Thursday, June 6, 2013

Perhaps You Shouldn't Go To College

Perhaps You Shouldn't Go To College

You know I typically am one of those sarcastic fellas who just throws out random statements for the sake of a laugh. Not in this case. I ask you to take a good long look at yourself and see if college helped you out in any way. Hell, are you even using the degree you earned in your career field anyway?

Senator Warren makes a pretty valid point in her newest formed bill that will more than likely get shot down;

Students taking out government loans to help pay for college should pay the same rock-bottom interest rate that the Federal Reserve charges big banks, says Sen. Elizabeth Warren (D-Mass.) proposed Wednesday.

With the interest rate on federal student loans set to double to 6.8% this summer, Warren said it's unfair that big banks can borrow money at 0.75% from the central bank's discount window.

"In other words, the federal government’s going to charge interest rates nine times higher than the rates they charge the biggest banks -- the same banks that destroyed millions of jobs and nearly broke the economy," Warren said in introducing her first stand-alone bill since taking office in January.
"That isn't right," she said.
I always thought they should just create a nationalized public student loan service with interest rates dictated based on whatever that service's default reate on it's loans are with minimal interest for administration fees. Basically if there is a 15% rate of loan value defaulted on then the interest rates for all newly issued loans should be such that, after administration costs, the service "breaks even". The idea of needlessly letting bankers parasitically leech on a service that has no reason to not be socialized is ridiculous. I guess that makes me a dirty communist or something?

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