Durbin wants full disclosure on student loans for college-bound seniors
May 1, 2013 | Posted by: roboblogger | Full story: Belleville News Democrat
College-bound students should get full disclosure in the loans they are considering before they sign away their futures, according to U.S. Sen.
You know if this ass didn't lie to make his point he would b more beleivable.
Durbin used the example of George Jacobs, a constituent from Chicago who borrowed $60,000 in private student loans to attend a for-profit college. Upon graduation, his degree would only earn him a job making $30,000 a year. Due to variable interest rates, his loan is now $100,000, and over the course of his life he will pay back more than $250,000.
Durbin said Jacobs now pays $1,364 a month - half his salary - on his student loan and still has not been able to tap into the principal; he's only paying interest
Read more here: http://www.bnd.com/2013/05/01/2600106/durbin-...
If he is paying 1364. a month then he is making about 32,000.So even if he pays no fed and state taxes he is still paying fica and medicare.So he must be living on about 700. a month.
It's just when they come out lying to you they are assuming you are dumb enough not to notice.
How hard can it be to know what the terms are on a loan.If you can't make a simple decision then start mowing,there is obviously a demand for that.
Here's a headline from today -
Obama Student Loan Policy Generates $51 Billion Profit, Causing Democrats To Lash Out
My husband and I are paying (still) for our daughters' undergraduate degrees (obtained in 2004 and 2006). They went on to obtain additional degrees for which they received government loans.
Those additional loans are keeping them from being able to live on their own, or to have a place of their own.
When student loans are obtained, people (including our family) are naive about how much to take out, etc. We figured to go ahead and take what is allowed and then, if not needed, repay what is left back to the loan payment. However, this did not happen. Those monies were used not only for tuition, but also room and board, and expenses. Our family income at that time was such we could not afford a pay-as-you-go plan.
With the scarcity of jobs available in their fields, they have had to take jobs (mostly retail) that pay far below the positions for which they are educated. This makes it doubly difficult to repay loans.
I am not asking that loans be excused or even reduced. But a pay scale (which includes payment to capital - not just interest) based on current salary should be implemented in order that they can afford to live on their own in comfort (not luxury). If we could help our daughters with their loans, we would. But after losing a job due to reduction in force, we have also been required to find work in far less-paying positions.
We do not live extravagantly, nor do our daughters. One is married and both have student loans they are repaying. The other is engaged and living with her fiance's family because they are unable to pay their student loans and have a place of their own, even an apartment.
Yes, we were naive, but if we had taken less, there would not have been money for housing, etc. They both worked through school to have spending money, but that was all they could do, due to their schedules.
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