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Thursday, September 19, 2013

Student Loan Interest Rate Problems

Student Loan Interest Rate Problems
If the interest rate, on these loans stays at 6.8%, the increase in revenue after ten years would net in $184 billion dollars. So basically according to press releases, Congress failed to come up with a new plan and missed their July 1st deadline. Congress came up with a plan previously; however it failed to address an expense of $6 billion dollars and the president vetoed it. Looking at the current student debt figures, the average student loan debt is at $27K and with latest calculations there are 7 million new students, and many of them would be affected by this increase in interest. Totaling up the amount that will be charged to the loan based on the new interest rate, an increase of about $5,000 dollars would be experienced to each student who is awarded these loans.

There were several factors involved that caused this deadline to be missed, one of which included the President. A few months ago President Obama vetoed the Bill freezing the interest rates at 3.8% for the next two years. After vetoing the Bill, Obama stated that the interest rate would have gone to 6.8% after two years anyways, and that the President wants to see a longer term solution be put in place. With the previous Bill passed by a Republican majority, the Democrats hadn't been seeing eye to eye with them, and the Democratic side of the house was looking for a longer term solution as well. Luckily for all of us American People, the President is a Democrat, sharing the same views as the democrats in congress, who unfortunately didn't have enough weight to cause any influence on this previously passed bill. So the president simply vetoed this Bill passed by congress and forced them to come up with another plan. Interestingly enough had this Bill been passed by congress as well as the president, the cost associated to freezing the interest rate at 3.8% would have been around $50 billion dollars.

Throughout the congressional session that was held on July 24th, here are some of the facts that were used in support of their new plan. One senator mentioned that some of the schools have tuition costs upwards of $60K per year to attend, and that many of these schools charging these high tuitions have extremely high drop-out/ failure rates. He went on to say that these high costing schools increase the US education debt frivolously. Unfortunately the current US education debt is at $1 trillion dollars, climbing by 113 billion dollars this year, and that this figure is roughly about $53k per person in the US. Now in these post-recession times, the unemployment rate for young adults aged 20-24 are at 14%. This high unemployment rate has an influence on people wanting to return back to school since they cannot find enough jobs and the jobs that they can find have reduced wages or in a not profitable career field. Some people even continue attending school after they graduate due to the situation with our American economy. Altogether this congressional session was about 3.5 hours long and gave many grueling details about the effects of higher interest rates on the American people and what influences this has on the education debt.

Having higher interest rates effects the American population in many ways. It was well noted that having a larger interest rate could cause debts to grow too large for future graduates to pay off and cause them to default, as well as to have to pay off for the rest of their lives, or even to take these bills with them to the grave. Some grandparents end up taking out loans for their grandchildren to go to school and when the children default the grandparents sometimes end up having to have their social security checks garnished. People are having trouble living a life that is fruitful when their loan payments are large and end up having to pay them back for decades due to the high costs of the schools and coupled with higher interest rates. President Obama is interested in seeing a system that has the interest rate capped at the time the loan is awarded, and that loan repayments shouldn't be more than 10% of a persons' income.

One thing that can help to coming up with the cash to pay these loans as well as to make your payments on time is an installment or payday loan from Lenders. You never know when an emergency or something might come up that causes you to struggle to make your student loan payments. A payday loan can help you out; trained and experienced customer service reps are available to help you out. Cash fast and money direct deposited into your bank account same day, usually within an hour. Getting a Loan from lenders can help you maintain those payments when times are difficult.

Thankfully congress re-convened on July 24th and passed another bill that has a similar increase to the interest rate, but allows for the increase to be gradual over time. The formula that will be used to gauge the interest rate charged will be to have the loan interest rate be based on the 10 year Treasury note. So currently, for undergrads, that is 2.05% over the 10 year note, graduate students + 4.5%, and parents will be + 6.3%. People should be very relieved to hear that the current attending students will only be paying an increase to 3.8% for undergrads, 5.4% for graduates, and for parents sending their children to school the interest rate will be at 6.3%. Over time the interest rates will go up and congress and the president hope that this will give our economy more time to bring more jobs and wages to the American people.


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