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Posted on 11/19/14 at 2:14 pm to CHiPs25
at what interest rate?
it sounds a lot like student loans, but the money goes directly to the schools, i assume.
it sounds a lot like student loans, but the money goes directly to the schools, i assume.
Posted on 11/19/14 at 2:39 pm to CHiPs25
quote:
3% of their income for 20 years after they leave college
Little confused.
What if 3% of their income for 20 years is more than their tuition?
You can go to an in-state SEC school for $24k on tuition alone. You could pay that off with $500/month payments for four years. $250/month payments for eight.
Does this "3% of income" also cover books, room, board? If not, then you're paying 3% for 20 years plus whatever loan you're having to take out to cover the other costs.
Posted on 11/19/14 at 3:25 pm to StringedInstruments
quote:
You can go to an in-state SEC school for $24k on tuition alone. You could pay that off with $500/month payments for four years. $250/month payments for eight
Where are you finding A) $6k/year tuition and B) an interest free loan for 8 years (assuming the 4 years you refer to are the 4 following college)
For next year, LSU is $8700/yr (estimated), and from some quick research, that looks like it's about the middle of the road (Mississippi schools are about $7k, Alabama schools are $10k+), and that's just tuition/fees.
Posted on 11/19/14 at 3:31 pm to LSUGUMBO
Alright. Point still stands. The state covering tuition helps, but will 3% of income over 20 years be more or less than the tuition cost? Is this actually saving money on tuition in the long run?
Does it hurt the student in the long run to have this 20 year responsibility plus an extra loan with high interests rates to cover room and board and books?
Does it hurt the student in the long run to have this 20 year responsibility plus an extra loan with high interests rates to cover room and board and books?
Posted on 11/19/14 at 4:18 pm to StringedInstruments
The schools are banking on the 3% for 20 years equaling more than typical tuition fees, which is a good bet if the only people taking advantage of this are graduating with worthwhile degrees, but I'm not sure that would be the case.
I've only been out of school for 4.5 years, but I extrapolated what I would pay back (3%) for my 4.5 years worked, plus another 15.5 years if my salary increased by 4% yearly (seemed like an appropriate number) and came out to ~$63,000. Which is close to 3-4 times what I paid in tuition.
I've only been out of school for 4.5 years, but I extrapolated what I would pay back (3%) for my 4.5 years worked, plus another 15.5 years if my salary increased by 4% yearly (seemed like an appropriate number) and came out to ~$63,000. Which is close to 3-4 times what I paid in tuition.
Posted on 11/19/14 at 8:56 pm to Epic Cajun
Seed money could come from endowment. Essentially it is like buying risky bonds for endowment investment portfolio
Also it ties the interests of the schools to providing a higher quality degree and doing a good job of career placement. Could benefit student and school if that happens
Also it ties the interests of the schools to providing a higher quality degree and doing a good job of career placement. Could benefit student and school if that happens
Posted on 11/19/14 at 9:41 pm to GenesChin
How would this work for dropouts and the 5+ year students.
Posted on 11/19/14 at 10:07 pm to StringedInstruments
It is more than the cost of tuition if you have a decent career but that is the point. The student would decide to partake in this form of funding for a college education that would not require money upfront. For that opportunity, you pay it back/forward for the next generation of students.
Posted on 11/20/14 at 8:51 am to lynxcat
3% is super cheap under the assumption that the success is due to the education. That's what we've been programmed to believe, right?
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