Lower student loan rates!

Drolefille · #1 01-17-2007, 04:06 PM

I believe they're all "need based" as far as governement loans... they just mean they aren't merit based. (Stafford loans are need based for example)

Kevin · #2 01-17-2007, 04:09 PM

Excellent. This is much needed after the recent Bush screw-job. To think... he'd attack one of the only federal entitlements which is in the end mostly profitable to the government. I guess our elected officials just do what their bosses at Chase-Manhattan tell them to do.

I voted for the guy twice and consider myself to be a solid conservative, but this move baffled me.

Drolefille · #3 01-17-2007, 04:11 PM

Well hopefully it passes, though I do understand the concern voiced in the article that lenders may avoid doing student loans if rates are too low. Democrats also pledged to increase Pell grants which go to the lowest income students.

PeppyGPhiB · #4 01-17-2007, 04:28 PM

Well, rates were that low just a couple years ago, when the federal reserve made all the interest rate cuts.

And yes, federal loans are need-based. They're talking about the ones people qualify for by filling out the FAFSA.

This is an example of legislation and appropriations that may cost money up front but is worth every penny in the end. Anyone with clear thinking understood why No Child Left Behind was a bunch of PR hooey...the students most impacted by it get the rug pulled out from under them when they try to go to college. We make them meet a bunch of federal standards for test scores, then we don't give them the money they need to get an education beyond high school anyway.

An educated society is a healthy one.

SigKapSweetie · #5 01-17-2007, 05:41 PM

HAH! Now I feel smart for not locking my rate in at 6.5%, which is what Financial Aid told everyone to do because 'the rates are only going to go up'.

Kevin · #6 01-17-2007, 06:06 PM

Quote:

Originally Posted by SigKapSweetie

HAH! Now I feel smart for not locking my rate in at 6.5%, which is what Financial Aid told everyone to do because 'the rates are only going to go up'.

That's probably some of what the bank spammail you received told you. If your Financial Aid office told you that, I'd be surprised.

PeppyGPhiB · #7 01-17-2007, 06:47 PM

Right. Stafford loans are low-interest loans. They cap them I think at around 7% interest max. And i don't know about other schools, but i had no unsubsidized staffords for my undergraduate studies...maybe that changes in grad school?