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If her parents are like one of my friends then they make money they do not report through their business and refused to file a FAFSA thinking the IRS would discover their extra $10k a year in untaxed income. My friend ended up one semester from graduating before he could not continue towards his degree in art design all because he wanted to follow his dream but could not swim in the debt. He did not care that out of the last 3 years of graduating classes only 2 people found work in their field of work, one as an intern and the other because his dad owns a company. So many people growing up to find out they entered a load of debt for a field that is hard to enter. My friend is currently working two jobs, one at his parents business, to meet the payments and hopes to get his degree finished in a year. His life is going to be hard going into his thirties all because his parents didn't want to get the IRS to find an extra 10k. Ten grand a year in untaxed income over having your child get government aid of any kind...  
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Oct 2, 2014 15:09
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I just learned that you can discharge student loans via bankruptcy here in Canada as long as you declare at least 7 years after the point at which you ceased to be a student. So 14 years after you graduate, your life can get on track! Rick Rickshaw fucked around with this message at 15:20 on Oct 2, 2014 |
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Oct 2, 2014 15:16
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Rick Rickshaw posted:I just learned that you can discharge student loans via bankruptcy here in Canada as long as you declare at least 7 years after the point at which you ceased to be a student.
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Oct 2, 2014 15:53
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It has gotten more expensive to renounce your citizenship: quote:Beginning Sept. 12, the State Department is increasing fivefold the fee it charges Americans to cut ties with the (overtaxed?) land of the free. It used to cost $450 to go through the lengthy process of permanently leaving the United States. It will now cost $2,350 to officially hand over your U.S. passport. You can have your passport revoked if your child support payments get too far behind. And the early versions (it might be still in the passed version, but I wasn't going to spend too much time scanning the 580 pages of what got passed) of the MAP21 bill (which was promoted as a highway bill, but includes lots of provisions about pension funding) would have allowed the IRS to have the State Department revoke your passport if you got too far behind in your taxes. So I think it is reasonable that if you do chose to flee the US to avoid student loans, that in the not too far future that will become something that will cause you to get deported back to the US.
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Oct 2, 2014 18:10
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melon cat posted:Keep in mind that declaring bankruptcy in Canada isn't the same thing as it is in the U.S. The process is a lot more arduous and difficult here in Canada, and you lose everything by declaring bankruptcy. Plus its a huge hassle to discharge your loans. They've turned people down for a loan discharge in bankruptcy for having put money into their RRSPs. http://www.canlii.org/en/on/onsc/doc/2000/2000canlii22497/2000canlii22497.html at paragraph 19.
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Oct 2, 2014 18:26
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Huttan posted:It has gotten more expensive to renounce your citizenship: If you go to a country which doesn't have an extradition treaty with the US you should be fine. Of course, you still can't come back.
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Oct 2, 2014 18:57
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Would people actually get extradited over 250k of private student loans?
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Oct 2, 2014 20:38
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Barry posted:Would people actually get extradited over 250k of private student loans? Federal loans I could see extradition for, if the amount was high enough. Otherwise the government would write it off and just assume that they'll nail you if you're dumb enough to come back to the country. Private loans? No other government is going to give enough of a gently caress that an American corporation can't continue to blatantly loan-shark people into endless poverty for them to bother handing you over.
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Oct 2, 2014 20:41
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The French still have a Foreign Legion, but I’m not sure they have much need for graphic artists.
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Oct 2, 2014 22:10
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Honestly with that much debt the best solution is to just stop trying to make payments. Having 15% of your pay garnished for the rest of your life sucks but it is better than hiding in Somalia or shooting yourself.
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Oct 2, 2014 22:56
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Leaving the country is an easy option and I have friends who have done this with no chance of repaying the debt. Suicide is an effective option but everyone has forgotten that it's possible to spread your cheeks for a debt free future. Unfortunately I met a lot of people who've taken that option because their degree leaves them with very low earning potential (or none). The student loan system in New Zealand isn't perfect but the repayments are based on income and it is taken from your pay as a 10% tax. When I went to University they charged interest while studying and it was pretty painful to pay back. I believe the system has been adjusted so that you don't get charged interest while studying and one of my friends wasn't even being charged interest while working and repaying it. One of the reasons the Government changed the student loan system is because some students would never actually be able to repay their loan even if they worked until they died. I'm pretty sure a lot of colleges in the US are bad with money given that their fees are so high. Where does the $40k+ in tuition go?
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Oct 2, 2014 23:28
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Shareholders!
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Oct 2, 2014 23:35
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Devian666 posted:I'm pretty sure a lot of colleges in the US are bad with money given that their fees are so high. Where does the $40k+ in tuition go? Luxury dorms, state of the art fitness centers, meticulous landscaping, high quality food courts. These things are now expected to be standard across all universities and colleges. Universities are catering to the needs of wealthy students (or students wiling to max out student loans) which raises costs for everyone. The same thing is happening in hospitals.
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Oct 2, 2014 23:47
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Since you can't measure college academic performance directly, the value of the degree relative to other colleges is based on its prestige, so colleges spend as much as possible on raising that by blowing money on nice facilities, top-tier research professors, fancy sports programs, etc.
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Oct 2, 2014 23:50
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There's also the cutting back of public funding for public universities.Weatherman posted:Pompous, you of all people should know what her first option would be. 
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Oct 2, 2014 23:59
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laxbro posted:Luxury dorms, state of the art fitness centers, meticulous landscaping, high quality food courts. These things are now expected to be standard across all universities and colleges. Universities are catering to the needs of wealthy students (or students wiling to max out student loans) which raises costs for everyone. Presidents and other high-ranking officials who make six or seven figure salaries too. Where I went to school the president made at least 200k a year and the university paid for a $100k renovation of his house because he'd entertain boosters there.
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Oct 3, 2014 00:09
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CellarDweller posted:Honestly with that much debt the best solution is to just stop trying to make payments. Having 15% of your pay garnished for the rest of your life sucks but it is better than hiding in Somalia or shooting yourself. I don't know why garnishment isn't an option for more people. If you're making median wages and have 6 figures of debt it's cheaper to just accept life long garnishment, as crazy as that is. I wonder if you could stack garnishments on purpose (such as IRS ones) so as to stiff the loan companies even harder? That being said a friend of a friend of mine did the whole 'gently caress this I'm out' when he had too heavy of a debt load. However, he took out a bunch of credit cards right before he left, bought HDTVs and sold them for cash on craigslist, and left for south america with a briefcase of cash. Definitely worth doing if you're going to flee the country.
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Oct 3, 2014 00:12
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Does it become fraud at that point?
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Oct 3, 2014 00:15
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Nail Rat posted:Presidents and other high-ranking officials who make six or seven figure salaries too. Where I went to school the president made at least 200k a year and the university paid for a $100k renovation of his house because he'd entertain boosters there.
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Oct 3, 2014 00:33
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Devian666 posted:I'm pretty sure a lot of colleges in the US are bad with money given that their fees are so high. Where does the $40k+ in tuition go? To replacing the state funding that got cut when Republicans took over. Oh, and to the bondholders who purchased AAA rated tuition-loan bonds. Here's the prospectus for the University of California system: https://ucfocusonyourfuture.mysecurebenefitsportal.com/Content/downloads/UC_Bond_Fund.pdf BigDave fucked around with this message at 00:42 on Oct 3, 2014 |
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Oct 3, 2014 00:40
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Cicero posted:Since you can't measure college academic performance directly, the value of the degree relative to other colleges is based on its prestige, so colleges spend as much as possible on raising that by blowing money on nice facilities, top-tier research professors, fancy sports programs, etc. The University I went to was focused on publishing a lot of high quality academic papers. It was a standard they held themselves to. The engineering school and chemistry department had a lot of prestige due to the quality of the degrees you could get. All the nice student facilities were funded by students paying to use facilities or from the Student Association (which is independent from the University financially). All this costs a lot less than the crazy fees charged in the US. Maybe people should study tuition free and get degrees that would actually make them employable. The following is accredited in the US but I think was originally designed to help out third world nations. http://uopeople.edu/ BigDave posted:To replacing the state funding that got cut when Republicans took over. poo poo. University Bonds certainly are a way of converting C grade or worse borrowers into AAA bonds.
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Oct 3, 2014 00:40
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Devian666 posted:The student loan system in New Zealand isn't perfect but the repayments are based on income and it is taken from your pay as a 10% tax. When I went to University they charged interest while studying and it was pretty painful to pay back. I believe the system has been adjusted so that you don't get charged interest while studying and one of my friends wasn't even being charged interest while working and repaying it. One of the reasons the Government changed the student loan system is because some students would never actually be able to repay their loan even if they worked until they died. It went to 12% 2 years ago and its interest free as long as you live in Nz (cheers Aunty Helen!). 6% interest if you live overseas and they can now confiscate your passport if you return and its too far overdue. Plus it costs $13-15k a year to go to uni now. ~6k tuition plus 8-10k living cost loan which is generally only enough to cover rent. Student allowance still exists but is basically for rich farmers whose parents have "no income" and cant be used for postgrad study. So yeah the last few years of a national govt have not been kind to students and people with loans.
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Oct 3, 2014 00:46
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Cicero posted:Eh 200k for the president isn't that bad. What's bad is when you have several dozen 100-200k 'administrators'/VPs, most of whom are doing makework. 200k for a University President seems really low actually.
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Oct 3, 2014 00:50
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The famous comic seems relevant:
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Oct 3, 2014 00:55
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That's also irrelevant since football programs are generally revenue net-positive (sometimes massively so).
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Oct 3, 2014 00:57
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VideoTapir posted:Does it become fraud at that point? Yes. What are they going to do about it?
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Oct 3, 2014 00:58
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Saros posted:It went to 12% 2 years ago and its interest free as long as you live in Nz (cheers Aunty Helen!). 6% interest if you live overseas and they can now confiscate your passport if you return and its too far overdue. Plus it costs $13-15k a year to go to uni now. ~6k tuition plus 8-10k living cost loan which is generally only enough to cover rent. Student allowance still exists but is basically for rich farmers whose parents have "no income" and cant be used for postgrad study. Everyone I know living in NZ is doing alright unless they don't earn enough to pay the loan. Friends who have gone to Australia have been away long enough that they are hosed. Their loans have climbed and there's no way they can make the repayments. IRD has reached out to say they're will to negotiate a deal on repayments (probably writing off unsustainable interest on a case by case basis) but I don't know anyone who wants to deal with them to sort out repayments. It leaves a lot of people in a situation where they will never return to NZ and we'll never get the benefit from their education.
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Oct 3, 2014 01:00
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Zo posted:That's also irrelevant since football programs are generally revenue net-positive (sometimes massively so). That's because they're fueled on the blood, hopes, tears, and dreams of college athletes.
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Oct 3, 2014 02:37
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Zo posted:That's also irrelevant since football programs are generally revenue net-positive (sometimes massively so). They don't have to pay their athletes anything, either (although that may change sometime soon).
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Oct 3, 2014 02:48
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Zo posted:That's also irrelevant since football programs are generally revenue net-positive (sometimes massively so). I don't think that's really true outside of the best teams.
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Oct 3, 2014 04:13
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FrozenVent posted:Yes. What are they going to do about it? Issue a warrant. Don't ever visit your family. Re: university chat: Details are a little hazy, this was like 15 years ago. When I was an undergraduate my school built a new athletic facility of some kind that hardly anyone outside of the athletic department ever used. The athletic department was having trouble paying for it, so they wanted to fund it through a student fee. IIRC it was like 20 bucks a semester. This was IIRC in addition to the rec center fee. Anyway, they had a special student election about the fee. It was aggressively advertised in the atheletic facilities/rec center but hardly got any mention anywhere else. Almost no one outside the athletic department voted, (because hardly anyone knew about the election) and the fee passed. And that is why gently caress college athletics forever.
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Oct 3, 2014 04:15
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BigDave posted:To replacing the state funding that got cut when Republicans took over. This. So very much this, at least in Florida. We as a culture simply don't value education anymore. We value degrees. This is one more manifestation of it.
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Oct 3, 2014 05:59
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Magic Underwear posted:I don't think that's really true outside of the best teams. It mostly is, actually. The standard myth that gets thrown around (and which you may be confusing with my post) is that they all make tons of money, and THAT is not true aside from the best teams, but even the shittest football programs are more or less a wash. http://www.ethosreview.org/intellectual-spaces/is-college-football-profitable/ quote:While these allocations also show that a good portion of Alabama football’s $110 million goes toward offsetting the costs of having a big-time athletic department, the data also shows that some top-tier football programs do in fact use a significant portion of its revenue to provide for the expenses of most of the athletic department. Yet that’s actually a rarity. For example, at Marshall University—a smaller top-tier program with a storied history—the expenses of the football team ($7,083,399) nearly wash out their revenue ($7,760,381). The remaining “football” revenue only marginally supports the expenses of other sports. Or, at Texas State University-San Marcos, a far less competitive football program at a university with enrollment numbers comparable to the University of Alabama, the revenue and expenses were both reported as exactly $5,633,155.
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Oct 3, 2014 05:59
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Zo posted:It mostly is, actually. The standard myth that gets thrown around (and which you may be confusing with my post) is that they all make tons of money, and THAT is not true aside from the best teams, but even the shittest football programs are more or less a wash. There are a lot of ways to manipulate the costs of the program. It's not uncommon for facilities and resources that are used nearly exclusively by football athletes are put on the athletic departments, student activity, or general facilities budgets instead of the football budget; or for assistant coaches to be paid from academic accounts as kineseology instructors; same for tutors. It should be seen as extremely suspicious that in even in the least successful programs football revenues exactly match expenses.
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Oct 3, 2014 06:23
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I did not mean to start footballchat the other parts of the chart are interesting too.
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Oct 3, 2014 06:40
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An oldie but a goodie, on the subject of universities:quote:March 24, 2009 12:00 am If you're thinking "that's an odd lineup," you're not alone. And this is what happened: quote:UA group vows more concert bashes despite $1M loss on Jay-Z quote:Just Plain Dumb TL;DR: Star-struck students with delusions of grandeur blow a million bucks in student union money to meet their idols. Where is the money going? To Jay-Z and Kelly Clarkson. VideoTapir fucked around with this message at 08:07 on Oct 3, 2014 |
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Oct 3, 2014 08:01
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VideoTapir posted:An oldie but a goodie, on the subject of Universities: It's as if they have no idea about running events. If they were interested in making money they should have booked Skrillex and Deadmau5. Paid them the money and had a packed stadium along with a boost to the local economy via drug dealers.
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Oct 3, 2014 08:07
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They sold 9,000 tickets at an average ticket price/attendee revenue of $62. They expected to sell 17,000 tickets. At the same average ticket price (despite them actually selling all their most expensive tickets suggesting the average might be lower). They would raise. $1,054,000. quote:Payments for Bash performers varied. Jay-Z got $750,000, Clarkson was paid $175,000, Third Eye Blind earned $85,000 and the Veronicas got $20,000. Total performer cost. $1,030,000. Did anyone with half a brain look at their figures? Even ignoring the $100k cost for lighting, security etc it just doesn't make any sense. How do break even concerts raise money?
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Oct 3, 2014 08:58
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Cast_No_Shadow posted:They sold 9,000 tickets at an average ticket price/attendee revenue of $62. quote:only 6,100 tickets were sold, priced from $25 to $200. About 3,000 were given away in exchange for marketing and promotions services Reading is hard, I know, but they did expect to make money, however wrong those expectations were.
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Oct 3, 2014 09:03
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Here's the idiot's Linkedin page. Somehow he parlayed that debacle into a career. And of COURSE he was a business student. Christ, the business school should have lost its accreditation for graduating this tool. https://www.linkedin.com/pub/tommy-bruce/4/31/850
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Oct 3, 2014 09:12
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