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Billionaire pays for Morehouse 2019 graduating class student debt (~$40M)
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I was fortunate that my folks paid for my college outright and so did my wife's parents which frankly put us in incredibly good standing for life without a crippling debt hanging over our heads immediately after graduation. While the cost of my school has skyrocketed since I was there in the early 90's (it was $19k/year when I left and it is over $40k/year now) I can't imagine the overwhelming sense of relief for these students and their families upon hearing this. Congratulations to this class. Reminds me of Tony Stark paying it off in Ironman. Cool thing to do for these kids.

https://www.ajc.com/...HlS1SVyJiG3mRp1WOWL/
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [crowny2] [ In reply to ]
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...pressure on other big $$$ commencement speakers/honorary doctorates to pony up also?
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [crowny2] [ In reply to ]
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crowny2 wrote:
I was fortunate that my folks paid for my college outright and so did my wife's parents which frankly put us in incredibly good standing for life without a crippling debt hanging over our heads immediately after graduation. While the cost of my school has skyrocketed since I was there in the early 90's (it was $19k/year when I left and it is over $40k/year now) I can't imagine the overwhelming sense of relief for these students and their families upon hearing this. Congratulations to this class. Reminds me of Tony Stark paying it off in Ironman. Cool thing to do for these kids.

https://www.ajc.com/...HlS1SVyJiG3mRp1WOWL/

As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.

Just Triing
Liking ST more since finding the block user post option.
Triathlete since 9:56:39 AM EST Aug 20, 2006.
GM employee, The views and comments posted are my own and in no way reflect those of GM. - Required legalize from employer.
Be kind English is my 2nd language. My primary language is Dave it's a unique evolution of English.
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [DavHamm] [ In reply to ]
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DavHamm wrote:
As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.

Your post reminds me of the controversy/outrage when various billionaires stepped up to rebuild Notre-Dame after the fire.

When you donate your $40 million, feel free to do it any way that you like.


"Mars is a world completely inhabited by robots from another planet." -- RandMart (paraphrased)
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [MOP_Mike] [ In reply to ]
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MOP_Mike wrote:
DavHamm wrote:
As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.

Your post reminds me of the controversy/outrage when various billionaires stepped up to rebuild Notre-Dame after the fire.

When you donate your $40 million, feel free to do it any way that you like.
Exactly.


_____________________________________
DISH is how we do it.
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [crowny2] [ In reply to ]
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While I agree it was a cool thing to do, there's still one easy way to avoid a mountain of debt: don't take it on in the first place.

My parents basically told us we were on our own for college. I crossed some schools off my list (note: they left this completely up to me). It doesn't take a lot of math to figure out a ballpark of what you'll be making versus what you'll owe at graduation.
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [DavHamm] [ In reply to ]
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DavHamm wrote:
crowny2 wrote:
I was fortunate that my folks paid for my college outright and so did my wife's parents which frankly put us in incredibly good standing for life without a crippling debt hanging over our heads immediately after graduation. While the cost of my school has skyrocketed since I was there in the early 90's (it was $19k/year when I left and it is over $40k/year now) I can't imagine the overwhelming sense of relief for these students and their families upon hearing this. Congratulations to this class. Reminds me of Tony Stark paying it off in Ironman. Cool thing to do for these kids.

https://www.ajc.com/...HlS1SVyJiG3mRp1WOWL/


As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.

And he challenged "his class" to help those coming up behind him and do the same thing for them. And to your point, whose to say that this won't start a chain reaction for something to happen for the incoming classes. I would also say if my parents had the $ to pay for it, then they should (which they did) but for those that don't/won't it is actually better for them and frankly the economy.

As I mentioned, I was fortunate that my parents paid for my education. I have plenty of friends from college that are still paying off their student loans (I graduated in '94). I can't fathom what is going on in schools now (including my own). I feel for you and the cost you are paying for your kids education (which I think is friggen fantastic).
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [travelmama] [ In reply to ]
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travelmama wrote:
MOP_Mike wrote:
DavHamm wrote:
As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.


Your post reminds me of the controversy/outrage when various billionaires stepped up to rebuild Notre-Dame after the fire.

When you donate your $40 million, feel free to do it any way that you like.

Exactly.

I agree.

Now let's all also agree that those who do take on this debt...those who don't have it paid off for them...are on their own.

Said another way, I paid my way through college, now you feel free to pay your way and keep your hands out of my damn pockets.
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [travelmama] [ In reply to ]
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travelmama wrote:
MOP_Mike wrote:
DavHamm wrote:
As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.

Your post reminds me of the controversy/outrage when various billionaires stepped up to rebuild Notre-Dame after the fire.

When you donate your $40 million, feel free to do it any way that you like.

Exactly.

Times 3.

And FTR - I paid for my entire college - undergrad and grad school. My mailman dad and Avon lady mom couldn't afford to pay for it.

clm
Nashville, TN
https://twitter.com/ironclm | http://ironclm.typepad.com
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [crowny2] [ In reply to ]
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He just gave incentive for all future students to take on debt in the hopes that in the future someone else does that for their class. And a big FU to those who didn't take on debt, who worked multiple jobs to pay as you go, etc..


Formally known as Cherrycracker
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [MOP_Mike] [ In reply to ]
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MOP_Mike wrote:
DavHamm wrote:
As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.


Your post reminds me of the controversy/outrage when various billionaires stepped up to rebuild Notre-Dame after the fire.

When you donate your $40 million, feel free to do it any way that you like.

Not sure your issue. Never said he couldn't fucking light the money on fire if he wanted. Its his money. Was just trying to have a fucking conversation, and discussion about the topic.

I also don't see how its $40 million.. it cost $40k a year and the entire college enrollment is 2,200.

https://www.usnews.com/...rehouse-college-1582

So Mike, do you have kids in College?

Just Triing
Liking ST more since finding the block user post option.
Triathlete since 9:56:39 AM EST Aug 20, 2006.
GM employee, The views and comments posted are my own and in no way reflect those of GM. - Required legalize from employer.
Be kind English is my 2nd language. My primary language is Dave it's a unique evolution of English.
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [DJRed] [ In reply to ]
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DJRed wrote:
travelmama wrote:
MOP_Mike wrote:
DavHamm wrote:
As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.


Your post reminds me of the controversy/outrage when various billionaires stepped up to rebuild Notre-Dame after the fire.

When you donate your $40 million, feel free to do it any way that you like.

Exactly.


I agree.

Now let's all also agree that those who do take on this debt...those who don't have it paid off for them...are on their own.

Said another way, I paid my way through college, now you feel free to pay your way and keep your hands out of my damn pockets.

When did you go to school? Even if it is close to when I did the cost structure is radically different.

Paying one's way through school now while working part time or full time is a thing of the past. Schools have definitely outpaced the the CPI and/or inflation increases. It is insane. And yes, our society has placed crazy expectations on EVERYONE going to college when not everyone SHOULD go to college. There is NOTHING wrong with a trade school/community college. And hell, for a ton of trades some of the actually pay for it (yes I realize that it is the "evil" Unions that are paying for it).

tldr: price of higher education is not what it used to be and that is a big part of the problem. Not everyone should go to higher ed.
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [MOP_Mike] [ In reply to ]
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DavHamm’s position is completely valid. I have one in college and another starting in the fall. Some parents are making huge sacrifices to pay for the university education for their children and avoid student debt. When debt is relieved, particularly IF it is being relieved by tax payers (based on various POTUS candidates positions) then it becomes unfair to those whose make such sacrifices. And don’t assume those with debt are from families who couldn’t afford to pay. These loans are given out like candy at Halloween.

Yes, this is a private donation and he can do whatever he chooses with his money. That doesn’t mean it’s fair and equitable to all who are graduating and to their families.

I am truly torn at the moment about whether or not I should let my kids load up on student debt even though we’ve been saving in 529 plans since they were born. If it’ll be relieved, why not? Why should debt relief only apply to those who didn’t plan and sacrifice?

You know - so many in our country applaud the paid-for university systems in other countries and the myriad social programs. One big difference is that these programs are generally available to everyone.

In this case, this is only available to debt-laden students. What about the kid who took 6 yrs to graduate, loaded up on debt to get a liberal arts degree and didn’t work compared to the kid whose parents took a second mortgage and their kid worked throughout for four years and graduated with an engineering degree with no debt. You don’t see any difference?

It’s a very generous offer this man has made. IF I ever find myself in a similar situation financially I’d do it differently.
Last edited by: JD21: May 19, 19 17:21
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [DJRed] [ In reply to ]
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DJRed wrote:
travelmama wrote:
MOP_Mike wrote:
DavHamm wrote:
As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.


Your post reminds me of the controversy/outrage when various billionaires stepped up to rebuild Notre-Dame after the fire.

When you donate your $40 million, feel free to do it any way that you like.

Exactly.


I agree.

Now let's all also agree that those who do take on this debt...those who don't have it paid off for them...are on their own.

Said another way, I paid my way through college, now you feel free to pay your way and keep your hands out of my damn pockets.

Read this story about it https://www.npr.org/...colleges-class-of-20

Note the kid says between him and his mom they have $80k in loans. Living the student loan situation right now its very possible he has about $20k and his mom has $60k. He thinks he just got that all wiped out, but from what I have read it is a grant to the school to pay off the students loans, nothing said about parents. So this kid is in for a surprise when he finds out he is only getting $20k of his $80k paid off. Sure its great and better than nothing. But it seems doing it this way, on the backend is just very problematic and will lead to confusion and disillusionment.

Just Triing
Liking ST more since finding the block user post option.
Triathlete since 9:56:39 AM EST Aug 20, 2006.
GM employee, The views and comments posted are my own and in no way reflect those of GM. - Required legalize from employer.
Be kind English is my 2nd language. My primary language is Dave it's a unique evolution of English.
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [crowny2] [ In reply to ]
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crowny2 wrote:
I would also say if my parents had the $ to pay for it, then they should (which they did) but for those that don't/won't it is actually better for them and frankly the economy.

But that's part of it, define if parents had the $$.. I'm retiring 3yrs later and not taking nice vacations now to have the money. Others I know (and maybe me) will be taking loans out on our houses to pay for it.

The system is setup with these things called Parent Plus loans.. Nasty Nasty things and if you don't know the details, they are a loan the PARENT takes out. Almost all schools show them on financial aid and act as if they are a good thing. From what I have read, those loans are also not covered as again they are the parents loan.

So when you say if the parents have the money.. it's not as clear cut what you mean. Some find ways to afford it, others put the burden on their kids. I work with people who make double what I do and don't plan on paying anything for their kids college. They feel its their kids responsibility.

I'm not upset about what this person did, its noble. I just wanted to put some discussion out there about it, and how it causes some issues and problems. Through a few donations, NYU just announced medical school for all incoming freshman and on will be free. There are different ways of doing things.

His pay it forward is nice, but just coming out of school, even with no debt these students are not going to be in a position to pay for incoming kids tuition, for awhile.

Just Triing
Liking ST more since finding the block user post option.
Triathlete since 9:56:39 AM EST Aug 20, 2006.
GM employee, The views and comments posted are my own and in no way reflect those of GM. - Required legalize from employer.
Be kind English is my 2nd language. My primary language is Dave it's a unique evolution of English.
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [ironclm] [ In reply to ]
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ironclm wrote:
travelmama wrote:
MOP_Mike wrote:
DavHamm wrote:
As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.


Your post reminds me of the controversy/outrage when various billionaires stepped up to rebuild Notre-Dame after the fire.

When you donate your $40 million, feel free to do it any way that you like.


Exactly.


Times 3.

And FTR - I paid for my entire college - undergrad and grad school. My mailman dad and Avon lady mom couldn't afford to pay for it.

Right so you worked your butt off to not have the debt, Probably had classmates that partied and laid around taking on the debt. Are you saying sitting there at commencement you would not have felt even a little bit bummed to hear they all just got a free pass?

Just Triing
Liking ST more since finding the block user post option.
Triathlete since 9:56:39 AM EST Aug 20, 2006.
GM employee, The views and comments posted are my own and in no way reflect those of GM. - Required legalize from employer.
Be kind English is my 2nd language. My primary language is Dave it's a unique evolution of English.
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [ironclm] [ In reply to ]
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ironclm wrote:
travelmama wrote:
MOP_Mike wrote:
DavHamm wrote:
As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.


Your post reminds me of the controversy/outrage when various billionaires stepped up to rebuild Notre-Dame after the fire.

When you donate your $40 million, feel free to do it any way that you like.


Exactly.


Times 3.

And FTR - I paid for my entire college - undergrad and grad school. My mailman dad and Avon lady mom couldn't afford to pay for it.

I disagree and see DavHamm's point. There are WAAAAAAAAY TOOOOOOOOOOOO MANY kids being horrifically irresponsible in taking out mountains of student loan debt. Then there are the kids/parents/families who were responsible. It kinda seems like the irresponsible ones are being rewarded the most in this case. Very nice gesture. He can do what he wants. And, I can disagree with the message it sends.

If there are no dogs in Heaven, then when I die I want to go where they went. - Will Rogers

Emery's Third Coast Triathlon | Tri Wisconsin Triathlon Team | Push Endurance | GLWR
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [DavHamm] [ In reply to ]
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DavHamm wrote:
crowny2 wrote:
I would also say if my parents had the $ to pay for it, then they should (which they did) but for those that don't/won't it is actually better for them and frankly the economy.


But that's part of it, define if parents had the $$.. I'm retiring 3yrs later and not taking nice vacations now to have the money. Others I know (and maybe me) will be taking loans out on our houses to pay for it.

The system is setup with these things called Parent Plus loans.. Nasty Nasty things and if you don't know the details, they are a loan the PARENT takes out. Almost all schools show them on financial aid and act as if they are a good thing. From what I have read, those loans are also not covered as again they are the parents loan.

So when you say if the parents have the money.. it's not as clear cut what you mean. Some find ways to afford it, others put the burden on their kids. I work with people who make double what I do and don't plan on paying anything for their kids college. They feel its their kids responsibility.

I'm not upset about what this person did, its noble. I just wanted to put some discussion out there about it, and how it causes some issues and problems. Through a few donations, NYU just announced medical school for all incoming freshman and on will be free. There are different ways of doing things.

His pay it forward is nice, but just coming out of school, even with no debt these students are not going to be in a position to pay for incoming kids tuition, for awhile.

That is a shame because they are essentially limiting the potential their children will have. There is evidence that by not having a student loan, graduates actually perform better in the workplace, have better job opportunities and will ultimately make more in the long run. You rightly pointed out that it definitely eats into the parents retirement timing. And you point out some valid complications from this (reminds me of when Oprah gave the crowd free cars and they were ticked at the taxes they had to pay on them).

And unfortunately, as I said the price of higher education has gotten ridiculous (which has been discussed ad nauseam on this forum). And I'm in no way, yet, advocating for "free" higher education for all. NOR am I advocating for some kind of government intervention in how higher education costs continue to spiral out of control. And finally, I have absolutely NO idea how to solve it. All that being said, I do believe there IS a solution, I just don't know what it is yet.

BTW, thanks for the civil conversation.
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [DJRed] [ In reply to ]
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DJRed wrote:

I agree.

Now let's all also agree that those who do take on this debt...those who don't have it paid off for them...are on their own.


Well that's not the message the billionaire gave:

Smith continued, "My story would only be possible in America, and it is incumbent on all of us to pay this inheritance forward."


And, "Where you live shouldn't determine whether you get educated. Where you go to school shouldn't determine whether you get textbooks," Smith told this year's graduates. "The opportunity you access should be determined by the fierceness of your intellect, the courage in your creativity and the grit that allows you to overcome expectations that weren't set high enough."


So he seems to think that people should help each other, and that they shouldn't be "on their own" if they weren't lucky enough to be in this one graduating class.



Quote:
Said another way, I paid my way through college, now you feel free to pay your way and keep your hands out of my damn pockets.


Aw, good for you! He never mentioned taxpayer-funded debt relief, which I assume is what you're talking about though it was never mentioned in his speech. Rather voluntary community support. .
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [DavHamm] [ In reply to ]
Quote | Reply
DavHamm wrote:
ironclm wrote:
travelmama wrote:
MOP_Mike wrote:
DavHamm wrote:
As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.


Your post reminds me of the controversy/outrage when various billionaires stepped up to rebuild Notre-Dame after the fire.

When you donate your $40 million, feel free to do it any way that you like.


Exactly.


Times 3.

And FTR - I paid for my entire college - undergrad and grad school. My mailman dad and Avon lady mom couldn't afford to pay for it.


Right so you worked your butt off to not have the debt, Probably had classmates that partied and laid around taking on the debt. Are you saying sitting there at commencement you would not have felt even a little bit bummed to hear they all just got a free pass?
BTW, how is that any different than those that busted their asses and got great grades but are still loaded with debt but those that did party and had their parents paid for their "4 year party" get off scott free. Life isn't "fair" and this is one of those instances.
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [JSA] [ In reply to ]
Quote | Reply
JSA wrote:
ironclm wrote:
travelmama wrote:
MOP_Mike wrote:
DavHamm wrote:
As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.


Your post reminds me of the controversy/outrage when various billionaires stepped up to rebuild Notre-Dame after the fire.

When you donate your $40 million, feel free to do it any way that you like.


Exactly.


Times 3.

And FTR - I paid for my entire college - undergrad and grad school. My mailman dad and Avon lady mom couldn't afford to pay for it.


I disagree and see DavHamm's point. There are WAAAAAAAAY TOOOOOOOOOOOO MANY kids being horrifically irresponsible in taking out mountains of student loan debt. Then there are the kids/parents/families who were responsible. It kinda seems like the irresponsible ones are being rewarded the most in this case. Very nice gesture. He can do what he wants. And, I can disagree with the message it sends.

Well, that and WAAAAAAAY TOOOOOOOOOOOOOO MANY schools charging outrageous amounts for an education and lenders will to give WAAAAAAAAAAAY TOOOOOOOOOOOOOO MANY loans to people who must be high risk for paying it off, because we've basically mandated that every American has to be able to go to college.

Our system is broken. Not sure this one guy's charity breaks it more or less in either direction.

Slowguy

(insert pithy phrase here...)
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [slowguy] [ In reply to ]
Quote | Reply
slowguy wrote:
JSA wrote:
ironclm wrote:
travelmama wrote:
MOP_Mike wrote:
DavHamm wrote:
As a parent in the process of paying about $300,000 for 3 kids college. This story shows the problem. How would you or your parents feel sitting in commencement knowing if you had only taken out student loans it would all be covered, but since your parents stepped up they got screwed?

Oh no relief for the parents if they took out Parent Plus loans, or found some other way to pay it, They are only paying off student loans, through the university.

I get its a good thing, but I think a far better thing would have been to set something up for the incoming classes.


Your post reminds me of the controversy/outrage when various billionaires stepped up to rebuild Notre-Dame after the fire.

When you donate your $40 million, feel free to do it any way that you like.


Exactly.


Times 3.

And FTR - I paid for my entire college - undergrad and grad school. My mailman dad and Avon lady mom couldn't afford to pay for it.


I disagree and see DavHamm's point. There are WAAAAAAAAY TOOOOOOOOOOOO MANY kids being horrifically irresponsible in taking out mountains of student loan debt. Then there are the kids/parents/families who were responsible. It kinda seems like the irresponsible ones are being rewarded the most in this case. Very nice gesture. He can do what he wants. And, I can disagree with the message it sends.


Well, that and WAAAAAAAY TOOOOOOOOOOOOOO MANY schools charging outrageous amounts for an education and lenders will to give WAAAAAAAAAAAY TOOOOOOOOOOOOOO MANY loans to people who must be high risk for paying it off, because we've basically mandated that every American has to be able to go to college.

Our system is broken. Not sure this one guy's charity breaks it more or less in either direction.

I agree. I don't think it will change the system either. But, that does not change my opinion regarding the message it sends.

If there are no dogs in Heaven, then when I die I want to go where they went. - Will Rogers

Emery's Third Coast Triathlon | Tri Wisconsin Triathlon Team | Push Endurance | GLWR
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [slowguy] [ In reply to ]
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slowguy wrote:
because we've basically mandated that every American has to be able to go to college.


Every American should be able to go to college, if qualified to do so, and they want to. Given that almost all wage growth over the past 30-40 years has occurred in jobs that require some higher education, maintaining the American ideal of merit-based class and economic mobility requires broad access to higher education.
Last edited by: trail: May 19, 19 17:59
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [crowny2] [ In reply to ]
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crowny2 wrote:
BTW, how is that any different than those that busted their asses and got great grades but are still loaded with debt but those that did party and had their parents paid for their "4 year party" get off scott free. Life isn't "fair" and this is one of those instances.

Hey, don't knock partying. Keep that out of this.
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Re: Billionaire pays for Morehouse 2019 graduating class student debt (~$40M) [trail] [ In reply to ]
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trail wrote:
crowny2 wrote:
BTW, how is that any different than those that busted their asses and got great grades but are still loaded with debt but those that did party and had their parents paid for their "4 year party" get off scott free. Life isn't "fair" and this is one of those instances.

Hey, don't knock partying. Keep that out of this.

That’s what I did my first two years then actually buckled down. 😎
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