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Wage Sharing Instead of Loans to Pay for College


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2018 Jul 20, 11:38am   5,921 views  22 comments

by NuttBoxer   ➕follow (0)   💰tip   ignore  

My daughter is starting community in the fall. We had the option of paying $20k to Cal State Long Beach, and quickly passed on that horse shit. Good to see we aren't the only ones saying no to massive debt, and that colleges are thinking outside the box in a useful way for once.

https://apnews.com/d25f4aeb92e449de9613c80c14ad4657/Colleges-ask-for-a-share-of-future-salary-in-lieu-of-loans

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1   Tenpoundbass   2018 Jul 20, 11:41am  

People are buying $40,000 Cars and paying them off in 5 to 6 years. Often while slaving at a job to pay off their $20,000 student loan they'll pay on for the rest of their lives.
What's up with the student loans? Who's servicing them Vito?
2   NuttBoxer   2018 Jul 20, 11:51am  

Tenpoundbass says
Who's servicing them Vito?


Worse, the feds. Government took over most of the student loan business years ago.
3   MAGA   2018 Jul 20, 5:56pm  

Has she given any consideration to joining the military? Great educational benefits.
4   Ceffer   2018 Jul 20, 6:05pm  

I thought paying back loans WAS wage sharing.
5   FortWayne   2018 Jul 20, 6:27pm  

Isn't this like a form of slavery? You can get education, but in exchange you have to sell us % of your future. More clever way to fuck students over?

Why would anyone work? If you don't work, government covers you 100%, so you can cash earn. If you do work, no help, and you owe % of your earnings.

Seems like a bad idea to me.
6   Strategist   2018 Jul 20, 6:54pm  

FortWayne says
Isn't this like a form of slavery? You can get education, but in exchange you have to sell us % of your future. More clever way to fuck students over?

Why would anyone work? If you don't work, government covers you 100%, so you can cash earn. If you do work, no help, and you owe % of your earnings.

Seems like a bad idea to me.


No Fortwayne, we need highly qualified scientists, engineers, researches, etc etc to make new discoveries, invent life saving drugs, etc etc etc.
The greatest investment of all is investing in knowledge. Sure, you could be a loser and let the government support you for life like the stupid welfare queens with no brains or skills. But their welfare check comes from high wage earners who got the right skills/education.
If those useless, lazy, welfare queens were born 300 years ago, or in a developing country like Sudan, they would either be dead from starvation, or working 18 hours 24/7 just to feed their 6 children. Will they ever thank capitalism and the progress it provided? No. They become loser socialists, because they think money grows on trees.
7   Strategist   2018 Jul 20, 7:21pm  

NuttBoxer says

https://apnews.com/d25f4aeb92e449de9613c80c14ad4657/Colleges-ask-for-a-share-of-future-salary-in-lieu-of-loans


I think it's a great idea. Colleges will be forced to offer majors that pay well. Music majors, arts, sports majors, are a fucking waste of money. It's not education, it's a hobby. People should pay for their own hobbies.
The most horrible waste is sports majors. LOL. Sports is an education? WTF. How many sports majors make more than minimum wages?
8   Strategist   2018 Jul 20, 7:24pm  

NuttBoxer says
My daughter is starting community in the fall. We had the option of paying $20k to Cal State Long Beach, and quickly passed on that horse shit. Good to see we aren't the only ones saying no to massive debt, and that colleges thinking outside the box in a useful way for once.


That is actually the smart way to go. Half the college courses are Gen ED anyway.
9   Ceffer   2018 Jul 20, 7:48pm  

If we can just abolish the Thirteenth Amendment, none of this would be of any concern any more.
10   Patrick   2018 Jul 20, 7:49pm  

Strategist says
I think it's a great idea. Colleges will be forced to offer majors that pay well.


I agree that there is something to be said for forcing colleges to take some responsibility for their own product.

Many, perhaps most, majors are completely useless in the real world, and a net loss for the poor students that majors in them. They are simply a way for colleges to extract money from idealistic and naive students in order to pay for administrator salaries. Pure evil.

But some majors are clearly worthwhile, particularly the hard sciences and engineering. They are difficult, but graduates with those degrees can easily earn enough to pay back the cost of their degree.

Making the colleges take a risk based on the utility of what they are offering seems like a fair deal.
11   Booger   2018 Jul 20, 8:13pm  

Or work your way through college.
12   MrMagic   2018 Jul 20, 8:17pm  

NuttBoxer says
My daughter is starting community in the fall.


Booger says
Or work your way through college.


That's the best plan, go to community college for the first two years AND work your way through it. There's no way a student is so busy in 13th grade that they can't work a decent amount of hours part time.

NuttBoxer says
We had the option of paying $20k to Cal State Long Beach,


FortWayne says
Isn't this like a form of slavery? You can get education, but in exchange you have to sell us % of your future. More clever way to fuck students over?


It's even worse, over 40% of kids drop out of college, never get a degree, but are still left with the loans to pay off.
13   Shaman   2018 Jul 20, 8:25pm  

Strategist says
How many sports majors make more than minimum wages?


All the highest paid faculty at any state college in the country are sports coaches.
14   FortWayne   2018 Jul 20, 8:28pm  

Strategist says
The greatest investment of all is investing in knowledge. Sure, you could be a loser and let the government support you for life like the stupid welfare queens with no brains or skills. But their welfare check comes from high wage earners who got the right skills/education.


Think about it. This will make education more expensive in a long run.
Because all it does is shuffle who pays, but does not create incentive to get a job. In fact it removes incentives to get a job.

- Percent of wages means, lots of those losers will apply to get "FREE" education but not a job after.
- Because it's financially better to be on welfare than to get a job. Getting a job to them means = lose welfare, lose free apartment, lose government paying utility bills, lose food stamps, and pay % of income to schools.
- Schools will now no longer recover the expenses for a long time if ever, so the cost is passed down to other students who are actually getting jobs after graduating.

This isn't making anything better, just shuffles around problems to students simply in a big way, socializing stupid loser behavior. It's not a workable solution IMO.

I went to school, I paid for it myself just working. Never had a single loan. It's doable. And I wasn't rich, was poor, but still made it. All it takes is desire, and not being spending money stupidly. Yes I did not go to fucking Harward, but I did go to a community college and into -> CalState university that I could afford. Other students can too.

When I see kids coming out with 100k in debt. It's a huge failure of responsibility. For profit education complex preys on people like that to stick them into debt. And they are too dumb and naive not to fall for it.
15   Shaman   2018 Jul 20, 8:29pm  

@nuttboxer
Good plan for your daughter. First two at the community college and then transfer to complete whichever degree she’s decided to pursue.
I’m planning to encourage my kids to take the same route. The Cal State system is way too freaking spendy, and most of the money goes to sports programs. The assistant cross country coach at CSULB makes over $130k
16   Strategist   2018 Jul 20, 8:45pm  

FortWayne says
Strategist says
The greatest investment of all is investing in knowledge. Sure, you could be a loser and let the government support you for life like the stupid welfare queens with no brains or skills. But their welfare check comes from high wage earners who got the right skills/education.


Think about it. This will make education more expensive in a long run.
Because all it does is shuffle who pays, but does not create incentive to get a job. In fact it removes incentives to get a job.

- Percent of wages means, lots of those losers will apply to get "FREE" education but not a job after.
- Because it's financially better to be on welfare than to get a job. Getting a job to them means = lose welfare, lose free apartment, lose government paying utility bills, lose food stamps, and pay % of income to schools.
- Schools will now no longer recover the expenses for a long t...


Very good point. If the cost of student loan defaults can be passed on to the school, they will make sure only the right students with the right majors will be offered loans.
As a tax payer, I don't want to pay for defaulted student loans.
17   NuttBoxer   2018 Jul 20, 9:28pm  

FortWayne says
You can get education, but in exchange you have to sell us % of your future.


The percenFortWayne says
Because all it does is shuffle who pays, but does not create incentive to get a job. In fact it removes incentives to get a job.

- Percent of wages means, lots of those losers will apply to get "FREE" education but not a job after.
- Because it's financially better to be on welfare than to get a job.


Welfare doesn't pay shit. It's WAY more profitable to start your high paying career right away, paying a small percentage of your salary for a fixed amount of time. As mentioned in the article, and by others, this incentivizes the school to offer degrees guaranteed to make the student more successful after college(how novel!). Especially if it's a percentage and not a fixed amount, the more the graduate makes, the better the school does, AND the better the graduate does.
18   NuttBoxer   2018 Jul 20, 9:33pm  

Quigley says
Good plan for your daughter. First two at the community college and then transfer to complete whichever degree she’s decided to pursue.


The daughter of our massage therapist also went to CC before transferring to UCSD to become a doctor. My daughter is going for a nursing degree. Knowing that others successfully followed the same path encouraged us to stay firm on no excessive debt. Wish my parents had been the same. I went to a 4 year private at $35k a year, for a BA I've never used. Who knew all I needed to get a high paying software job was experience...
19   MrMagic   2018 Jul 20, 9:36pm  

Quigley says
First two at the community college and then transfer to complete whichever degree she’s decided to pursue.
I’m planning to encourage my kids to take the same route. The Cal State system is way too freaking spendy,


It's absolutely the best route. In my state, if the kid comes out with a A.A. after the two years, EVERY credit transfers towards the 4 year degree, even if it's not related to the major. The 4 year schools are great at trying to throw away credits from the community colleges, just so they can charge for the extra classes. Always remember, College is a business and they want all the money they can grab.

Another note, when the kid transfers to the 4 year school, DO NOT have them live there for the "college experience". That's total B.S., you're just paying for party time.

Get the kid to stack as many classes as possible in one day, the secret is to enroll as soon as scheduling is open to get the best available classes. Stack all the classes in two days and commute to school. This will leave multiple days available for the kid to work, paying his bills as he goes.

This will keep the college expenses really low... The kid will thank you when they DON'T have a $75K debt and $1,200/month school loan payment when they graduate.
20   NDrLoR   2018 Jul 21, 8:08am  

Strategist says
we need highly qualified scientists, engineers, researches, etc etc to make new discoveries, invent life saving drugs, etc etc etc.
Not those who majored in (fill in the blank)-studies.
21   Shaman   2018 Jul 21, 8:27am  

Online classes are available at all state universities and community colleges. All the way to graduate studies in some cases. It’s absolutley a legitimate way to learn, however the instructors need more policing. Far too many of them set up automated classes and barely pay any attention to their students. Like seriously little attention at all. My wife took four graduate level classes recently and got zero feedback in one, like zero. The instructor was entirely absent. The rest were minimal, maybe two or three indications that anyone at all was there.
And that was at UCSD.
22   FortWayne   2018 Jul 21, 8:30am  

We have those welfare recipients out here.
$1800 rent
250 utilities
Food stamps
Cash
Child payments cash

All paid by taxpayers.

These guys often own nicer cars than working people. When government gives them around 5k after tax a month free... they don’t bother with careers. Easier to do cash jobs as waiter and for little effort be over 100k income a year never paying a penny in taxes.


NuttBoxer says
FortWayne says
You can get education, but in exchange you have to sell us % of your future.


The percenFortWayne says
Because all it does is shuffle who pays, but does not create incentive to get a job. In fact it removes incentives to get a job.

- Percent of wages means, lots of those losers will apply to get "FREE" education but not a job after.
- Because it's financially better to be on welfare than to get a job.


Welfare doesn't pay shit. It's WAY more profitable to start your high paying career right away, paying a small percentage of your salary for a fixed amount of time. As mentioned in the article, and by others, this incentivizes the school to offer degrees guaranteed to make the student more successful after college(how novel!). Especially if it's a percentage and not a fixed amount...

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