A Quote by Trent Franks
If lenders are forced to scale back student lending because private student loans are subject to bankruptcy discharge, many students will be denied access to higher education.
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We must fundamentally restructure our student loan program. It makes no sense that students and their parents are forced to pay interest rates for higher education loans that are much higher than they pay for car loans or housing mortgages.
Student debt is crushing the lives of millions of Americans. How does it happen that we can get a home mortgage or purchase a car with interest rates half of that being paid for student loans? We must make higher education affordable for all. We must substantially lower interest rates on student loans. This must be a national priority.
The rising costs of higher education coupled with the stress of paying student loans are putting increasing pressure on students.
Increasing access to federal student loans has been a bipartisan effort in Washington, one that I have supported. But it has created what many experts believe is a bubble in higher education, not unlike the housing bubble that preceded the financial crisis.
Part of Obamacare eliminated the private sector financial market that engages in giving college student loans. I mean, now the federal government has taken over college student loans, so I sit back and strategically look at this and say this just cannot be happening.
Pell grants are critical tools for lower- and middle-income students to access higher education, and by expanding access to year-round courses, we can help non-traditional students complete their education sooner, allowing them to start their careers and pay off their loans.
The higher amount you put into higher education, at the federal level particularly, the more the price of higher education rises. It's the dog that never catches its tail. You increase student loans, you increase grants, you increase Pell grants, Stafford loans, and what happens? They raise the price.
When SoFi launched in 2011, it focused squarely on the burgeoning student loan market - a market that, unlike housing, had no viable option to refinance both federal and private student loans from higher interest-rate eras.
The fact that you have government-guaranteed student loans has created a whole new sector in the American economy that didn't really exist before - private for-profit universities that sell junk degrees that don't help the students. They promise the students, "We'll help you get a better job. We'll arrange a loan so that you don't have to pay a penny for this education." Their pet bank gets them the government-guaranteed loan, and the student may get the junk degree, but doesn't get a job, so they don't pay the loan.
Remember that in most cases, student loan debt is not dischargeable in bankruptcy. So you continue to pay it off anyway. Those who have very low interest rates (2-2.5 percent) on student loans and know everything is secure, great.
When the students were asked to identify their race on a pretest questionnaire, that simple act was sufficient to prime them with all the negative stereotypes associated with African Americans and academic achievement. If a white student from a prestigious private high school gets a higher SAT score than a black student from an inner-city school, is it because she’s truly a better student, or is it because to be white and to attend a prestigious high school is to be constantly primed with the idea of “smart”?
For-profit higher education is today a booming industry, feeding on the student loans handed out to the desperate.
What I want to do first with education is my student loan idea. Basically, if you go into teaching and teach for five years, your student loans should be forgiven. It doesn't cost that much.
Better educating our college students on the risks of high student debt and helping them to find alternatives to taking out student loans would help make the difference to their financial future.
When I went back to New Hampshire after graduating from law school, my plan was to go work for a private firm because I had to pay some student loans off and make money and really just be in the private practice of law. Which can be very rewarding.
A teacher had two types of students. One type of student is a close student. The other is also a close student, but not in the sense of physical proximity. The close students rotate a lot.
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