Important question regarding student loans and new democrats in congress

[Syracuse]

I have many student loans and have been trying to get them consildated. The rate I can get is about 5 or 6 percent from the lenders I have looked at (sallie mae and nelnet). It used to be much lower, like 2 or 3 percent, but was increased last year, due to votes by GOP leadership (let's not start a political discussion, just stating facts). One of the things Nancy Pelosi and the incoming democrats have talked about is possibly cutting the interest rates on student loans. I was wondering if anyone knows if this will affect me, and perhaps I should wait to see what happens before consolidating my loans. Anyway I have to get my one loan out of default and that might take a while anyway.

[pisces2473]

I would wait. I don't think student loan issues are at the top of anyone's list in Congress right now.

[wordsmith]

I wouldn't count on anything.

I do know that congressmen I have interviewed for work (granted, Republican) literally without fail give me blank stares when I bring out the questions and concerns about funding post-secondary ed. As Jen suggested, my personal impression is that it's not truly at the top of anybody's list, as well.

[SpaceMonkey]

I don't think anyone has any real answers on this question right now, given that the new Congress just started, but it never hurts to send some well-written letters to some of your representatives. Who's your congressman? Jim Walsh? (Just guessing from your user name) Granted, he's a Republican, but I might try writing a letter to him, anyway. Plus (if you're in NY) Senators Clinton and Schumer, and Nancy Pelosi for good measure.

Letter writing won't guarantee that the issue will end up on their radar, but it can't hurt.

[Syracuse]

I don't think anyone has any real answers on this question right now, given that the new Congress just started, but it never hurts to send some well-written letters to some of your representatives. Who's your congressman? Jim Walsh? (Just guessing from your user name) Granted, he's a Republican, but I might try writing a letter to him, anyway. Plus (if you're in NY) Senators Clinton and Schumer, and Nancy Pelosi for good measure.

Letter writing won't guarantee that the issue will end up on their radar, but it can't hurt.
Walsh has a history of not answering anyone's letters, from what I've heard. Maybe I'll try Chuck and Hillary though. Good idea.

[CTGirl]

I don't think anyone has any real answers on this question right now, given that the new Congress just started, but it never hurts to send some well-written letters to some of your representatives. Who's your congressman? Jim Walsh? (Just guessing from your user name) Granted, he's a Republican, but I might try writing a letter to him, anyway. Plus (if you're in NY) Senators Clinton and Schumer, and Nancy Pelosi for good measure.

Letter writing won't guarantee that the issue will end up on their radar, but it can't hurt.

I used to be a legislative intern in NY, and I can tell you that unless about 300 other people send the same letter as you, your representative will never even see it, and even then, there is rarely anything they can do about it as they are told how to vote anyhow.

But, if it'll make you feel better, go for it, you never know.

[CTGirl]

Walsh has a history of not answering anyone's letters, from what I've heard. Maybe I'll try Chuck and Hillary though. Good idea.

He clearly doesnt have enough interns :p

[Syracuse]

I used to be a legislative intern in NY, and I can tell you that unless about 300 other people send the same letter as you, your representative will never even see it, and even then, there is rarely anything they can do about it as they are told how to vote anyhow.

But, if it'll make you feel better, go for it, you never know.
Yeah but come on, there must be other students/graduates who are pissed about loans right now, at least 300 anyway sending letters in NY?

[SpaceMonkey]

I used to be a legislative intern in NY, and I can tell you that unless about 300 other people send the same letter as you, your representative will never even see it, and even then, there is rarely anything they can do about it as they are told how to vote anyhow.

But, if it'll make you feel better, go for it, you never know.

Yeah, true. But of course, you never know how many are writing the same letter.

I know, I know, idealistic. :P

[CTGirl]

Yeah but come on, there must be other students/graduates who are pissed about loans right now, at least 300 anyway sending letters in NY?

Its a nice thought, but I doubt it.

Either way though, like I said, if it makes you feel better, go for it.

[cache]

I think it is somewhat on the radar, because I have read a few front page articles about it recently. Most notably, one that discussed the gap being created by increasing tuition but not increasing financial aid at the same rate.

[wordsmith]

People who are comfortable being quoted in the press as saying, "I really don't have any thoughts for you on that," when pressed for thoughts on keeping educational affordable aren't going to be super likely to answer individual letters, either. Just an opinion.

[and1grad]

This is taken from the local paper:

"As they return to work, congressional Democrats intend to move on three fronts: a 100-hour plan, a long-term agenda and a barrage of oversight hearings on various issues but particularly on the Iraq war.

Within the first 100 hours of legislative business, a deadline expected to close just before Bush delivers his State of the Union address, House Democrats say they'll vote to:

• Raise the federal minimum wage from $5.15 to $7.25 an hour.

• Curb lobbyists' influence by banning meals and gifts to lawmakers and requiring more disclosure and oversight.

• Repeal subsidies for the oil industry.

• Cut college-loan interest rates in half.

• Reduce prescription-drug prices for seniors by requiring Medicare to negotiate rates with pharmaceutical companies.

• Pass another bill that allows expanded federal funding for embryonic stem-cell research, betting on better prospects for an override if the president vetoes it again.

• Implement unfulfilled recommendations of the Sept. 11 commission and beef up port security."

Just for a point of reference, the State of the Union will be on Jan. 23rd.

[Syracuse]

Yes and1 I believe that is a similar article to one I read which prompted me to make this thread. I asked a person at nelnet that I called and he said basically who knows. I guess I should wait and see, till Jan 23?

[wordsmith]

I have about 15 senate and congress camps' press releases in my inbox stating the same thing, in triplicate (why do they always send press releases in triplicate??). It's a nice thought, but I think holding my breath would be a mistake. Just me.

[Kitty]

I wouldn't wait. Aren't you the ones with loans in default?

[pisces2473]

I have about 15 senate and congress camps' press releases in my inbox stating the same thing, in triplicate (why do they always send press releases in triplicate??).
One for the master, one for the dame, one for the little boy who lives down the lane. :p

[and1grad]

I guess I should wait and see, till Jan 23?
Thats what I'd do since its clearly on their radar.

[slimjim]

I have many student loans and have been trying to get them consildated. The rate I can get is about 5 or 6 percent from the lenders I have looked at (sallie mae and nelnet). It used to be much lower, like 2 or 3 percent, but was increased last year, due to votes by GOP leadership (let's not start a political discussion, just stating facts). One of the things Nancy Pelosi and the incoming democrats have talked about is possibly cutting the interest rates on student loans. I was wondering if anyone knows if this will affect me, and perhaps I should wait to see what happens before consolidating my loans. Anyway I have to get my one loan out of default and that might take a while anyway.

5-6% isn't bad. When I came out of college, Stafford loan rates were 9%.

Easier solution: Don't allow credit card companies to solicit college students.

You are much better off paying 6% on "good debt" than 22% on "bad debt"

[Syracuse]

5-6% isn't bad. When I came out of college, Stafford loan rates were 9%.

Easier solution: Don't allow credit card companies to solicit college students.

You are much better off paying 6% on "good debt" than 22% on "bad debt"
True, I don't want any debt if I can help it though. Student loans was something I needed to go to college, but a college kid can do without a credit card.

[PenforPrez]

I have about 15 senate and congress camps' press releases in my inbox stating the same thing, in triplicate (why do they always send press releases in triplicate??). It's a nice thought, but I think holding my breath would be a mistake. Just me.

That's my thought. Bush is threatening to whip out the veto on the Democratic agenda, and I figure most of what gets passed by the new Congress will get vetoed. I don't know what he would do on student loans, but I'm thinking he would veto that too.

http://news.yahoo.com/s/bloomberg/20061215/pl_bloomberg/asacnahdd2k0

Paul

[Syracuse]

That's my thought. Bush is threatening to whip out the veto on the Democratic agenda, and I figure most of what gets passed by the new Congress will get vetoed. I don't know what he would do on student loans, but I'm thinking he would veto that too.

Paul
Jesus, who voted for Bush. Seriously?

[pisces2473]

Jesus, who voted for Bush. Seriously?
Old people.

Easier solution: Don't allow credit card companies to solicit college students.
No, I don't think that's gonna solve anything. That's like telling kids to abstain from sex instead of teaching them safe sex. Kids need to know about credit cards and how they work, how to use them, what can go wrong, etc. I got my first card as a college freshman and have no problems to this day. I knew that you had to pay them off, and not to charge more than you were able to pay.

Credit cards are fine, as long as you know what you're doing.

[Syracuse]

Old people.


No, I don't think that's gonna solve anything. That's like telling kids to abstain from sex instead of teaching them safe sex. Kids need to know about credit cards and how they work, how to use them, what can go wrong, etc. I got my first card as a college freshman and have no problems to this day. I knew that you had to pay them off, and not to charge more than you were able to pay.

Credit cards are fine, as long as you know what you're doing.
Yeah if you charge to much as a college freshman it's on you. This is about college loans. And how can the old people vote for Bush? Don't they care that their kids are getting screwed?

[wordsmith]

Old people.

i.e. the general voting populace.

[PenforPrez]

Old people.

And rural Christians. And rednecks. And Cubans in Miami. And rich suburbanites. And naive soccer moms.


No, I don't think that's gonna solve anything. That's like telling kids to abstain from sex instead of teaching them safe sex. Kids need to know about credit cards and how they work, how to use them, what can go wrong, etc. I got my first card as a college freshman and have no problems to this day. I knew that you had to pay them off, and not to charge more than you were able to pay.

Besides that, credit card companies pay BIG BUCKS to universities to let them hawk credit cards on students. It's a significant source for income for a lot of colleges, so they're not about to sacrifice the Golden Calf to make hamburgers. :rolleyes:

Paul

[pisces2473]

Yeah if you charge to much as a college freshman it's on you. This is about college loans. And how can the old people vote for Bush? Don't they care that their kids are getting screwed?
No, slimjim was talking about credit cards before...that's what I was talking about, when you quoted me.

Old people don't really care if younger kids get screwed by Bush. I think they see it as "We had to work hard when we were young, so do you! Too bad if things are rough--we had the Depression and WW2."

[NewMrs.]

Old people don't really care if younger kids get screwed by Bush. I think they see it as "We had to work hard when we were young, so do you! Too bad if things are rough--we had the Depression and WW2."

Yeah, I grew up listening to my grandfather tell me and my sisters how dumb and lazy we kids were and how everything our generation did was wrong.

Also, my grandfather didn't like my dad because my dad was a "college boy," and he looked down on me and my sisters because our parents intended for us to go to college and we didn't all get married right after high school. After my sister graduated from college, he said something to her to the effect of "Ha, ha, you went to college and now you're a secretary." The funny thing is, she WASN'T a secretary or anything close to it.


If my grandfather is an accurate sample of this generation, they have no desire to make it easier for us young'uns to get any book learnin'.

[PenforPrez]

Actually, I looked it up. When it comes to politics and numbers, I HAVE to check. Bush did not win the older vote in great numbers. In fact, in 2000, Al Gore won the 60+ vote.

http://www.cnn.com/ELECTION/2004/pages/results/states/US/P/00/epolls.0.html

http://www.cnn.com/ELECTION/2000/results/index.epolls.html

Paul

[pisces2473]

Shiiiiiit.

Well, I think a lot of older people are still in the ol' skool Democratic party.

The people who voted for Bush are probably the Born Again Christian 40 somethings.

[and1grad]

That's my thought. Bush is threatening to whip out the veto on the Democratic agenda, and I figure most of what gets passed by the new Congress will get vetoed. I don't know what he would do on student loans, but I'm thinking he would veto that too.

http://news.yahoo.com/s/bloomberg/20061215/pl_bloomberg/asacnahdd2k0

Paul
This article talks about the "threat" of a veto and they're usually empty threats at that. The President is well aware that his approval numbers stink b/c of the war and that Republicans took a SOUND beating at the polls. He's probably not gonna pull the veto card on the very first thing the Dems propose.