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Undergraduates with family income below $200k will be tuition-free at MIT
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Re: Undergraduates with family income below $200k will be tuition-free at MIT
#392Earlier quoted context omitted.
If their duty is to deliver education, why are they sitting on a $20B hoard? Presumably they could spend a little bit of that to deliver some more education, couldn’t they?
They spend $9 billion annually on exactly that. This "hoard" can, checks notes, fund barely two years of operations. https://projects.propublica.org/nonprofits/organizations/231...
Interestingly, according to the report in your link, UPenn pays over 3 billion dollars in salaries, but it has around 1,400 faculty for ~10,000 students. This means that either the instructors are fabulously well paid, or that the vast majority of money is going somewhere else. And indeed according to [0] just 4.64% of salaries are paid to instructional staff, with 23.9% or 2078 of paid employees being management staff. So if I am reading this correctly, they have far more administrators than actual academics, which is rather incredible. Incidentally, according to the same link the median percentage of salaries paid to instructional staff is 30% for similar doctoral universities.
[0] https://datausa.io/profile/university/university-of-pennsylv...
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#393Earlier quoted context omitted.
I actually quite like the system we have in the UK. Graduates pay roughly 9% of their income above £27k towards debt repayment, and the remaining balance is written off after 30 years. Typical tuition fees are just over £9k per year. This strikes a nice balance between encouraging people to carefully consider alternative non-university careers whilst also not preventing too many people from not being able to afford i…
It would be a good system if the interest rate on the loan wasn't absolutely insane.
My student loan in Sweden (I maxed it out at over $30k total for 5 years) had an interest rate of below 2% for the whole period. Currently it's just above 1%. The student loan interest rate is fixed to a small amount above the interbank rate.
The key is 1) I didn't have to borrow for tuition, just the books and noodles. 2) the state lends me the money, I don't have to fish around the loan market.
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#394Is this going to create some weird incentive for me, a parent of a college kid, to go 4 years unemployed traveling the world?
It creates an incentive for you to get married, so you are the relevant family instead of your parents.
Is that how "family income" in this context is calculated in the US? That until I'm married I count as being part of my parents' family but as soon as I marry I have my own? No age restriction or consideration whether I live with my parents or anything?
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#395I never like these hard cut-offs. We should establish a name/expression for all these rules a simple wording which represents 200k=0% and eg. 250k=100% or something.
Otherwise we always have a situation where making more money suddenly leads to less net
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#396Re: Undergraduates with family income below $200k will be tuition-free at MIT
#397I never like these hard cut-offs. We should establish a name/expression for all these rules a simple wording which represents 200k=0% and eg. 250k=100% or something. Otherwise we always have a situation where making more money suddenly leads to less net
Sometimes they are called 'cliffs' - in the UK people talk about the tax cliff at 100k income where your marginal rate increases and you lose free childcare.
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#398Earlier quoted context omitted.
Why are such things in the US so complicated? Where I live, studying is much much cheaper for most professions,for everyone! That's the only fair way. Also, a set of well educated people pays itself back later in the form of mostly income and added value taxes, which provides money to keep studying for cheap for the next generation.
We have plenty of cheaper schools too, and they’re fine. The expensive schools are for the richest people to say they went to school next to the best students who get in free.And for the best students to meet rich people.
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Re: Undergraduates with family income below $200k will be tuition-free at MIT
#399It seems insane that your personal choices are bound to your family situation- especially when you are an adult.
Just the idea that parents in the US are expected to pay for their children's education is so wrong.
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#400Earlier quoted context omitted.
I can understand why they might do this. Many people who own a small business underpay themselves significantly and use the extra funds on the business to build up assets. This defers taxes and allows the funds to be reinvested without tax. They might even take out loans on those business assets. The same way the wealthy will pay themselves a tiny salary and just live off the asset value of their stock. Someone who o…
>The same way the wealthy will pay themselves a tiny salary and just live off the asset value of their stock. When you say them living off the asset value of their stock, you mean the dividends from the stock?
usually it's done by taking out a succession of loans, with the stock as collateral. that way the actual sale of stock is deferred until death