Student loan rates just doubled because congress couldn't come to an agreement

[SouthDakotaBrah]

http://www.foxnews.com/politics/2013...turns-to-july/
"Interest rates on federally subsidized Stafford student loans doubled overnight, soaring from 3.4 percent to 6.8 percent after Congress failed to reach a deal."

[SouthDakotaBrah]

srs brahs

[jackamo2887]

'Merica!

[Tsudo]

That's on all new loans taken out, yea? Not loans that are already in repayment?

[Rayzor84]

I have to get the fuk out of this country. I'm not even supporting it anymore. The country is fukking out of control on all fronts. If someone talks chit ill no longer defend the US. Its a chithole in every way.

Brb need a phd to work at walmart or mcdonalds.
Brb can't afford it bc no one hires while ur going to school.

Now brb fukking broke on school to land a chit job that should barely require a diploma.

[Lendogg]

Not surprised. When has congress gotten anything right?

[Shortfuze]

At this rate, more college students will probably default on their loans than actually graduate.

F*ck Congress.

[IndianMan]

****

[Deltoidbrah]

wtf thats brutal!

[Anthony.b]

Should be on all new loans, you can't really violate the old contracts with the lower interest rates. However, it is the government and that interest rate spike is gonna help pay for Obamacare. 9 billion in the next decade! *******s

[epixs]

honestly what's become of our legislation process.

Why is the government helping foreign countries, but not coming through with helping its own people. We will be the future of this country anyways...

tfw going to be taking out student loans for grad school and already know its gonna be a bitch paying them back.

[rootcon]

Why is govt in the loan business anyway?

Its all f'd up. Federal govt not supposed to be doing what its doing (or so would think James Madison) http://www.constitution.org/jm/18170303_veto.htm

[dmaaack]

Congress is actually on vacation this week. They gave 0 fcks about that bill.

Dem baby boomers continue to chit all over this generation.

[esmile]

Lol holy ****, thats insane.

[Captain554]

That's on all new loans taken out, yea? Not loans that are already in repayment?

Pretty sure it's all new loans. My current loans are still like 2.85% (just checked a moment ago), then again I've got like 1 payment left on them so doesn't really affect me either way.

[IndianMan]

Congress is actually on vacation this week. They gave 0 fcks about that bill.

Dem baby boomers continue to chit all over this generation.

****ing hate congress

[Kataro]

In for Student Loan bubble burst

[AlexRowell]

What the actual phuck is happening at the moment. Stupid decision after stupid decision or in this case lack of.

[Efre]

That's on all new loans taken out, yea? Not loans that are already in repayment?

Already contracted school loans are under a fixed interest rate by contract.

[ditsy911]

Good. Only trust fund babies who went to top state schools or private schools should be going to college.

/capitalism

[ESP33]

The only good news that comes out of this is that it's for future loans. Any previous loans that were taken out are fixed at the previous level.

But this is horsesh!t. I have 2 more years where I may JUST be able to not take out any loans (that in-state tuition). I'm starting to pay my loans off during deferral so I hopefully don't have to pay any interest.

feelsbad for out-of-state'ers and private school misc'ers

_________

I just did research into my loans. I have 3 loans to pay, each are through separate loan agencies (it's different for each school, and I went to 2 schools). Then each of these loans has different interest rates....mine range from 3-5%. It's such a pain in the a*s to deal with loans that aren't consolidated into one place

[momo5]

american education of peace. Only reason people want to go to school is to party, paying 50-60k money to party and get arts degree, the few who do go to learn usually can't afford a good school, while the rich send there kids to private schools, and then to prestigous schools that gurantee the family stay rich. Of course you have some people who are poor but got into charity schools or managed to make it through public school and actually get prepared for a real college actually make it.

Only in america do you see recruiters advertising hot cheerleaders and elite football games, parties. To get people 50-60k in debt. Sht is sad as fck but what this does is it allows the smart people to get rich as fck and then all the people who didn't take it serious are in serious debt and are forced to work for the rich, office jobs, simple task, while the CEO and upper people are balling from your desperate need to live.

[epixs]

Good. Only trust fund babies who went to top state schools or private schools should be going to college.

/capitalism

i hope thats sarcasm.

[xerik126x]

The Government shouldn't be in the business of handing out student loans in the first place hence the increase of tuition costs 4x the rate of inflation in the last 30 years.

[Rexy]

looks like those clowns in congress have done it again

what a bunch of clowns

[ditsy911]

i hope thats sarcasm.

It is

[ThaBadGuy]

Paid off my loans last month....feels good!!

[epixs]

american education of peace. Only reason people want to go to school is to party, paying 50-60k money to party and get arts degree, the few who do go to learn usually can't afford a good school, while the rich send there kids to private schools, and then to prestigous schools that gurantee the family stay rich. Of course you have some people who are poor but got into charity schools or managed to make it through public school and actually get prepared for a real college actually make it.

Only in america do you see recruiters advertising hot cheerleaders and elite football games, parties. To get people 50-60k in debt.

strong this.

The sad reality is though that there are people who already know what they want to do in college. Those are the people who will be affected a lot. Also the majority of those people probably come from middle class families who want to make those top salaries which require higher education. Thus have to take out loans for graduate school and/or even undergraduate.

I laugh at the idiots who party in school when their parents are broke.

[Tornach]

Good. Only trust fund babies who went to top state schools or private schools should be going to college.

/capitalism

Merica Keeping rich people rich and poor people poor...

[GolfPants]

Already done with school and 0 debt. Feelsgoodman.

Congress should not be in the student loan business anyway. Whatever govt tries to do, they accomplish the opposite. Brb 5% approval rating.