Forum Post: Student Loan Rates Set to Double to 7% (July 1, 2013)
Posted 10 years ago on June 1, 2013, 4:36 p.m. EST by xjjlane
(32)
This content is user submitted and not an official statement
Who ever thought current college students and graduates would have to result in an act of cruelty, in regards to student loan interest rates? I'm going to pretend that this never happened but I would be fooling myself if I did. We went through this debacle two years ago and it was started, as I recall, by a petition on the White House's "We the People" homepage. Fortunately, that petition succeeded in having the Congress and the President act on the student loan interest rate to be stalled, until 2013.
Unfortunately, it seems that there is little hope in preventing this that would solve this problem for the long-term. I've created a petition, myself, on the same homepage of which I have not enough signatures but I need one-hundred and fifty (150) to be searchable on the "all petitions" category on the front page. In order to get a response, I need more signatures to get a response from the White House. I'm fairly new to social media and I don't have much clout, yet, I am hoping to tap into this community to help me out.
Official Link (Short URL Provided by the White House): http://wh.gov/lqFIH
I predict that when kids graduating university realize how bleak the future looks for them
That....that will be one of the driving forces of our struggle
And they will be joined by their parents and grandparents who of course want nothing but the best for them
~Odin~
And... signing this petition would do good for the struggle, right?
OK...OK, it's done, petition signed. ;-) Please keep in mind though that the struggle we are in goes far beyond your plight
It is your generation though that has the most to lose if we do not right this ship
~Odin~
Most to lose? I beg to differ because it's actually the Boomers who have the most to lose. They're be living on 20,000 or less a year when Social Security becomes insolvent.
The "Boomers" are in their mid 50s and older. SS should hold out for them. You'll be here decades longer than the "Boomers," and there is a lot more to take into account other than SS...and it's not good...
~Odin~
Social Security will be insolvent by the time I'm thirty which is in 2020, or at least deep signs of being insolvent but until about 2033 it would be gone.
That's a common misperception, based on where the fund stands at present, only if no more revenue is raised.
(quote) In short, to say Social Security is going bankrupt, you have to ignore its revenues. But by such a weird standard -- ignoring revenues and seeing how long it would take expenses to drive tangible net assets to zero -- the average member of the Dow would go "bankrupt" in just under three months. (Fascinating bonus trivia: At nine months, Microsoft would survive the longest, while United Technologies wouldn't last two hours, and eight Dow blue chips - DuPont, Boeing, IBM, Pfizer, Hewlett-Packard, Procter & Gamble, AT&T, and Verizon -- would already be bankrupt. Again, that's because ignoring revenues doesn't make sense.)
Of course, doing nothing would mean that Social Security won't be able to meet its full obligations two decades from now. But it's not going bankrupt. (unquote)
http://www.dailyfinance.com/2012/10/15/5-huge-myths-about-social-security/
Thanks Builder. I didn't have time to get into it
~Odin~
How is the United States Government going to get over 5 to 10 trillion of dollars? We would have to get rid of every single tax write off that benefits virtually everyone in this Country, including the college tax credit. We could just switch to a flat-tax of about 10% or 15% and prohibit any tax write offs from being created, or propose, into the tax code. In other words, everyone suffers without their precious little tax credits even the poor. We would also have to get rid of welfare assistance for the poor to fully fund the welfare for the elderly. We cannot do both. We would also have to cut the military to at least back to World War I levels to fund SS to its full potential. What you say about that?
Look to the time when America was the envy of the western world, and the middle-class was expanding. Taxes were commensurate with income, and tax evaders were punished by courts that still meted justice to the criminals, regardless of their financial standing, or connections with politicians.
Your comment is a bit off topic but I understand what you're saying,and your the type of person who needs to sign this petition.
Social Security could easily be fixed by raisng the income that it is deducted from, and it is not as in bad shape as Medicaid and Medicare
All of this could be fixed if we had a government that answered to the people's interests first, and not corporate and banking interests
~Odin~
Another idea would be to add Social Security and Medicare taxes to a low 15% capital gains tax rate. The fortunate aren't contributing a cent for Social Security. This is the basis for Warren Buffett commenting that his secretary paid a higher tax rate than his own. Have a reasonable minimum exemption.
What's sacred about how Social Security is funded?
There are several ways Social Security could be saved for generations to come, while not having to cut the benefits
~Odin~
Now Odin, haven't you watched the news? The politicians have run the numbers and there just isn't any way! lol
I guess I missed that windy. Day after day, i keep forgetting to turn the news on ;-), but I'm finding that I don't seem to be missing much
My local newspaper tries to get me to renew my subscription by calling me every 2-4 weeks for over two years now
I rarely talk to the same person twice, and when they ask me why I will not renew, I tell them in a very polite manner why
I do admit to reading newspapers at the library, and recycled ones from a friend once in a while, but i limit that too
~Odin~
Warren Buffett is a fraud because he deliberately ask for his personal income to be literally $1.00, while he just takes the majority of his stock holdings to keep control of his own company. Every business owner, small or big, does this. He has the nerve to call out this practice as something immoral, and how people are dodging their individual income taxes. Bullshit.
This man's business profits off people filing their freaking taxes, do you even know what Berkshire Hathaway even does? It's a holding company. It literally does not produce a single thing. All it does is hold capital from other corporations and uses the complexity of the tax code to keep all of those holding tax-free. It's essentially a company that profits off trust funds.
insolvent in less than 7 years? are you high?
I guess I am sort of high but then again, our current revenues seem to suggest I am right.
Fourteen days left before federal subsidized loans are set to nearly 7% and I have done all that I can. I'm just posting this last message which would be my last message on this entire site. I would love for the Occupy Community to sign onto this petition, it'll be worth it if you just trust me. I know most of you are Marxists and it's pretty obvious even if you deny it; the views of this forum and the actions in your demonstrations clearly signified that. I am getting tired of seeing pointless petitions that the President, within his legal power, could not do getting all the attention. Why is it so hard for people to sign on to reasonable petitions such as this one? Goodness. If this message goes unread and this petition just dies then I have no hope for this movement what so ever, and neither do I have hope for this country.
I'm going to post a comment to this thread in a last attempt to gather signatures for this cause, I am feeling increasingly frustrated on the lack of action from a lot of people from various social networks. It's like nobody in the world cares for sensible loan reform and can't seem to grasp that federal loans are high risk for the lender, the federal government. You cannot just allow people to take out loans for their education and not have conditions... that's like lending money to a total stranger that you don't know at a bar at amount of $1,000 and expect to not get paid back in something that beneficial. Would you lend to other students with no credit history, no employment background, no anything and let them study what ever the hell they want and attend which ever schools they want, regardless of the consequences with your money? Hell no.
Sign this Petition for Sound Reform!
I'm waiting...
Okay, it turns out that nobody wants to help me share this petition, I give up.
We must not give up, fellow comrads!
Check Out the Reddit Discussion!
Let Your Voice be Heard!
Remember, Remember the 7th of June... the Day of Reckoning!
Sign the Petition to Join the Fight for Justice!
June the 7th of 2013 at 12:00 AM to June the 8th of 2013 at 12:00 AM.
I am expecting a massive surge of support from the Occupy Community on this issue, and I hope you all join in on the fight! The U.S. Congress just blocked student loans bills, including Sen. Warren's. It's time to act by signing this petition to the Obama Administration to convene the U.S. Congress on the student loan crisis, we're increasingly developing leverage over our leaders on this issue. I need your support. We have thirteen signatures all ready but we need at least 150 to get on the front page of the petition site, and then we can relax and see the visitors on the site jump in.
Listen up, I need the Occupy Movement to join me in this cause.
it borders on the ridiculous
I already have a debt I may never be able to pay
now they want more
Build your anger by signing the petition!
fuck petitions , the government can see and hear me
it's supposed to be their job to listen
They listen when you act... and the only way for them to know that you're speaking is by petition. I'd recommend that you sign this petition and share with your friends to get them to listen. We will force them to change with a thousands voice!
that's simply not true.
petitions had more impact when we couldn't all directly communicate our desires
the system is arcane
but many poli prefer to put off response with protocol
Don't give up hope, my friend. Sign the petition and if the Obama Administration doesn't answer then we shall revolt to the fullest extent of our anger!
meanwhile PBS talks about new democrats and republicans
why won't the parties dies ?
George Washington warned us, now sign the petition to teach them a lesson!
I'm going to do this once and just bump my thread during peak times. :)
I'm in need of more signatures for the cause!
fuck the banks
run them all
how long do the bank think we will pay their game
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"I find it immoral that the Congress isn't acting mature on this particular issue"
They are acting very mature. And much more intelligent.
The goal was debt slaves, and they got it.
Well, let's show them what democracy looks like, shall we? Sign the Petition!
Let's share it with the world to see!
how r they acting mature ?
That's the question I was going to ask, pal. Would you mind signing this petition, pal? I'm new to social networking and I am having a hard time gathering signatures.
I'll be happy to sign... tried to ... can't remember my login password... I'll reregister if I can't find it
Thanks, pal.
congress and the executive are criminal and will continued criminal embezzlement in conjunction with the bank
as long as the people allow it
Embezzlement is the act of dishonestly withholding assets for the purpose of conversion (theft) of such assets by one or more individuals to whom such assets ...
Cynicism is at the heart of why American can't have anything good.
Into The Woods - "The Last Midnight"
Its not so much as they are acting mature, its that the response we give is very immature in the grand scale of things....
...Most americans think that showing up to the polls for an hour once every 4 years is what self governance is....
Its not.
I know it's a shame. It only hurts the Democratic Party because high majority of their base supporters are disillusioned. Have you noticed for the past thirty years, or so, that the Republicans always gain seats during midterms?
Honestly, imo they are both so worthless I could care less about either one of em. Its like arguing over which lemon is better, the one with a junk motor or the one with a a junk tranny.
Doesnt really matter, because they are both junk and wont get you where you need to go regardless. No point in even humoring either option .
I feel ya' bro. Did you get a chance to sign the petition? I'm in need for people to share this with their friends. I have ten signatures so far and I am having a hard time getting YouTube video approved as an advertisement. It's taken forever! If it is not approved by tomorrow afternoon I want my money back from Google! Have me take out more than 10.00 to put out an ad!
The US govt now runs the student loans,..........and the new higher interest will be used to fund obamacare.
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