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Its the students and the taxpayers that should be prospering directly from the sports money. Otherwise privatize or tax the institutions like they are private business.
Except not all colleges have great sports programs that bring in huge amounts of money…and those that do that money is also used to help fund other programs.
It would make more sense to focus on the interest. It’s one thing to have taken out a loan for $25,000….it’s the $50K of interest that is killing people. The way the interest is compound every time the loan is sold is usurious. Amounts like this will never get paid back.
Reset these people’s loans to the original amount borrowed minus their payments. Eliminate the interest. Then the debt will get paid, their credit restored, no one is being given a free ride, resentment goes away, etc.
It would make more sense to focus on the interest. It’s one thing to have taken out a loan for $25,000….it’s the $50K of interest that is killing people. The way the interest is compound every time the loan is sold is usurious. Amounts like this will never get paid back.
Reset these people’s loans to the original amount borrowed minus their payments. Eliminate the interest. Then the debt will get paid, their credit restored, no one is being given a free ride, resentment goes away, etc.
This is the big disconnect, especially among those whose never taken educational loans. Most of those with no personal experience probably believe that these operate on the same schedule as a car loan, other personal loan, mortgage, etc, where the interest is calculated once and doesn't capitalize at every turn.
Must be a great tax incentive for the lenders and/or services who buy the loans. Collect the entire principle amount or more in interest, then when the remainder is forgiven after 20 years of payments, they can mark up the entire original principle as a loss.
I agree that compounded interest is criminal. However, students know when taking out these loans that the interest is compounded - or at least they should. I do believe in transparency on this.
It would make more sense to focus on the interest. It’s one thing to have taken out a loan for $25,000….it’s the $50K of interest that is killing people. The way the interest is compound every time the loan is sold is usurious. Amounts like this will never get paid back.
Reset these people’s loans to the original amount borrowed minus their payments. Eliminate the interest. Then the debt will get paid, their credit restored, no one is being given a free ride, resentment goes away, etc.
I do not believe in eliminating interest for them - everyone who takes out a loan pays interest. However, I agree that compounded interest is loan-sharking.
I do not believe in eliminating interest for them - everyone who takes out a loan pays interest. However, I agree that compounded interest is loan-sharking.
Not necessarily. I remember lots of car loans being advertised at 0% for example. Some loans are dirt cheap; we’re paying 2.25% on our mortgage.
Student loans at anywhere between 13 and 20%…compounded…makes it so most people can never get out from under the loan.
In any case, opponents to loan forgiveness like to say that the borrowers are deadbeats. I don’t think that’s true, but reverting back to the original loan amount gives people an opportunity to pay that and avoid those types of accusations.
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Quote:
Originally Posted by erieguy
Nah, it’s fine the way it is. College sports bring in sOOO much money and the university’s prosper from it greatly.
If that were true, then half the SEC schools quality of education would be rivaling the Ivy League. They're still pretty solid schools but still not elite.
New football coach Brian Kelly and LSU agreed to a deal that made him the highest paid coach at a public university in the country, : $9 Million per year in the first season, rising in increments over at least a few years. $95 million total in base salary, a longevity bonus of at lest $5 million over the life of the 10-year contract, which made him the first coach at a public school with a nine-figure deal.
Meanwhile, LSU's new president's salary is only $725,000. Source: ABC- Lafayette, LA
Also, LSU's Tiger Stadium seating is greater than 100,000, #6 in the nation (in one of the poorest states, and with a much lower population than other states with comparable sized college stadiums).
So even if it is true that the team brings in a lot of money, it's still a fact that LSU's (and any other university's) legitimate mission is to provide post-high-school level education; not to be a sports franchise.
Universities in Europe generally don't have sports teams and certainly not to this scale. How come their education isn't of inferior quality to their peer US Universities?
Also, you know just as well as I do that university athletes, on average, get more breaks and favors than other students. Which would be fine IF the average college athlete had the same quality of academic performance within their major as non-athletes. But you know just as well as I do that that's not the case.
Quote:
Originally Posted by erieguy
Except not all colleges have great sports programs that bring in huge amounts of money…and those that do that money is also used to help fund other programs.
Not really, or at most to a trivial extent. LSU's professors don't get nearly the salary that other states do. As shown above, LSU's president gets paid only a fraction of what the head football coach does. This reflects priorities so far out of whack of what an educational institution should have that NO sane person can find this rational.
All this talk of student loan and I wonder if there are any stats of the amt. of loans issued each year, the amt. of loans defaulted on over the years,% of loans defaulted, payments not made...average pay off, etc.
We make whole lot of assumptions who is paying and who isn't is based on feelings...and we really don't know what the costs are right now.
Wharton estimates this giveaway could cost up to $1 TRILLION.
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