Law School Discussion

New bill limits student loan payments to 15% of income - Dream come true for TTT

this thread is approved.

Do you mind explaining this shtick?

Weasy

A brief glimmer of hope here... maybe tis time to email my senator?

I'm gonna need all the help repaying my loans that I can get!

This would be a big step toward joining the civilized European countries that have this type of loan program.  Sadly, it will never happen.

Well, I used this thing called common sense when I wrote the post. It's a lot easier for the government to forgive loans than to actually pay the private loan companies.

I then googled:

"Legislation to cut interest rates in half on federal need-based student loans passed"

Wiimote, I agree with you that most of these kids looking at T3/4 schools are unrealistic. Go troll somebody else.

He who agrees with the a-hole troll must himself be an a-hole.

He who agrees with the a-hole troll must himself be an a-hole.

Thoughts of your future getting you down?

Remember, I'm only the messenger. The market is your real enemy.

myconfessions

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  • ''Denny Crane, legal genius.'' -Denny Crane
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Am I the only one who is devastated by this being (potentially) vetoed?  The 15% repayment at graduation, the 3.4% rate? Amazing for students.

Wii - Maybe you could answer this:  Assuming that someone has a crappy job and cannot make payments of more than say, $150 per month based on their salary.  First, would their loan repayment period be extended?  For however long it takes them to pay back the loan?  Assuming it is, wouldn't the accumulating interest put many students into even larger debt, and make it almost impossible to get out of debt?

Obviously, many students would be responsible enough to not take advantage of such extensions, however, doesn't this leave the door open for some students to pay back the minimum 15% of discretionary income, put off and thereby greatly increase the number of payments and overall debt?  All the while leaving the government to subsidize the loan?

Just curious as to your thoughts.  Thanks.

What about the Cooley kids who are suckered into paying high tuition, some of whom will not graduate.  This legislation would definitely be an insurance against bad financial decision making.

What about the Cooley kids who are suckered into paying high tuition, some of whom will not graduate.  This legislation would definitely be an insurance against bad financial decision making.

I kind of agree with this way of thinking. If the government wants to subsidize 3 1/2 % lending for law students, I'm all for that. Otherwise, though, this law basically handcuffs lending institution from demanding a reasonable rate of repayment from its creditors. In my mind, this is extending the subprime mortgage virus to education lending.

n/a

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Jeez this would be nice to have, but I dont think the senate will pass this with 2/3rds after bush vetoes it, oh well

myconfessions

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  • ''Denny Crane, legal genius.'' -Denny Crane
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Hey,

Read the actual text of the legislation here:  http://thomas.loc.gov/cgi-bin/query/F?c110:3:./temp/~c110JvEJrI:e19474:

This applies to UNDERGRADUATE STUDENTS ONLY.  We are in no way affected as law students.