Babybunz
84899
1644
68
Eat ‘em
Dec 31, 2019 6:34 PM
Babybunz
84899
1644
68
Eat ‘em
TheReynoldsNumber
If I wanted a business loan, an income share would be ideal. Shifts all the risk to the creditor.
57Chins
Dont go to college. Learn a trade
MarkySpaceMagnet
I guess that means that if you can't get a job with their degree, they don't get paid.
ReginaKasteen
Bingo. The point of an ISA is to align their interests (they get paid) with your interests (you get paid).
ReginaKasteen
Except that (at least under the ISA I'm looking at) you don't have to work. If I go 5 years w/o making 50k+/yr I pay nothing.
ReginaKasteen
AND it means that at the end of your program, they have an incentive to help you with job placement b/c they won't get paid if they don't.
ThailandExpress
koops
This is just slavery with more steps
matshelge
Oh-la-la, someone is getting laid in college.
koops
Oh how right you “were”. Met future wife at uni.
Holinyx05
or everyone can just not go to college for one or two years, then the colleges are forced to lower their insane tuition and random costs
callmeobvious
Babybunz
Too late for some of us. I’ll hafta settle for voting Bernie
PorneliusHubart
I like this idea over having loans I can never pay back as long as there's a limit. Plus less people would get degrees that aren't as useful
morelikeconsham
there is a cap on both the number of years and the amount of money.
micropig
This! I'm not saying it's perfect, but the way it's described in the article, it's a hell of a lot better than what we have now.
micropig
And this is coming from someone that already has school debt and is going back to school for a different degree.
sonofabruce82
Um.....an Aussie here. Isn’t this kind of what the HECS/HELP scheme is? Once you earn past a threshold you begin paying it back.
sergeantapone
Idiotic title is idiotic. A) it’s voluntary B) Unlike loans, there is a time limit C) Only payable out of income. No income = no payment /1
sergeantapone
D) There is a cap on the total amount paid. Someone is literally INVESTING in your future. Listen to the freakonomics podcast /2
sergeantapone
on these plans before having a knee jerk BuT cApiTalisM is EEEVVVIIILLLL reaction
Baccano2015
Isn't this just a loan?
abacab87
It sounds like a loan, but no end to the payments. If they take a percentage of earnings, what if your successful? You could pay 10x
morelikeconsham
It's like a loan, but lower/better distribution of risk.
ReginaKasteen
Essentially, except the amount/rate of payments is dependent on your income.
Babybunz
No it’s a perpetual ownership stake
skellumqt
It literally isn't. The article literally says that. Quoted below (shortened to fit char limit)
vonackus
You mean socialist government. Gives you free college and sends you to workplace it chose, Salary $70 (150 rubles), Bernie gets free stuff.
vonackus
That was what really happened in USSR where I lived. Bernie is typical Nomenclature.
Prinzka
Bernie is a way to name things?
NoWonderImStillAwake
Except it's not perpetual...
CausticCake
Lifetime, but you could argue perpetual. You pay no taxes on zero income when you're dead
NoWonderImStillAwake
Where did you read that ISA's are lifetime?
ReginaKasteen
Shhh, reading contracts is hard for some people.
skellumqt
"..payments =10% of her paycheck for 48 mo,but only after...a job paying at least $40,000 a year...total payback won’t exceed $22k"
Kunitsu
thats a hella lost less than i owe....
skellumqt
Article is on a coding school/bootcamp,so prob not 4 yrs.Tuition they quoted was ~$14.7K equivalent& ~1.2x amount tuition is usually the cap
Kunitsu
yeah, probably not a 4yr. oh well mines already long spent and in repayment so not like it would help me anyway
morelikeconsham
Guys, from what I can read, this is a really solid program. Payments scale with income such that if you hit rough luck after college, you
morelikeconsham
won't die. A minimum salary is required before they garnish any wages for the same reason. There is a cap on both the number of years and
morelikeconsham
the number of dollars they may collect. It's just a loan with a) the guarantee that this will not ruin your life, and b) incentive for your
morelikeconsham
university to place you in high paying positions. As someone with student loans, that sounds pretty great.
WhatSayYouCitizen
That is not "literal indentured servitude".
AdrianDunne
So they'll be making every effort to push those students out the door with a qualification.
beaubrent
How about just INVEST in people, your most valuable resource by funding education like the military? Free education is smart.
StillNotYouTube
A lot of companies do this.
ShouldersDeepInAHorse
But it's profitable in the end to loads of people, not kinda profitable right away to a couple already super-rich people, it's simple!
MrA007
We should fix our education system first, there's no way we can afford more of it as well as its problems.
cbale2000
They have this, it's called "Scholarships". The people that fund them are Investing in those smart enough to qualify for them.
terribleinternetpunsfirstborn
And the majority of scholarships go to people who've had private schooling and could afford university independently as a result
cbale2000
Many scholarships take "financial hardships" into account. Also, that sounds like an argument for "school vouchers" to me.
rando84
Agree somewhat—no country would pay for the amounts charged by US private universities.
WorldsSmallestMegaDick
The tuition costs arent the expensive part, its the living expenses take out 4 years of living expenses without tuition and its easily 80k
sparky2212
But the leadership in the USA is not smart. No freebies, not with so many minorities. Besides, the corporations/military need the welfare.
ReginaKasteen
That's what they're doing. They're literally investing in your education and you're agreeing to pay them back IF you actually make anything.
LeftenantSebastian
You’re missing the point. Its investing in the American people, with the payout being a stronger economy and country. Not individual profits
WorldsSmallestMegaDick
It would probably weaken the economy, youd have a lot more jobs require credentials they didnt need at exorbitant costs.
LeftenantSebastian
You believing more education would weaken the economy is very depressing. Didn’t think I could feel more hopeless about the future, thanks.
WorldsSmallestMegaDick
If you wanna get super depressed free community college is unfortunately a massive loss even though it targets those who need it most
WorldsSmallestMegaDick
Its shocking how many people think investing is just giving people shit scot free
imapencil
If you have education and prospects for the young no one would enlist. Have dumb easy exploitable youth, the american way
CyanideBreathMint
Sadly that is the case.
Rodrodington
We can enlist immigrants. Many would be more loyal to the US , then US citizens.
BimbaTheHappyArgentineSheep
What? Ship in MORE minorities?! /s
boom1chaching
When my dad led platoons and such, he would always do his best to get his troops into school, and these were infantry.
boom1chaching
The thing was that even when educated and trained to do a different job, he almost never had a guy turn down reenlistment under him.
boom1chaching
Long story short, if you invest in your people, take care of them, then they'll take care of you. Military or otherwise.
Melee2kil
They do this is Australia and its fantastic. I don't even know how much I owe. Its just not a worry. They only take money once you start ear
Melee2kil
...ning over a certain amount per year. And its a very small percentage.
Arthurtwoshedsjackson
This means the schools must ensure their programs make the students employable rather than just taking their money
Fatman15
Law of Surprise
NiceLegsDaisyDukesMakesAMAAANOUTOFYOOOUUUU
gsmdo
This is what happens when you live in a corporation, rather than a country...
CaptainConservative
WhoSaidYouCouldEatTheLastCookie
No no this is a good thing, in Scotland we pay back our loans from wages, little a month and only if early £20k+
alsoAzrael
In the metaphorical sense I get it, but there's an actual conspiracy theory that literally says USA is a corporation and it's really stupid.
TheRicM
Brought to you by Carl's Jr.
CodeChimpin
I thought it was Bronco
Kenny366
Welcome to Costco, I love you
Omnipotence0
You sir are clearly a scholar and a saint.
Oteneo
which part of this is the fault of corporations? its predatory lending by the schools, backed by the government
apolloin
Uhm... Lenders are finance corps.
Hezaethox
Because a lot of universities are corporations too. Very, very profitable ones.
Rodrodington
As a in corporations would experiment in innovative financing structures as oppossed to provide free education for the benefit of society.
Rodrodington
As in: If college courses reduce recidivism, a prison corp's fiduciary duty to shareholders would be to oppose or stymie education in genera
zeiji
in the way the schools are corporations, and are very much are acting like corporations first rather then education providers.
override367
Because schools are run like, and sponsored by, corporations. The curricula are corporate produced, and regulations are lax.
override367
Everything on most schools these days is managed by some corporation, employing students for minimum wage.
gypsyspot
It is possible due to deregulation and lack of oversight, which is a product of lobbying via corporations. That's my stab at it.
gypsyspot
Corporate deregulation is the Trojan horse of capitalism.
gypsyspot
Supreme Court feels otherwise though
LegendofShrek
Supreme Court only offers insight on legality. Not morality.
zFUBARz
Surely they haven't been lobbied to feel so.
Makerofthingsmasherofstuff
I was about to comment that this is indentured servitude, but then I saw your headline. Well done!
soulprovider
Go... to... a... fucking... trade school...
PirateRubberDuck
That does motivate the uni to help you get a good wage. If the repayment is similar to uk student finance then not too bad.
FreeRangeToast
yea, fuck all that
TongueTiedLabourerfromtheLandoftheLittlePeople
Companies should be anti-college-explotation. After all *they* end up having to pay people more to cover their debts.
AssholesFullofElbows
Soon we'll be living in company housing with company jobs shopping at the company store.
emotionaldyslexic
You might be right, but a school isn't a corporation.
VulpesIncendium
It's not the best choice, it's the Spacers Choice!
LikeTotallyNotTheNSA
I'm sorry I couldn't hear you.
VioletBergen
and people claim communism is bad
TheFastpaws
Sixteen tons and wadda get, another day over and deeper in debt!
manbearpiglet2
Beat me to it...sooooooome people say a man is a made outta mud.
Crazynastyasshoneybadger
"Welcome to Costco, I love you."
ilejk
Thanks, brought you by Carl's Jr.
DuckDebugger
I owe my soul to the comany store(duu duu duu duu duududuuduu)
MantisTobagganMD
16 tons, what do you get? Another day older and deeper in debt
OuchMouse
Look up the movie “Sorry to bother you”
Chefskills911
And owe our souls to the company store
MammaryExhibitNumberOne
You load sixteen tons, what do you get? Another day older and deeper in debt
IGotTheMusicInMe425
Saint Peter, dontcha call me now cuz I can't go, I owe my soul to the company store
justvenomcake
https://youtu.be/i7tJUUQ6auY
goorila444
https://youtu.be/E5VMZqgVzRo
lestrat
Cheomesh
This, but unironically.
EmporerDragon
"It's not the best choice, it's Spacer's Choice!"
Tiinymonkey
Like japan
alRakoun
Google's already working on it.
KiyaSeraphia
"But President Walt Disney-Pepsi-Comcast has done wonders for the economy!... being that it is... now the economy."
camcam1234
This is starting to sound like the rise of feudalism
Seggs
have you never heard of walmart?
boblives
Return to your home Prime citizens, your scheduled amazon Prime entertainment will begin shortly
GeauxGhoti
Ever heard of the military?
BenjimanStickyLiquid
And the people in the houses were all made out of Ticky Tacky and they all looked just the same
TheGhostofElizabethShue
Think of the renaissance in blues music tho
alpacasaurusrex
1984
PunTheJewels
SeniorSal90s
So basically old time company towns are making a comeback
Sirlagggymouse
Yea, outerworlds pretty much
WhatTheFunkBro
Costco in a nutshell
umbrellamaker
It's like your comment weighs 16 tons
LetumComplexo
Just like great grand pappy back before those damn liberals passed the Sherman Act.
ICantCount
Your favorite song will have to be a company jingle.
Ikwilstroopwaffels
I have tokens from New River Mining Co stores that my grandfather gave me, from Lochgelly West Virginia. This wasn't that long ago.
barbarian818
"St Peter dontcha call me, 'cause I can't go, I owe my soul to the comp'ny stoooore"
Shoutrr
zaibatsu. once again william gibson was a visionnaire
hopethisoneworks
Indentured employees at innovative online industries
Seggs
NO 6ERS
TheVaal
St peter don't ya call me cause I can't go, I owe my soul to the company store. https://www.youtube.com/watch?v=jIfu2A0ezq0
nicouh
sounds like a weird form of communism.
Cheomesh
Nah, it's all still privately owned.
nicouh
that is what I meant by "weird form". or it is like paying taxes to a private company rather than to the state. its worse on so many levels
boomer0001
Hi welcome to work at Amazon, please open you amazon account to pay your amazon rent and drive your amazon car with amazon credits.
Selendrile
Perfect movie that encompasses this: Sorry, to Bother You.
Dalael
Listen, if we're gonna live in a shadowrun style corporate world, there better be dragons and magic god damnit!
fatfish89
Some major tech firms are already tinkering with this idea
alanshearersbaldhead
Socialism with an unexpected twist
GrimmReaper42
You should visit Seoul...
sinb
You load 16 tons, and what do you get? Another day older and deeper in debt
Sremmos
Another day another dollar.
WoeToHice
Rivalyn
Saint Peter don't you call me, 'coz I can't go - I owe my soul to the company store. https://www.youtube.com/watch?v=zUpTJg2EBpw
Jaghut
Johnny Cash's version of this tickles me just right. https://www.youtube.com/watch?v=tfp2O9ADwGk
2sips
Saint Peter don't you call me 'cause I can't go I owe my soul to the company store
IGotTheMusicInMe425
Some people say a man is made outta mud, A poor man's made out of muscle and blood
Rabeandre
Muscle and blood, and skin and bone, a mind that's weak and a back that's strong
SausageNips
Logged in to upvote, song was immediately in my head
Brocktooon
Oregon tried this, then canceled the program for whatever reason.
TimmyTimm
Is the Onion making stuff up, or did I wake up in a dystopia again?
bobbob1016
Isn't that basically what happens now, but there's an end?
bobbob1016
Actually somewhat better bc the school has more incentive to make sure you get more $ each check so their % gets them more bc $?
ReallyFastSloth
Is this an american problem?
ClimateChangeIsAlreadyKillingUs
Anything on Imgur is about Murica but yes...
RelartOfGivia
iS tHiS aN aMeRiCaN pRoBlEm?
OrangeFlavours
so that's a yes
StillNotYouTube
Never heard of it.
Cebrail
They are welcome to try it here in Denmark. Considering education is not free, you get paid to take it instead.
makeSX
This sounds like communism lmao
Triumphtt600
Nope Canada is expensive to go to school and unless your parents have money or you go into huge amounts of debt your screwed.
Triumphtt600
Then good luck finding a job that isn’t part time and pays more than minimum wage. Thanks to Turdo and his idiot liberal government.
Pandameter
Yep, Liberals are all about unregulated free-market capitalism...
Triumphtt600
No, but they are a bunch of elitist, fascist pigs. When a guy says he believes in the same rights for all and dresses in blackface. Duh
kimbosdurag
If you stay in province, relative to the us it's really not THAT bad.
whatcaniwriteinhere
In BC the school can only charge $500 per class. The government pays the rest. Also international students pay 8x the regular cost
Triumphtt600
So to finish a degree that needs say 50 credits it only costs 25000$ yeah that’s cheap
Triumphtt600
Plus books and living expenses for 3-4 years . That’s only like 100,000$ by the time your done.
whatcaniwriteinhere
Your right it's not cheep to get a degree. But it's better than other Provence that don't offer this discount
Bstone1
Pretty exclusively American, yeah. Funny how the rest of the first world more or less have their shit together in comparison to the US.
gunnexx
Can guarantee you its not a US thing
Robindino17
I mean a similar system is in place in the netherlands, but it's through the government and some big differences
WhoSaidYouCouldEatTheLastCookie
No no this is a good thing, in Scotland we pay back our loans from wages, little a month and only if early £20k+
edward8767
This is different. Scotland you pay a percentage of your loan back based on how much you're earning, until it's paid off
edward8767
This situation seems like the uni gets a percentage of all pay for the rest of your life? It seems crazy but it is the US so...
WhoSaidYouCouldEatTheLastCookie
The uni gets their funding from the Scottish government, the government pays out the loans and then they take it off your wages
Leafus
Its not really illegal in most places. Percentage earnings have usually been used for more high budget investments though.
OuchMouse
*The UK has entered the chat*
ViktorKrumm
Someone sounds a tad jealous
Tamerdinosaur
And yet, wheres YOUR aircraft carrier. Also hows that space program coming along?
Hezaethox
You don't need many aircraft carriers when rich people aren't doing pointless wars to be richer at the expense of lives :p
Hezaethox
Besides, nukes make war pointless. That's why the USA only bullies the countries without nukes
Ghlargh
Excessive military spending shouldn't define a country, and the only reason the US has a developed space program is their fight with USSR.
Steelcan
If you think this is true you aren't actually following what's going on in the rest of the world
fozzibab
The rest of the developed world has higher standards of living and happiness than the US. Comparatively, the US is a toilet.
BionicBeach
As a European living in US.. no
seenunseen
Maybe we should flush it 13 to 15 times
Steelcan
Happiness index 2019 USA ranks 19, ahead of Czech Republic, France, Italy, Spain, and right behind Germany and Belgium
RecurringNightmare
yeah because ameritards are too stupid to even grasp how bad it is...having no healthcare but are happy because "no socialism"...idiots...
Steelcan
https://en.wikipedia.org/wiki/World_Happiness_Report#2019_World_Happiness_Report
racecarsnotracewars
Cough cough... Y'all ever hear of trade school? Even getting a CDL is gonna earn you more than most bachelor degrees.
thanatos777
Yeah, trucking seems like a really great industry to get into right now. /s
NotaCPA
I see the sarcasm but understand, trucking is the largest industry for uneducated men in Canada and probably the US right now. Pays $30+/hr2
NotaCPA
and depending on which province has low restriction on getting a license. Automation will make a huge number of people unemployed. 3
NotaCPA
and the governments haven't hinted at all how they'll deal with it. like, making a trucker required for automated vehicles, ride shotgun? 4
NotaCPA
or restricted it to urban areas. the tech will come, it will get cheaper, and it will end a formerly lucrative profession.
theresgarlicinthatnebula
I mean it's not a bad suggestion, but not everyone can be a tradesperson. We still need bachelor-trained nurses, engineers, doctors, etc.
xizar
CDL is going to take a long time to pay off if you have to buy your own truck, or use someone else's.
skellumqt
i like trades as much as the next guy, but there's reasons people don't work these jobs. not just ignorance. CDL is not fun work for most
rando84
Any young person considering a trade education should look at the risk of automation in the next 30 years.
NotaCPA
like what really, a dude out of high school making 50K a year putting doors on a car. 10 years later, making 80K. loses job, believes he 2
NotaCPA
is "worth 80K a year" and refuses to take minimum wage job.. We need to revitalize the entire economy or face the consequences 3
NotaCPA
of these groups of people with unrealistic and unsupported self worth.
Mostlyfavoritesanimals
I don't think plumbing and electricians are going to be ultra automated in the next 30 years somehow.
NotaCPA
So economics isn't your thing. When everyone switches to trade school, Trade wages will go down because you'll be competing with more people
NotaCPA
while automation will further reduce the number of skilled trades people needed as well. nothing like 10K people fighting over 1k jobs.
Cheomesh
Sweet, cheaper plumbers and general contractors for me.
morelikeconsham
This is silly advice. A) everyone, and I mean literally everyone, has heard of trade school. Stop believing the myth that it is ignored. B)
morelikeconsham
sure, a CDL will earn you more than shitty degrees. That being said, the starting salary for an engineer is often higher than a master
morelikeconsham
electrician. There is nothing wrong with trade school, but stop pretending that it is a secret or that it is lucrative. It's neither - it's
morelikeconsham
a pretty run-of-the-mill career path.
NotaCPA
EXACTLY, people who make it big in trades, start business and employee others. my brothers experience, and family friends experience 2
TheWhiteBarry
With autonomous trucks on the horizon I don't know about that as a fo forward strategy. Trade school sure but CDL is not gonna be as useful
Ijustwannagohomeandeatcalzones
the one thing i do think will make a comeback cause of auto trucks is people will need to fill gas again for them.
TheWhiteBarry
Unlikely, the front runner is Tesla and they're all electric
aThingWithTheStufAndTheJunk
Cool, that'll definitely be a high-paying job.
Ijustwannagohomeandeatcalzones
I hope so
GrootyMcGrootface
Construction contractors can’t hire nearly enough around here.
rando84
The problem with construction jobs is the boom bust cycle of the industry.
skellumqt
can't hire at the pay they're offering*
GrootyMcGrootface
At least they aren’t offering debt?
skellumqt
sure, but there's other trade offs. body wear/tear, no transition in later career, etc. it's good money, but not no brain easy money
GrootyMcGrootface
I do concede it’s not for everybody. Can definitely take a toll on one’s body.
skellumqt
there's a reason why those contractors are struggling to find people, and it's not just ignorant workers
jh23455
20-23/bucks an hour +benefits
skellumqt
It's good pay, but keep in mind things are relative. if they can't find people, it isn't high enough basically by definition
ByJoveByJingle
About $12-15/hour in Arizona. Or around the same as starting wage at In-N-Out Burger.
Mostlyfavoritesanimals
With more risk for injury and working outdoors, why would anyone ever want that job for that pay