1ºDawn Marie if it's b/t the bank & an individual that's them. If the interest is to high then they shouldn't make the contract if they don't like it. It's very easy to make sure banks aren't charing outrageous interest in loans & that's by ppl not taking loans or by shopping around different banks for loans. Can some legislation be helpful, probably but then that would start down a road of government interference into a private business that shouldn't be allowed. @ the same time the fed should get out of the loan buisness & offer only grants that are 1st come 1st serve *only have a set amount of them. The government should get out of a lot of things. But since we have a department of education, they & banks should put limitations on school loans & grants. Like on particular degrees & courses. There are degrees out there that 0 job related. Also perhaps the governement should mandate all federal loans be only to applied @ vocational schools & trade schools. The also incentives can be applied. Like if I get a degree that does have a corolating field (ex: criminal justice) then they get a percentage reduction of the loan over time holding that job. There are many ways to fix loans problem. But getting the government out of the banking business is paramount. There were laws put in place to make sure of that. And up til 2008 that was pretty done. That's why banks are only guarantee a certain amount is per law set to make sure they do the right thing. But what Biden did in silicone valley was unlawful. The law ls that were place were to what happen. The bank over reachs, another can buy it or it tanks. But if it tanks the banks make sure to pay out what the customer is owed up to the amount which I believe is 250k total (if I remember correctly).
2ºI have mixed feelings here.
I agree that it shouldn’t be bailed out. Unfortunately the problem I have is that government in turned is bailing out all the banks that are failing with taxpayer dollars.
Sorry but if you refuse to bail out one group then you should says same to the others as well. Sorry Gavin that you had your money in SVB.
I think many would be ok with a student bailout as well if it came with a caveat that the system needs restructuring.
Let students know exactly what the reward is for the degree.
I am in an industry that many are not pursuing as well as similar medical related professions. They look at overall cost of program vs salary and saying no.
Your 200k degree of a Bachelor of Arts especially in certain fields like philosophy, women’s studies, gender studies to name a few will get you a job as a Starbucks barista.
3ºKen Harkins you're misunderstanding here. I'm a home owner. I know I can refinance my loans. Between my husband and I, we own 4 cars. I know I can refinance these cars.
I also have student loans. Nowhere in the loan documents does it state I would never have the option to refinance. I learned this after the fact.
Of course I'm paying my loans. I signed the documents. But it is definitely predatory for an 18 yr old to not have a financial advisor or loan counselor helping guide them through the loan process. Which most car owners and homeowners get.
These 18 yr olds recieve electronic loan documents from the government. And are expected to read, and understand, all legal terms.
The comparison is nullified by the entire lending process. Oh and by the way, I spent 15 years funding mortgage loans. I assure you, it's apples to oranges.
4ºLu-Ann Clenney You might as well accept the fact that you need my vote in order for your side to win in November 2024. If politicians don't cancel student debt, they're pretty much saying they don't need my vote, or anyone's vote with student debt. You keep saying you don't agree with me, but you keep replying to my comments. So you not only care with what I'm saying, but you also need my vote next year as well. The day you speak for "America" is the day I grow wings and fly. I don't care if 1 person or 1 billion people agree with me. I'll still reply with the hashtag #CancelStudentDebt