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SpaceCowgirl Due December 21; 3 kids; Oregon 20240 posts
2nd Aug '11
Quoting Mr. HOAR:" Alright, math in my head fails. It's still enough for 4 people to go though a community college without ... [snip!] ... people. That's 2 people who could be going to school, but yet the government will be paying for for MY interest on those loans."


Your math is completely wrong.



What you're failing to consider is that even if you get a $5,000 pell grant from the government, you're still taking out $45,000 in subsidized loans from the government and having them pay the 6% interest.



$50,000 @ 6% interest for 8 years and the government is paying out $24,000



$45,000 @ 6% interest for 8 years and the government is paying out $21,600 plus pell grants of $5,000 per year for 8 years. Total cost: $61,600



There's no question which is more costly to the taxpayer.

Jelly b**bs! Seattle, Washington 872 posts
2nd Aug '11
Quoting SpaceCowgirl:" Your math is completely wrong. What you're failing to consider is that even if you get a $5,000 pell ... [snip!] ... plus pell grants of $5,000 per year for 8 years. Total cost: $61,600 There's no question which is more costly to the taxpayer."


I'm not receiving pell grants, not the full amount at least. I'm getting a quarter of a years worth of pell grants this year, and next year I can only receive direct loans.
So no.
Interest can also peak at 11% for direct loans depending on when they issue it to me.

Jelly b**bs! Seattle, Washington 872 posts
2nd Aug '11
Quoting Mr. HOAR:" I'm not receiving pell grants, not the full amount at least. I'm getting a quarter of a years worth ... [snip!] ... I can only receive direct loans. So no. Interest can also peak at 11% for direct loans depending on when they issue it to me."


Nevermind, 11% is salliemae. I checked and direct loans is still 6%.

human making in progress 2 kids; Port Orchard, Washington 7986 posts
2nd Aug '11
Quoting Mr. HOAR:" I thought you applied a while ago? You should call OC and ask if you've been approved yet. You should be."


with having my son here and my nephew now, I can only do online courses, which I need to get on that shit. lol. I havent gotten any confirmation that I have or have not gotten approved.

SpaceCowgirl Due December 21; 3 kids; Oregon 20240 posts
2nd Aug '11
Quoting Mr. HOAR:" I'm not receiving pell grants, not the full amount at least. I'm getting a quarter of a years worth ... [snip!] ... I can only receive direct loans. So no. Interest can also peak at 11% for direct loans depending on when they issue it to me."


Even if the government was paying 11% for 8 full years, it still wouldn't cost them as much as giving you the pell grants.



It's not an arguable point. It's just math.

Jelly b**bs! Seattle, Washington 872 posts
2nd Aug '11
Quoting SpaceCowgirl:" Even if the government was paying 11% for 8 full years, it still wouldn't cost them as much as giving you the pell grants. It's not an arguable point. It's just math."


I'm not talking about giving ME pell grants. I'm talking about the interest they pay towards MY loan being a good chunk of money still. 24000 is about as much as one person gets for 4 years of school in grants.

SpaceCowgirl Due December 21; 3 kids; Oregon 20240 posts
2nd Aug '11
Quoting Mr. HOAR:" I'm not talking about giving ME pell grants. I'm talking about the interest they pay towards MY loan ... [snip!] ... towards MY loan being a good chunk of money still. 24000 is about as much as one person gets for 4 years of school in grants."


Don't you think that's being a little deceptive, since that $24,000 is over 8 years, not 4?



Either way, you're using that government money and putting $50,000 towards your education. The person getting the pell grant is using more money per year than your interest and putting only $5,000 towards their education. Since there's no way that the grant will cover their school costs, they'll most likely be taking out loans anyway.

Kellzbellz75 TTC since Oct 2012; Japan 1 posts
5th Feb '13

<blockquote><b>Quoting Angel [Mariah's Mommy]:</b>" This makes me sick, because with out my pell grants, I wouldn't be able to go to school to better my life and my daughters. If I lost my pell grant I would be forced to drop out."</blockquote>




I'm sorry, but that's not true. Dropping out would be your choice. You absolutely could get loans instead. Everyone gets approved for loans regardless of credit. Why is it fair for some to get a free ride and others who make only $500 over the cutoff must pay every dime back PLUS interest? It's not fair. I think they should keep things like the Pell grant, but make it intelligence and performance based too. It's not ok for someone to take 4 times to pass entrance exams and gets a free ride, but a person who scores off the charts must pay and pay some more.

user banned 1 child; Nunya, CA, United States 6369 posts
5th Feb '13

<blockquote><b>Quoting Taffy-Taffy-Taffy!:</b>" Man, I get Pell grants...They have really helped me out. It would suck if they stopped the program, ... [snip!] ... ahead in life is to be rich. Wish I could have been born into a wealthy family. IT would seriously suck for a lot of people"</blockquote>



Believe me, if the government stopped subsidizing college tuitions, you would see a huge dip in college attendance, the colleges would lose tons of money and then, like magic, you'd see college tuition drop dramatically and there would be a surge in attendance, once again.

Vivialopod 2 kids; Vantaa, Finland 42788 posts
5th Feb '13

<blockquote><b>Quoting Kellzbellz75:</b>" <blockquote><b>Quoting Angel [Mariah's Mommy]:</b>" This makes me sick, because with ... [snip!] ... to take 4 times to pass entrance exams and gets a free ride, but a person who scores off the charts must pay and pay some more."</blockquote>



I don't qualify for private loans :? I would need a cosigner...which I don't have.

......... nowhere, NW, United States 25972 posts
5th Feb '13

<blockquote><b>Quoting human making in progress:</b>" What do you think about that? I guess some of the political parties want to cut Pell grants completely. ... [snip!] ... receiving a Pell Grant, or does your child have one? What are your options if the US defaults and you don

......... nowhere, NW, United States 25972 posts
5th Feb '13

<blockquote><b>Quoting [[Mommy][Extraordinaire]]:</b>" Couldn't you get student loans? Most people have to use student loans eventually anyways. The government makes me sick."</blockquote>




I have to do both. The grant isn't enough to cover everything. But they're talking about government loans too. I wouldn't be able to get a personal loan.

......... nowhere, NW, United States 25972 posts
5th Feb '13

<blockquote><b>Quoting SpaceCowgirl:</b>" I don't have a problem with pell grants, per se, but we seriously can't afford it right now, as a nation. ... [snip!] ... now, as a nation. It's not like someone who doesn't have the money to go to school can't get loans to help pay their way."</blockquote>




My credit is shot from some stupid stuff years ago. I couldn't get a personal loan.



There are other things they could do like stop giving big oil tax breaks and cut military spending.

......... nowhere, NW, United States 25972 posts
5th Feb '13

<blockquote><b>Quoting nutmeg.:</b>" If students want to go to school and have every intention of finishing, not getting a grant isn't going ... [snip!] ... school and get yourself a career when you know you have to make your first student loan payment 6 months after you graduate."</blockquote>




I don't believe that. Near everyone I know with a degree had pell grants.

......... nowhere, NW, United States 25972 posts
5th Feb '13

Damn this is old...lol