More Colleges Try Forgoing Tuition For A Percentage of Future Income (yahoo.com) 180
"Some innovative colleges, in partnership with private investors and a small number of philanthropies, are experimenting with a new financing model called 'income share agreements' or 'ISAs,'" reports Yahoo Finance:
With an ISA, instead of assuming a fixed debt obligation, students simply agree to pay an affordable percentage of their future income over a set time period, subject to an overall cap. High earners will have larger payments than low earners, but all will have an affordable payment, based on what they will actually be making. Importantly, when the college is providing some or all of the funding for the ISA, its return will be aligned with its students' post-college earnings, giving it economic incentives to make sure its students both graduate and find jobs. The college is, literally, invested in its students' success...
With ISAs, there is no principal or interest. Thus, they are much better suited for low income students as their financial obligations never exceed their ability to pay... In a recent paper commissioned by the Manhattan Institute, we looked at the small but growing number of colleges and universities offering ISA programs. Indiana's Purdue University launched the first such program in 2016. About a dozen other institutions have now followed suit, including Lackawanna College in Pennsylvania, Clarkson University in New York, and the University of Utah. Most of these pioneers offer ISAs to students as an alternative to non-subsidized federal loans, though a few are offering them as a complete substitute for borrowing... A common feature of all these ISA programs is that they require payments only when the graduate meets a certain income threshold. All impose time limits and caps on the total amount that needs to be repaid, though they differ widely in where they set those caps and limits.
With ISAs, there is no principal or interest. Thus, they are much better suited for low income students as their financial obligations never exceed their ability to pay... In a recent paper commissioned by the Manhattan Institute, we looked at the small but growing number of colleges and universities offering ISA programs. Indiana's Purdue University launched the first such program in 2016. About a dozen other institutions have now followed suit, including Lackawanna College in Pennsylvania, Clarkson University in New York, and the University of Utah. Most of these pioneers offer ISAs to students as an alternative to non-subsidized federal loans, though a few are offering them as a complete substitute for borrowing... A common feature of all these ISA programs is that they require payments only when the graduate meets a certain income threshold. All impose time limits and caps on the total amount that needs to be repaid, though they differ widely in where they set those caps and limits.
Sounds good (Score:5, Interesting)
If someone's success depends on your success, chances are they're going to help you actually succeed.
Let's see how this works out.
Re:Sounds good (Score:5, Insightful)
If someone's success depends on your success, chances are they're going to help you actually succeed.
Let's see how this works out.
Your (financial) success (as a business) depending on the success of your graduates is a principle that should be applied to all for-profit schools because currently their business model seems to be to trick students into life long debt slavery in return for a truly useless bargain basement education.
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The education isn't useless. There is more use then 'money'.
And there is no trick.
But great, lets motivate college away from the Arts. That's not stupid at all.
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That is one way of putting it, but when they students actually start having to pay money, you can be sure their will be quite a few very vocal ones about how they were tricked into paying far more for an education than they otherwise would have and they cannot even afford an apartment with what is left over and they are living on the streets or out of their car because of this financial burden that they were tricked into.
then you will have all the people complaining that they don't offer woman's studies cla
Re:Sounds good (Score:5, Insightful)
"trick students into life long debt slavery" - not living beyond your means and simple math... if you can't do both your not smart enough for the watered down courses that pass as 'university' now days
Sounds like someone is either a shill from for-profit, naive, or an AH. What GP said is talking about many for-profit universities (e.g. DeVry, UoF, etc.) that don't care about their students' future but rather the number of enrollment. The more they can enroll, the more money they will get from the government. They don't care whether these students will graduate and become successful in life. The drop out from this type of universities is way higher than any public universities (including well-known private universities).
The trick part is from getting people enrolled. Their recruiters sell dreams to those who aren't capable of looking far ahead in their lives -- average people. There are a lot more average people than you think. I know you are above average, so please stop using yourself as a standard (the motto "if I can do it, you can too").
This has NOTHING to do with living beyond their mean.
...but here is why it will not work (Score:5, Interesting)
The result is that the high income students will sign up for loans and so the ISAs will only attract low income students making them financially unfeasible because they will have lost their upside.
The only way to make this work is to have ISAs compulsory for all students...but we already have a system exactly like that called income tax which is how University education always used to be funded. So how about we go back to that and then when high earners end up paying higher tax rates they will at least know that they benefitted from those taxes when they were a student and so perhaps they may object to them - and try to avoid them - a bit less than they do now?
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I agree that it won't work, but it's still probably not a bad idea for high earners. Many people with insane high earning potential still drop out or get burnt out by graduation. I know engineers with degrees who simply have no drive to do any more engineering ever again post graduation, so I can guarantee you that their are loads of doctors would rather cut off their left arm than ever practice medicine, and that is not even counting the millions of students who never finished their education.
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The only way ISA's make sense is if they are compulsory in which case why not just fund everyone's university education through income tax just like we already do for schools? The argument for funding schools - that society as a whole be
Re: Sounds good (Score:2)
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Because the professional labor market is saturated with an excess of degrees that only serve to raise the bar.
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"trick students into life long debt slavery" - not living beyond your means and simple math... if you can't do both your not smart enough for the watered down courses that pass as 'university' now days
Doubly true if your debts were racked up while chasing down a career in media studies.
Re:Sounds good (Score:5, Interesting)
I disagree. The problem is that parents don't raise their kids to be financially independent at the age of 18, to the point where they would be concerned about taking on the loans. It doesn't matter if you wise up by the age of 22, you're pretty much a slave at that point. The other problem is that a college degree has been mythologized as a road to financial success, to the point that colleges (and public schools) sell the myth, and parents (affecting mostly the poor) enable their kids to become debt slaves.
The Congress and the banks have basically made student loans a predatory industry, along with "payday" style cash loans.
When I look at the "value" of a college degree, I look at teachers as a canary test. They have to be highly educated to take on such a career (in NY), and what's their financial status? They're living paycheck to paycheck, can barely afford to live in the region, and are worried they won't have enough money to help put their kids through "state college" *and* their retirement (and keep property, for those who have it).
Its especially crazy to think this status quo can be maintained when AI will eventually cut into much of the entry level jobs on the professional level. Forget the truck drivers (although they're screwed if they were counting on a career), computer systems are already reducing head counts in paralegal and lawyers at large firms, and shocker, medicine is basically a pattern matching machine to determine diagnosis, and follows a protocol to address the diagnosis. You don't need a doctor's education, who is able to piece together exceptional situations that require going "off book", for 90% of people's ailments. Computers are going to wipe out professional entry level jobs the way that it wiped out the bookkeeping industry before the 1980s.
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I look at teachers as a canary test. ... They're living paycheck to paycheck, can barely afford to live in the region
The average high school teacher's salary in NY is $83,360.
If both spouses teach, their combined income is $166,720.
The average household income in NY is $64,894.
Teacher salary by state [thebalancecareers.com]
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In NYC public schools, with a masters degree and 8 years teaching, you make $86k. This is public info from the teachers union negotiation/contracts.
Doesn't seem too bad, eh? Except a studio or 1 BR apartment in Manhattan will run you $2.5-3k a month and any commercial landlord is going to want 40x rent in minimum income (basically the 30% rule) while others want up to 60x. That's at LEAST $100k on the lower end of things.
Just to put it out there: a teacher with a MASTERS degree plus 8 years experience c
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That doesn't help when the debt slaves still wind up saturating the professional job market and crowding out competitors less eager to saddle themselves with debt to get the degree they need to remain in the market.
Those who get the jobs lose because of debt.
Those who don't get the jobs lose because of opportunity costs of not getting the job.
The colleges win because the surplus demand allows them to jack up tuition.
And the backers of the loans probably win because of the interest they're collecting, especi
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You mean so that the lower classes can't afford an education?
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Sorry sir or ma'am, we don't feel that you're a good fit for our tuition program but you can still pay xyz unreasonable dollars if you want to go anyhow.
Basically this is a college program to further divide the rich and 'educated' from the poor and 'uneducated. I put educated in quotes since the income potential of an idiotic, but wealthy child averages much higher than a very smart child from a broken family living in poverty.
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I'm inclined to agree - so get rid of state-backed loans.
Now, how is some enterprising lower-class kid with deadbeat parents and who hasn't yet developed a credit rating of heir own supposed to get a loan?
Re: Sounds good (Score:2)
Let them eat cake!
Re:Sounds good (Score:5, Interesting)
This has been happening in the UK for a couple of decades, basically a loan that you only repay once you are earning. I am still paying mine off.
A lot of people are headed for having it written off due to not earning enough in the 25 year time limit. There is also the issue of people going overseas and not paying it back.
It used to be a good deal when the interest rates were fixed at a low level, but now it's not nearly as attractive.
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But there seems to be no interest involved here.
Re:Sounds good (Score:5, Informative)
It is bad as you said in the UK, but it is a different type of loan compared to this ISA. The ISA loan has fixed terms that has nothing to do with interest. The main term is to pay back at a certain percentage of the current annual income for a fixed period of time. As a result, the eligible amount loan will depend on the possible minimum annual salary after graduation from a selected program. There could be some more additional terms, such as the loaner may not need to pay back at all after not being able to find a job for a certain continuous period of time, there is a cap for the total pay back and the loaner can stop paying once the pay back hits the cap, etc.
Besides, the issue about going out of the country and not paying back is not likely to be in the U.S. Europeans can easily leave their home country and go to work in another European countries. As a result, these people don't pay taxes back to their home country (and not paying back the student loan because no income shows up in the home country). In the U.S., people simply move to another state. However, the loan system covers the whole nation, so it is not likely to be a major issue.
Your example is legit, but it doesn't apply to the type of loan (ISA) and the boundary in the U.S.
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UK is a loan, NOT ISA (Score:2)
This has been happening in the UK for a couple of decades, basically a loan that you only repay once you are earning.
This is NOT the same as an ISA. The key point of an ISA is that you pay a fixed percentage of your income for a fixed amount of time. This means that high earners pay far more than their education costs and low earners pay far less. The UK system is a loan where, once a high earner has paid it off, they no longer pay anything more. As the article points out this has the effect of cancelling out the investment risk from low earners because high earners will pay a lot more back than the cost of their educati
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most people won't ever see a positive ROI on the principle.
I have never seen any studies showing most people do not see a positive ROI on receiving a Bachelor's degree. The most negative research I have seen suggested about a third of college graduates see no positive ROI from their degree.
Overall the ROI of a college degree has only been rising in recent decades, so the risk of not obtaining a degree has risen as well. This is likely to continue. It would be nice if that risk was not bore by individuals (like high school) but until post-secondary education is fund
Re:Sounds good (Score:5, Interesting)
What is interestingly different here is that those with better paying jobs pay more under ISA, and that could lead to discrimination against students who are studying courses that pay less in jobs.
https://www.studyassist.gov.au... [studyassist.gov.au]
Re:Sounds good (Score:4, Insightful)
But that is a good thing, isn't it? Either those types of jobs are needed so it behooves employers to pay accordingly or they are not and it makes little sense to waste a human mind to it.
Re:Sounds good (Score:5, Interesting)
It really isn't. It is propagating a very well-known market failure, which tax-funded research is supposed to rectify. Fundamental science is, for example, a field that is traditionally underfunded by the markets and the reason is that the returns from understanding basic physics are very small in the short run, although nearly immeasurable in the long term, so the "investment" and pay are very low.
If you validate this with your funding scheme, you're doing the opposite of what you should.
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Research and education really, because both are tightly linked.
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This is sort of besides the point. We do not see many individuals advancing science. Taking out a loan, getting a Physics degree, and then improving our knowledge of the universe.
Science nowadays mostly seems to take billions of dollars. So even if this caused far less physics students to be produced, we get more money for research possibly as we are no longer spending as much teaching millions of future car salesmen physics, and quite possibly more talented and skilled group of physicists to draw research
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Possibly the word "are" here should be "have, on average, hitherto been"
Is there any other way to have technological progress but education and research? Please elaborate, because I'm not aware of it.
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Here are three:
1) Monkey Paw
2) Magic genie
3) Thoughts and prayers.
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Yep. I also have a maneki-neko [wikipedia.org] to help me save money for my retirement.
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Progress is not "good" or "bad", it is not a normative category. It is a positive one. Progress is what extends what you get out of your limited resources. So, if you're in the same shoes in all other respects, having more "progress" gives you more choices that you can make and more freedom to make them in a smart way.
You can make the "good" ones, or the "bad" ones, but hear, it is also likely that if your mind is more advanced, you'll make the "better" choices simply because you're more aware of their cons
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Actually no - basic physics research gave us the knowledge that atomic weapons were possible - developing the weapons themselves took many more years and massively larger amounts of far more specialized and well-funded application-specific research.
Also, I'd say wiping out humanity would count as an "immeasurably (large) return". Not necessarily a *positive* one, but quite large.
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You think it's a good thing for everybody in the world to become an investment banker or similar economic parasite, and everything else (such as actually making things, researching or teaching) is a waste because it pays less?
Re:Sounds good (Score:4, Insightful)
The Arts. English, writing, these are all needed for a healthy society.
Motivating college to focus only on high paying career fields means things that make life beautiful will be forgotten.
Re:Sounds good (Score:5, Insightful)
There are some big questions to this.
I got my masters degree from an another school then my undergrad degree. Who is to say how much of my salary is from my undergrad education and how much from my masters.
A student after a year or two determines that they don’t like that school and switch. Or fail out and one they matured they went to an other school.
Or the cases of the Billionaire college dropouts like Bill Gates, who realized they could make more money with their own business then wasting more time at school.
This method is hiding the fact the College Education is too expensive and a way to make college administrators lives easier by not finding area to save money. Such as not keeping on building new building but utilizing the space they have.
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Indeed - there are many details to sort out. One possible compromise would be something like X% of your annual salary for the first Y years after graduation, per year of school. Graduate from a 4-year program, pay 4X%. Leave after 2 years, pay 2X%. Go on to a different graduate school - the Y-years counter doesn't start until you graduate from there.
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Private investors.
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>Current student debt issuers would have the same incentive after all
Not even remotely. Get a degree and be totally unable to find a job, and you're expected to pay off your student loan just the same as if you were making $1M/year. The debt issuers would surely rather you got a job that let you pay them off in a timely fashion - but as you pointed out, their preferential treatment means they'll probably get paid eventually no matter what. They have nothing to gain if you get a great job versus a medio
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Again, you're overlooking the fact that under an ISA *THERE IS NO DEBT*. Debts must be repayed to the tune of a specific monetary amount (plus interest). An income sharing agreement has no such basis.
Also, the reason student loans get extra privileges, in large part, is because hose loans are guaranteed by the government, and so the government wants to make it as hard as possible for you to default and leave them with the bill.
Contrast to an ISA, where the government is not involved at all, and THERE IS NO
Re:Sounds good (Score:5, Insightful)
Money does not equal success. This will simply lead to pressuring students into more lucrative majors while completely neglecting the rest of the university. Might as well just open a trade school.
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Absolutely correct.
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It doesn't depend on their success. It's just a loan where you incur interest over the period of your education without having to make payments and you have to pay it back by a certain due date, they just have an agreement that once you have a job, they will start collecting direct from your paycheck.
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Except the goal of the college then stops being to educate you, and becomes all about pushing you towards career goals that are lucrative for the college.
That might be fine for some strictly vocational programs. If the whole point is to teach you a trade and then place you in a job, then getting paid based on the earnings at the job they've places you in makes a certain amount of sense. However, if we're talking about college for the purpose of higher education, it makes a lot less sense.
ISA = Indentured Servitude Agreement (Score:5, Insightful)
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It's a great idea if and only if it covers all (Score:1)
Unless it covers all obligations to the college, it's just a money grab. Otherwise it's fine.
Starts off looking affordable (Score:1)
Doesn't end up that way
How can I cheat that... (Score:2)
The exploding cost of education (Score:5, Informative)
This article has a telling graph of how education has been moving out of reach for a large part of the US population
https://www.zerohedge.com/news... [zerohedge.com]
While some technological things have become much cheaper the relative cost of education has increased manifold.
the student loan crisis is then just one aspect of this problem. It's the tip of the iceberg. I still see people focusing on the 'leeches' , people somehow abusing student loans. I'm sure that happens, but using such examples to represent the situation is entirely wrong. As is the solution which is presented in the article on here. The leeches are on the other side. They're the people getting rich off this.
Re:The exploding cost of education (Score:5, Insightful)
Looking at averages also underestimates the seriousness of the problem because it disregards the distribution of income.
When average income rises but mainly goes to a small minority, then the majority can actually have a lower income and they are even worse off.
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The government backing loans always leads to a bubble. Houses were increasing prices beyond their value due to banks having to give out loans at gunpoint to people that weren't qualified in the name of equality and social justice for all.
Same is happening in schools, government is forcing massive debt on the economy by forcing loans for people that don't qualify (either by intelligence or degree) and don't have the means to repay it. The colleges just want to collect the money since they're not holding the
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Oh so the system works much worse(on average!) than other countries who use a less capitalistic system because it is not capitalistic enough!
I'm not going to defend my parent post since it lacks all nuance, but I read this https://www.theatlantic.com/ed... [theatlantic.com] and it does point to the capilist mechanisms
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That's misleading. It only applies if you are sending your child to a private ivy league schools. Remove those from the equation and it's not nearly as bad as the chart misleads people into thinking.
https://trends.collegeboard.or... [collegeboard.org]
pssst: Ohms law is the same at community college as it is at MIT
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>Technology should have made education cheaper...
Why, exactly? Technology makes industry cheaper/more profitable, but there's not exactly much to automate in education to drive the cost down. Clerical overhead is about it, and that has never exactly been a a huge percentage of a college's operating expenses.
There's not much excuse for raising the price faster than inflation.
On the other hand, technology does allow *you* to lower the cost of your education substantially. Instead of taking real classes
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Why, exactly?
Because you should be able to pay someone less who is just their to start a projector at the beginning of class, and turn it off at the end compared to a real teacher.
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If that's all you want out of a class, watch the video lectures and test out. Don't blame other people for your inability to watch movies on your own time.
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next global economic crises happens = still have the pay the loans as chapter 11 and 7 make it very hard to get out of student loans.
Many Factors Involved (Score:2)
not in order just off the top of my head:
1) Inflation. don't forget and remember that they no longer have to report exactly what it is.
2) Lower income for everybody but the top. Wages have gone down for half a century now; people didn't notice as women's freedom was hyped at the same time the quality of life with 1 adult working was becoming unsustainable.
3) Cheap commodity items like food, junk food, clothing, technology made TV cheaper etc. This gives the illusion of increased prosperity relative to more
Learn Python (Score:2)
Could this be the end of Liberal Arts programs? (Score:2)
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It depends on what Humanities degree you have. The women's studies majors generally get the lowest tips.
I predict a short run (Score:5, Interesting)
This model will collapse when companies start offering a low salary for the agreed upon time period with a giant bonus to come after. It will also incentivize graduates to take low-income positions for the first few years (which may not be a bad thing for the graduates, but it will hurt the ISA programme). Unless subsidized, this programme will not be financially viable.
People will always take the best approach for themselves, and companies will be more than happy to capitalize on that. Paying out a large bonus after X years is much better for the company; 40k for 3 years + a 45k bonus is better than 60k for 3 years for the company and guarantees a 3 year employee retention. The graduate that can be paid less at decent retention is more appealing than the graduate that wants a full salary right away and might leave at any moment for better opportunities.
Re:I predict a short run (Score:4, Interesting)
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For the sake of argument, let's say that 20% is the affordable percentage mentioned in the article. Your basic assumption here is that people would rather make $32k (80% of $40k) per year rather than $80k (80% of 100k) per year.
By all means, show us this huge group of people would would rather make $32k/year rather than $80k/year and explain how they rationalize this as being "the best approach for themselves."
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And no... huge signing bonuses are not a standard thing and will not become a standard thing. There's too much risk to the employer of losing that money to someone who will move on ASAP and the salary agreement with universities would quickly be amended to cover those bonuses as well, so it would give no benefit to the employee over a steady salary.
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I think their idea was more like get paid 33k for 3 years, plus a 100k "loyalty bonus" at the end of that time, for a total of 200k, where they only have to pay the ISA on the 100k salary. Rather than being paid 66k/year for the same 200k total, but having to pay the ISA on the full amount. Lower the salary a bit so that the employee and employer split the ISA savings, and everybody wins. Except...
I really don't see such a thing catching on - firstly because the ISA agreement probably lasts at least 10+
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Most of these ISAs have had repayment terms that go FAR beyond 3 years. Think more like 10 or 15 years. Even if the person were to take a lower paying job for the first X years, it wouldn't help them at all if they received a bonus at year X if X is anything less than the repayment term. They'd instead need to forgo higher pay for the full 10-15 years (or more), at which point you'd be hard-pressed to find anyone fresh out of school willing to lock themselves in for that long.
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Maybe they'll only accept graduates stupid enough to NOT game the system in these ways?
I entirely agree with you that this will be maneuvered around...cynically, I can see companies making this deal "we pay you little until the term is up then you get a balloon to your salary"...until just before the bell goes off, then you get let go BEFORE you get paid a decent $. Sorry.
Don't think so? Companies already sort of do this to H1's..."we're getting you your visa, so we're going to pay you for shit during tha
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student athletes should have this min salary leagu (Score:2)
student athletes should have this min salary pro sports league minimum
Burn These Predatory Institutions to the Ground (Score:2, Interesting)
They want to make you a wage slave, no better than perpetual leasing on a car. Sounds good because the human mind thinks monthly
Everything the Government gets into gets more expensive. Housing in the 1930s from Fannie Mae Freddie Mac because "everyone should be a homeowner". Student tuition from WW2 on (GI Bill, and then student loans). Medicine from the late 1960s on (Medicare, Medicaid from LBJ's great society.)
What basically happens is all this government credit inflates what people can pay monthly u
College was initially an place for rich kids trade (Score:2)
College was initially an place for rich kids trades where for others.
decline and fall of higher education (Score:2)
FOAD to any colleges and universities that can't deliver cost effective options with modern media.
Ideal for MRS degrees? (Score:2)
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Going to college for your Mrs. Degree?
Free college for gender studies students (Score:2)
Not as if they will ever earn anything with that degree.
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No degree earns anyone any money.
It's what the person does with it that counts.
So, shove your BS back up your ass.
The Unincorporated Man (Score:2)
Indentured servitude? (Score:2)
It sure as hell sounds like it.
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Except your not working for "them" directly - rather in the market place.
There is an aspect of this which i can see making schools act more in the student's best interest long term - by focusing on actual skills and job placement rather than keeping them enrolled for more "tuition"
But there is a very very slippery slope on this one, and i'm sure it will go down with some slick lawyer....
Distopian BS (Score:3)
"Learn today, pay forever"
indentured servitude (Score:2)
The 13th amendment abolished involuntary servitude (Score:2)
Section 2. Congress shall have power to enforce this article by appropriate legislation."
Wanting an education in a high tech economy is not a crime.
Corporations? (Score:2)
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Automation may create some jobs. The job's created are not as many as the jobs destroyed. They know this, cutting out the middleman(the bank), allows them to have a greater part of a shrinking pie.
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The job's created are not as many as the jobs destroyed
We either consume more (e.g. at a point, carriages and horses were for rich folk and regular people walked or road donkeys; cars are now a commodity) or we consume other things (e.g. we no longer spend 40% of our income on food, so we can buy iPhones).
allows them to have a greater part of a shrinking pie.
The size of the pie out there per individual person is getting bigger [worldbank.org].
The hot-blast furnace allowed 200 workers to produce, in the same hours worked per worker, what 86,000 workers once produced in iron
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What exactly is the difference between an average student paying 20% of their income to an ISA, versus paying 20% of their income to a student debt?
Of course, it does mean that students that go into an above-average job pay more in total, while those below-average pay less, but even that is likely offset by the fact that you've got an experienced career-placement board doing everything they can to help you find a good job and negotiate as high a salary as possible, rather than just searching more or less ai
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The difference is power balance.
What happens when 'payback' percentage starts being based on your degree?
What happens when you don't take a job the university thinks you should?
You post is based on the false premise that they will be faithful actors.
Anytime someone has a direct hook into your pay, it becomes abusive. see: Entire history since the industrial age started.
What you are talking about would require a very expensive dept just to groom people into the 'correct' position, and the idea that the peopl
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>What happens when 'payback' percentage starts being based on your degree?
Then you take that into consideration when choosing your degree. If an arts degree requires 40% while an engineering degree requires 10% (because of the much higher expected return), then maybe you should think really hard before wasting everyone's time on an arts degree.
>What happens when you don't take a job the university thinks you should?
What's specified in the contract you signed? Probably not much since they can't force
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Well, I sure as hell wouldn't sign that contract, would you?
If you sign a contract saying 20% for 10 years after graduation, then the only way they can change that is if the contract also says "or whatever we decide to unilaterally change that to"
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The point is, with an ISA you've been loaned *nothing*. All they get is a percentage of your income - if they can't help you find a good job, they get x% of jack squat.
Of course, you could still run afoul of a crappy university that offers degrees in advanced slacking just to claim your income - but even they have incentive to at least get you good job placement so they get x% of a bigger number. Compare to modern scam universities like you mention, that get paid exactly the same amount no matter how litt
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This history of this sort of thing is pretty nasty and abusive.
While it might start well, eventually it will get to the point where interest will mean forever servitude and you will be liable to pay them back in full if you don't take the job they want you to take.
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Again *there is no loan* which means that *there is no interest*
You're thinking of existing student loans, where you incur a definite dollar-value debt, which must then be paid off, with interest - perhaps limited to x% of your income per year until such time as it's paid off, but if it takes you 80 years to pay it off, well then it sucks to be you.
That's not how ISA works. There is no loan. There is no principal to pay off. There's just you, getting a completely "free" education in exchange for paying
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You're talking about student loan debt. There's no debt with ISA - just an agreement to pay x% of your income for y years, and then you're free. If that's 20% for 10 years, and you're making $10k/year for all that time, then they get $2k * 10 years = $20k. If you're making $100k, then they $200k over the same 10 years.
The more you profit, the more they profit. And either way, in year 11 you're free of any further obligation.
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Poor snowflake, can't handle competing in the job market without the full unmitigated advantage of white privilege?
Seriously - the only place where white men are at a disadvantage is in companies whose current employee base is overwhelmingly white men, *and* who are hiring minorities as fast as possible to try to rectify that racist and sexist imbalance.
If they're predominantly white men and don't care (which is many) you still have a big advantage. And if they already have an equitable mix of races and ge
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"the struggles that white men face in the workplace,"
as a white middle aged man, let me tell you:
You're full of shit.