Tuesday, January 27, 2009

Student Loan Ripoffs

I have been talking with folks who kids are really suffering from outrageous interest rates on their student loans. WTF!

I am getting ready to lock in to a 4.3% mortgage rate and these kids are paying upward of 8% for their 50K student loans. This needs attention. The feds are bailing out the banks who then turn around and charge these usurious rates to kids who only wanted to get good degrees at good schools. Where is the Justice in this? Shouldn't our delegation look into this?

Add to that the fact these kids are underpaid or have no job at all and are going to have bad credit ratings because they cant make payments on time, or ever be able to put money aside for buying a home or starting a family. This is in addition to the deficit the kids will face paying off due to the greed of these bankers and Wall Street creeps. Where are the tar and feathers?


Anonymous said...

Student loans should be available at cheap rates
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wanrey said...

I'm definitely one of those students and am outraged. It definitely is deterring me from going back to school.

Karen Fayeth said...

Well, while we're at it, let's talk about the rising exorbitant cost of education to begin with.

A good, smart kid should be able to get a decent college education, regardless of how much money they or their parents make. I believe college should be more accessible to more people.

It's a topic that gets my blood boiling.

Dr. Know said...

All good points.
As for me, I've got the freshly sharpened pitchfork, the tar, and some good rope. When do we leave?
Bastille Day, American Style.