The Briefing Room
General Category => National/Breaking News => Topic started by: mystery-ak on May 19, 2019, 08:28:31 pm
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Billionaire commencement speaker to pay off student loans of entire class
by Caitlin Yilek
| May 19, 2019 03:50 PM
Billionaire Robert F. Smith surprised graduating seniors at Morehouse College on Sunday by announcing he would pay off all their student debt.
“This is my class,†he said, according to the Atlanta Journal-Constitution, “and I know my class will pay this forward.â€
Smith, a philanthropist and CEO of technology investment firm Vista Equity Partners, received an honorary doctorate Sunday and had already made a $1.5 million contribution to the school earlier this year for scholarships and a new park.
The student loan payoff for the nearly 400 graduating students is estimated to be about $40 million. A college spokeswoman said it is the largest single gift in the history of the school.
During his commencement address, Smith urged students to include others in their success.
“You want to own it, you want to drive it, and you want to pick up as many people as you can along the way,†he said. “I’m putting some fuel into your bus. I’m counting on you to load up that bus.â€
https://www.washingtonexaminer.com/news/billionaire-commencement-speaker-to-pay-off-student-loans-of-entire-class (https://www.washingtonexaminer.com/news/billionaire-commencement-speaker-to-pay-off-student-loans-of-entire-class)
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That’s nice, but what about all the other classes before and after this one?
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That’s nice, but what about all the other classes before and after this one?
I hope those students can afford the tax bill that's coming.
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I hope those students can afford the tax bill that's coming.
The tax bill will still be smaller than the loans themselves. And the payments may be grossed up so that they don’t end up hearing the cost of the tax.
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That’s nice, but what about all the other classes before and after this one?
What about them? They're no worse off than they were before this fellow came along.
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What about them? They're no worse off than they were before this fellow came along.
As compared to 2019, they’re a lot worse off.
Perhaps this gent, as well intentioned as he clearly is, should have worked with the school to endow it so that no accepted student needed to borrow for tuition any more.
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As compared to 2019, they’re a lot worse off.
Perhaps this gent, as well intentioned as he clearly is, should have worked with the school to endow it so that no accepted student needed to borrow for tuition any more.
Why compare them to the class of 2019? Why not compare them to a lottery winner, are they suddenly worse off because someone else won the lottery?
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Why compare them to the class of 2019? Why not compare them to a lottery winner, are they suddenly worse off because someone else won the lottery?
Because they are worse off simply because of the caprice of one wealthy person; someone who, quite honestly, is exercising the very real privileges that wealth brings (as compared to the phony, no existent privileges supposedly associated with being white).
The point is, he isn’t accomplishing much other than making himself feel good because the objects of his largesse are limited to one random group of people.
It’s a nice thing to do, but it’s also got nothing to do with making the cost of education less onerous.
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Because they are worse off simply because of the caprice of one wealthy person; someone who, quite honestly, is exercising the very real privileges that wealth brings (as compared to the phony, no existent privileges supposedly associated with being white).
The point is, he isn’t accomplishing much other than making himself feel good because the objects of his largesse are limited to one random group of people.
It’s a nice thing to do, but it’s also got nothing to do with making the cost of education less onerous.
They are no worse off. They owe the same amount as they would if the guy didn't make the gift to someone else.
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Because they are worse off simply because of the caprice of one wealthy person; someone who, quite honestly, is exercising the very real privileges that wealth brings (as compared to the phony, no existent privileges supposedly associated with being white).
The point is, he isn’t accomplishing much other than making himself feel good because the objects of his largesse are limited to one random group of people.
It’s a nice thing to do, but it’s also got nothing to do with making the cost of education less onerous.
I don't know if someone who allows their loans to be forgiven is worth to be hired. Doesn't say much about their commitment.
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I don't know if someone who allows their loans to be forgiven is worth to be hired. Doesn't say much about their commitment.
They're not allowing them to be forgiven, the speaker is paying their loans off.
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It's cheaper than actually employing them.
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Perhaps this gent, as well intentioned as he clearly is, should have worked with the school to endow it so that no accepted student needed to borrow for tuition any more.
Universities do not use their endowments to benefit students. Case in point: Harvard University. With an endowment close to $40 billion, just the interest alone would cover the $50,000 tuition of all 22,000 students enrolled year after year after year.
Personally, I think this man was in a position to bless a lot of people, and he did. And it was a generous gesture considering how badly the Obama administration screwed them over by monopolizing the student loan business.
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Wealth hath its privileges; buying an entire college graduating class is apparently one of them.
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That’s nice, but what about all the other classes before and after this one?
Not this guys problem.
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Wealth hath its privileges; buying an entire college graduating class is apparently one of them.
It’s called philanthropy. Look it up.
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It’s called philanthropy. Look it up.
I can just see the tax write-off he's taking.
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It’s called philanthropy. Look it up.
It’s called making yourself feel good. Wealth hath its privileges.
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Yeah, what's the point of helping people, anyway.
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I’ll bet his inbox is packed full of speaking invitations for 2020.
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I’ll bet his inbox is packed full of speaking invitations for 2020.
888high58888
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Good for him,and good for them!
In the interests of fair treatment and equality,I have to ask "What do any of you think the response would be if a white Billionaire had offered to pay the student loans off for white students at a 99 percent white college?
The lawsuits would be flying,the professional agitators known as "de Rev-Runs" would be leading protest marches,and white students would already been getting attacked on campus by now.
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That’s nice, but what about all the other classes before and after this one?
@Bill Cipher
Seriously? You can't just accept this as the nice thing it is,and be glad for the ones that are benefiting?
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I hope those students can afford the tax bill that's coming.
They will not have a tax bill...Smith is paying off their student loans as a gift. He will be subject to gift tax on all gifts above $12K, or whatever the current threshhold is. It won't be forgiveness of debt to the students.
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@Bill Cipher
Seriously? You can't just accept this as the nice thing it is,and be glad for the ones that are benefiting?
It's called 'envy'.
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That’s nice, but what about all the other classes before and after this one?
What about them? Maybe we should prohibit philanthropists from helping people if they can't afford to help all the people. That's pretty collectivist, don't you think?
I'm glad he did it, it beats the heck out of the Rats' plans to use taxpayer money to take from blue-collar workers to subsidize white-collar students.
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It's cheaper than actually employing them.
It does add an incentive for the grads to take some time off and "find themselves" as they used to say when A person was too lazy to look for a job.
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It's called 'envy'.
That particular brand of envy can only be sated by taking money from others by force. I call it "collectivism."
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It does add an incentive for the grads to take some time off and "find themselves" as they used to say when A person was too lazy to look for a job.
It's like what I heard Warren Buffet's son said the other day: Dad gave us plenty of money...enough to do something but not enough to do nothing.
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It’s called making yourself feel good. Wealth hath its privileges.
Someone's jealous. It's Obviously not a good look on you
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I’ll bet his inbox is packed full of speaking invitations for 2020.
Quote of the day right there...…...lololol. @edpc
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I don't think this is a tax write-off either, so he's not even benefiting from that.
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It does add an incentive for the grads to take some time off and "find themselves" as they used to say when A person was too lazy to look for a job.
One of my step-daughters worked her way through law school sometimes working two or three jobs during the summer.
She knew a number of trust-fund babies at her LS who were perplexed at her having to work to get through school.
She asked some of them what they were going to do during the summer off. Golf, sailing, etc. Certainly not working.
And a number of them, even after they got their law degree, decided to take time off and "find themselves."
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One of my step-daughters worked her way through law school sometimes working two or three jobs during the summer.
She knew a number of trust-fund babies at her LS who were perplexed at her having to work to get through school.
She asked some of them what they were going to do during the summer off. Golf, sailing, etc. Certainly not working.
And a number of them, even after they got their law degree, decided to take time off and "find themselves."
And, they will never get as much meaning out of life as she will. And, they will never understand why.
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That particular brand of envy can only be sated by taking money from others by force. I call it "collectivism."
"From each according to his ability, to each according to his needs"
@Cyber Liberty
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One of my step-daughters worked her way through law school sometimes working two or three jobs during the summer.
She knew a number of trust-fund babies at her LS who were perplexed at her having to work to get through school.
I was kind of like your stepdaughter. It was essential to find work during the summers in order to fund my law school education (which I wish I'd never wasted the time and money to pursue). I eventually had to borrow $6,000 (before adding interest) to make it through - and paid off the student loan within a few years after graduation, even though my first few jobs - with county and state government - paid well under $25,000.
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"From each according to his ability, to each according to his needs"
@Cyber Liberty
Zackly. I've noticed the only people who have trouble with this are on the left. :shrug:
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Babylon Bee:
Bernie Sanders Criticizes Billionaire For Giving Money To Students Instead Of The Needy Federal Government
May 20th, 2019
... Sanders pointed to the egregious waste of funds as a perfect example of what happens when billionaires are allowed to keep their money.
"Why does this evil billionaire think he knows what's best for his money when clearly the incredibly efficient federal government could put it to better use?" Sanders said at a rally Monday. "This is just another example of corrupt billionaires hoarding their money instead of using it for the greater good by giving it to the government." ...
Full story (https://babylonbee.com/news/bernie-sanders-criticizes-billionaire-for-giving-money-to-students-instead-of-to-the-government) :whistle:
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Babylon Bee:Full story (https://babylonbee.com/news/bernie-sanders-criticizes-billionaire-for-giving-money-to-students-instead-of-to-the-government) :whistle:
See! LOL! close to true.
Too bad it's satire, but a lot of satire is close to true.
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Babylon Bee:Full story (https://babylonbee.com/news/bernie-sanders-criticizes-billionaire-for-giving-money-to-students-instead-of-to-the-government) :whistle:
Clearly satire. The Bern would never use phrases like "his money" or "their money".
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I was kind of like your stepdaughter. It was essential to find work during the summers in order to fund my law school education (which I wish I'd never wasted the time and money to pursue). I eventually had to borrow $6,000 (before adding interest) to make it through - and paid off the student loan within a few years after graduation, even though my first few jobs - with county and state government - paid well under $25,000.
My step-daughter also took the first law job available after graduation. The job didn't pay much, but it was a start.
She's now 40 and owns her law firm. She knows a number of grads in her class who never got started. They were waiting for the offers from the Big Firms they were sure would come their way. They're still waiting.
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It's called 'envy'.
@Hoodat
That's one word that can be used. I can think of several more that might not be as appropriate on a public board.
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Because they are worse off simply because of the caprice of one wealthy person; someone who, quite honestly, is exercising the very real privileges that wealth brings (as compared to the phony, no existent privileges supposedly associated with being white).
The point is, he isn’t accomplishing much other than making himself feel good because the objects of his largesse are limited to one random group of people.
It’s a nice thing to do, but it’s also got nothing to do with making the cost of education less onerous.
No their condition is exactly the same as it was last week, last month, last year. The condition of someone else has no bearing on their condition. You need to get some serious therapy.