia, a student. She was complaining because her loan rates would be going up. She was all on aid. She was studying drama... at Columbia. Last I looked, tuition at Columbia for being on campus is $61,000.

In drama, the likelihood she will make $61,000 in a year is pretty low.

What happened to people making wise choices? What happened to people not using the route of student loans unless absolutely necessary, and even then making wise career/ degree choices? I have to say, we both looked at each other and laughed when she complained that her "government loan was going up"... "who is supposed to pay for that?" she said. Hmm, me?

Am I supposed to pay for her choice to go to an expensive school, have no money to do it, take out a loan? How about do what others do, pick a school within your means, and study something that will get a good paying job?

Sorry, that's my rant for the day.

 

lylalane7275
by Silver Member on Jul. 2, 2013 at 10:44 AM
1 mom liked this

Right?  What happened to getting a good old fashioned Accounting Degree.  You will always be able to find work.  Guess you wouldn't be cool though.


Quoting Ziva65:

I saw a program on this.

I can't believe people really. It was a girl at Columbia, a student. She was complaining because her loan rates would be going up. She was all on aid. She was studying drama... at Columbia. Last I looked, tuition at Columbia for being on campus is $61,000.

In drama, the likelihood she will make $61,000 in a year is pretty low.

What happened to people making wise choices? What happened to people not using the route of student loans unless absolutely necessary, and even then making wise career/ degree choices? I have to say, we both looked at each other and laughed when she complained that her "government loan was going up"... "who is supposed to pay for that?" she said. Hmm, me?

Am I supposed to pay for her choice to go to an expensive school, have no money to do it, take out a loan? How about do what others do, pick a school within your means, and study something that will get a good paying job?

Sorry, that's my rant for the day.




Ziva65
by Bronze Member on Jul. 2, 2013 at 10:48 AM
1 mom liked this

 


Quoting imagirlgeek:

This is exactly why I worked during the day, and went to school at night...taking only the number of classes I could afford to pay for.  I wouldn't change a thing about that choice either.  I know people who are still trying to pay off loans years after they finished school....doing the exact same job I am.  

Right!

We will have 4 kids in college, at the same time. One child is 2 years older than the other 3 (triplets). Currently they are a junior and three freshman. We even hired a college planner to help us navigate all this.

We are setting parameters as to what we will pay for. We are against student loans/ loans of any kind, but if needed we will work it out. I'm thinking grad school, law school, extended expensive study. One wants to be a vet, another a lawyer.

Anyway, we will not qualify for anything financially, even if all 4 are in school. Our business puts us over the top for anything like that. If they get academic scholarships, they can go to the school of their choice- 2 will likely get good academic scholarships. One will get academic and water polo scholarships very likely. Others, who won't get academic sholarships, will likely be going to the JC for two years first, and then on to a 4 year school.

We will pay XX amount of money for school, and guide them. I will be working for a long time, no fancy trips or anything like that, and it's ok by me.

I don't think people realize that even with a loan, one still has to make wise decisions in terms of the school itself, the tuition (ranges from 13,000- 200,000) and the type of degree...

JMO, drama, at Columbia on student loans... umm to me doesn't seem like a wise choice at all.

 

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