Drudge Retort: The Other Side of the News
Monday, February 24, 2020

Purdue [University in Indiana] offered her another way to pay. Investors -- including wealthy alumni, a hedge fund, and the Purdue Research Foundation -- would front her $50,000 to cover two years of college. In exchange, she'd owe them 14.8 percent of whatever income she earned in the eight years after she graduated.




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Indentured servants of a sort...

Has anyone here ever read "The Unincorporated Man"? Great novel by Dani and Eytan Kollin. It's about a future earth that emerges following tech driven societal collapse where everyone who is born is incorporated and your life's goal is to attain a majority of your own stock and determine what YOU want to do. I recommend the read.

#1 | Posted by GalaxiePete at 2020-02-20 01:25 PM | Reply | Newsworthy 1

Interesting form of scamming money out of students.

She is paying $8,288 per year for 8 years PLUS annual salary increase for a minimum of $66,304 to cover 2/5 of her college costs.

The service on that will be high. Her salary after tax will be approx $45,000 so it is closer to 18.5% of her disposable income. That is quite the scam.

#2 | Posted by Nixon at 2020-02-20 03:51 PM | Reply

This may incentivize new graduates to look at their job offers, examine the quality of life benefits, and possibly take the offer which isn't the highest paying, but also wouldn't be the most high-speed cutting edge gig.

Interesting offer

#3 | Posted by GOnoles92 at 2020-02-20 07:28 PM | Reply

This is becoming more common among financial institutions and education or law institutions. A "third party financing" of education or lawsuites, it's not much different from a lawsuit "on contingency" or a form of student loan.

In some cases the arrangement involves financiers (third party) directly, and in some the second party (law office or university) makes an arrangement with financier to back the "case" but provides assistance directly to student - it's just a matter of terms and "paperwork" involved.

#4 | Posted by CutiePie at 2020-02-24 03:12 PM | Reply

I keep mentioning this but I think it bears repeating. NY paid for my last 2.5 years of school, books, stipend, and work study job in the philosophy department. In just the decade immediately following my graduation I generated more in tax revenue to the state than I ever would have if I hadn't gotten my degree, and much more than their original outlay And I didn't even have a spectacular job at the time. Free college pays for itself.

#5 | Posted by Hagbard_Celine at 2020-02-24 03:26 PM | Reply | Newsworthy 2

Does it work out better or worse than a 4.53% loan?

#6 | Posted by sitzkrieg at 2020-02-25 08:05 AM | Reply

Investment Gone Bad....


#7 | Posted by Pegasus at 2020-02-25 02:27 PM | Reply

Bring back indentured service.

#8 | Posted by visitor_ at 2020-02-25 03:16 PM | Reply

Too lazy to read the article but couldn't she just get a job at Starbucks 14.8 percent of 9 dollars an hour is only a buck 33.

Seems like this might be a nice tax scam for rich employers, hire them and you get to write off the salary while putting 14.8% of it back in your pocket and only pay cap gains on anything over the original loan amount.

#9 | Posted by TaoWarrior at 2020-02-25 03:39 PM | Reply

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