[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 47 KB, 360x420, 4L_bA1Mu8cC.jpg [View same] [iqdb] [saucenao] [google]
929098 No.929098 [Reply] [Original]

What if one was to start a company that helped students get to college for free in return for 2-5% of their salary for a set period of time? The company would take care of all costs and aspects of college. It would even get them scholarships and free aid.

The average college debt is $28,000. Students are expected to repay that as soon as they get a job. This program wouldn't require students to start paying the company until they reach the average salary of a student out of college which is around 45,000. In return they could pay 10% of their salary every year until the average student debt is payed off (28,000). After that, the percentage would drop and they would pay 2-5% of their salary every year for a set period of time such as 10 years. Based on a $45,000 salary, they would be paying $2250 a year at 5% ($22500 after 10 years). Obviously this means that a student would be paying over double college costs, but it a much easier and relaxed way. Besides, most students would take this option because it doesn't sound as bad and the company would take care of everything. And you would need a lot of money and connections to set it up.

>> No.929100

>>929098
That sounds like a loan

>> No.929102

>>929100

Exactly. Could I avail myself of the OP's services, get my degree and then declare bankruptcy to avoid paying him back?

>> No.929107

>>929102
How would you declare bankruptcy if it doesn't kick in until you have a set salary of 45,000

>> No.929111

>>929107

I rack up some credit card debt along the way and when I hit that $45,000 salary, I have a ton of debt.

>> No.929113

>>929102
Couldn't you say that for any loan?

>> No.929120

>>929113
>>929102
Then the debt problem is solved. Declare bankruptcy.

>> No.929122

>>929113

Except for student loans, which is why I'm afraid the OP would attract a lot of bad faith operatives looking for a loophole.

>> No.929137

>>929098

Make some better bait next time ihaz

>> No.929313

>>929137
>Make some better bait next time ihaz
Why would I post this? The only reason I opened the thread is because the obvious downfall of this idea is that the students would declare bankruptcy and terminate the contract that requires them to pay future earnings. Did you forget that I'm a bankruptcy lawyer?

I've come up with much better bait that this. My bait is legendary.

>> No.929350

>>929122
This is not true. You can discharge student loans in bankruptcy. Its very difficult however because they have tremendous flexibility in their income based repayments.

>> No.929371

>>929350

I confine my efforts to the realm of possibility. It's technically possible that God exists just as the Christian or Muslim texts portray it, but I don't structure my life around that.

>> No.929379

>>929313
I personally liked the time you forgot how to divide by 3. Go away you old has been.

>> No.929425

>>929379
>I personally liked the time you forgot how to divide by 3.
[Citation required]

>> No.929428

Jeopardy?

>What is a bank?

>> No.929437

How is this any different to a bank loan/ government loan?
Also what if they become low wage earners and can't afford 10%? Government wont care if you earn less than X amount, but a company would

>> No.929623

>>929098
Sounds like a lot of legal trouble to me

>> No.929934

>>929113
>>929120
Good luck declaring bankruptcy when the gub't owns your debt.