using free market to finance college

[Coney_Island_n*gga1983]

http://www.popecenter.org/features/article.html?id=1440

and http://www.myrichuncle.com

i'm on the verge of taking out yet another huge loan to cover this year's round of art skool, and i'm wondering if this looks like a viable option.

"Bill earns his degree and gets a job with an engineering firm. In his first year of work, he has taxable income of $40,000, and writes a check to MRU for $1600. As his income rises for the next 15 years, so does the amount he pays under the contract. But if, for some reason, his income should decline, he pays less. That’s the risk the investors take."

that's got a very nice ring to it, but i've got my doubts.

what say you?

[Smiff]

i have no idea, but it kind o sounds like they might buttfuck you rather than take a risk.   but still me with money = side of caution everytime

[Smiff]

umm...I looked at the website, and one of the criteria for giving a loan was "good economic prospects" and while I don't doubt that you'll be fine, I'm thinking investors aren't going to think that ceramics is quite as lucrative as say, international finance.

In other words, they'll only give you a loan if they think that by paying 4% over 15 years, you'll make more than they loaned you.

So...kind of like a student loan, just the interest could be much much higher.

It's a good idea if you can convince them that you'll make a lot of money, but end up not making so much.