ONTD Political

Rep. Virginia Foxx On People With Student Loans: ‘I Have Very Little Tolerance’ For Them

8:06 am - 04/16/2012
Rep. Virginia Foxx On People With Student Loans: ‘I Have Very Little Tolerance’ For Them

Rep. Virginia Foxx (R-NC) took on a unique enemy during a radio interview yesterday: people with student loans.

Though many politicians sympathize with those who are saddled with exorbitant student debt, Foxx, who chairs the House subcommittee on higher education, had a different take. Appearing on G. Gordon Liddy’s radio show, the North Carolina congresswoman recounted her own experience paying for college, where she worked her way through and graduated after seven years. Foxx then pointed to her own experience as justification for why she has “very little tolerance for people who tell me that they graduate with $200,000 of debt or even $80,000 of debt.” “There’s no reason for that,” she concluded:

FOXX: I went through school, I worked my way through, it took me seven years, I never borrowed a dime of money. He borrowed a little bit because we both were totally on our own when we went to college, totally. [...] I have very little tolerance for people who tell me that they graduate with $200,000 of debt or even $80,000 of debt because there’s no reason for that. We live in an opportunity society and people are forgetting that. I remind folks all the time that the Declaration of Independence says “life, liberty, and the pursuit of happiness.” You don’t have it dumped in your lap.

Listen to it:

Despite Foxx’s implication, these loans are not taken out frivolously. They are taken out because of the soaring cost of college. In other words, because the price of college is so high — and House Republicans are working overtime to cut Pell grants for one million low-income students — the amount of loans required to pay for it is also high. Indeed, student loan debt topped one trillion dollars last year, orders of magnitude larger than in the decades prior.

Still, Foxx’s distaste for large loans does not appear to extend to the mortgage sector. In Foxx’s 2010 financial disclosure statement, she owned two individual mortgage notes worth up to $250,000 each, from which she earned as much as $20,000 in payments.
liret 16th-Apr-2012 01:09 am (UTC)
2 years at a CC gets promoted a lot as a cost saving option, but how much it's worth varies a lot from state to state. Even places that have automatic transfer agreements to 4 year schools won't necessarily accept a lot of your credits as anything other then generic electives - meaning you still have to fill graduation requirements as well as take anything related to your major - and a lot of CCs have very limited class offerings. So it isn't just that you start at the four year school with 2 years left.

And tuition + housing at my state school is 23k a year - less expensive then some schools, yes, but still nothing that most people could do without loans.
circumambulate 16th-Apr-2012 05:59 am (UTC)
Sure you have to be diligent in researching what will transfer, and what will not, for the school and target degree you have in mind, but that doesn't make it impossible, and even if it's just the first year you're still ahead on cost. Why pay private school tuition out of pocket for basic requirements common to any degree?
chibi_lurrel 16th-Apr-2012 12:29 pm (UTC)
Yeah, and it's getting more expensive every year. I know in Texas CC is now as expensive as in-state tuition in other states. :/
liret 16th-Apr-2012 05:36 pm (UTC)
Over the summer is an option available for even less people - the school that I transfered to would theoretically accept credits from a 2-year school when you first started, but anything after that had to be from a 4 year place.

And there also are only so many relevant 'intro to x' classes available. I couldn't take an english at my CC, because I placed out of the highest one they offered just by getting a decent SAT score. I took math, but they also didn't have pre-calc, which was the lowest level accepted as a transfer credit when I switched. My spanish, history, and science classes all 'counted' so I got 9 elective credits - but since they were only accepted as general electives I couldn't use them to fill any part of the language, history, or science requirements at the four year school. Plus, of course, I couldn't start my major, because the CC didn't have even vaguely related classes.

I did one year between the CC and a local state school (I couldn't afford the state school full time,) and then transfered to a 4 year school, where I basically still had 4 years worth of classes needed to graduate. (I did it in 3 1/2, but that was due to AP credits, which were worth a lot more then the CC ones.)
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