mdillenbeck
Distinguished
How do people think financial aid works?
The bulk of aid comes from Stafford Loans and university scholarships. In the former case, at MOST the interest on the loan is subsidized by the government but the principle has to be paid back. In the latter case, the money usually comes from alumni donations.
So you all are outraged that there might be a small chance that an iPhone's interest might be subsidized? Sorry, that is like complaining about $100,000 going to a local community for development when other GM is receiving BILLIONS in taxpayer money.
So here, I'm going to tell you all something that will really piss you off. I got $3000 extra back from the government this year because of the Midwest Disaster Area tax credit. Just because my school was in a the flooded area, my lifetime learning credit doubled from 20% back to 40% back on the first $10,000 spent on education. Additionally, the normal restriction of tuition only was extended to include books and materials along with room and board - very easy to push my tax credit from $1000 to the full $4000! Note that this is a tax credit, so I had over $4000 in tax obligation in order to get it, but still - $3000 just for being in a "disaster area" and going to school without me being truly effected by it... and you all are complaining about a slim chance of paying the up to 8% interest on an iPhone over the life of a loan (though most likely, if you are borrowing to cover the iPhone, it would be unsubsidized and so the STUDENT would have to pay that interest and it cost you tax payers NOTHING).
I hope that last example puts in perspective how distorted and out of touch your views on this university department's move it completely and utterly trivial.
Oh yeah, last point, if they didn't cancel the MKV project, how much tax money would have gone into that versus this iPhone issue?
So, now that the whole tax issue is debunked, what is the real issue you people have with this?
The bulk of aid comes from Stafford Loans and university scholarships. In the former case, at MOST the interest on the loan is subsidized by the government but the principle has to be paid back. In the latter case, the money usually comes from alumni donations.
So you all are outraged that there might be a small chance that an iPhone's interest might be subsidized? Sorry, that is like complaining about $100,000 going to a local community for development when other GM is receiving BILLIONS in taxpayer money.
So here, I'm going to tell you all something that will really piss you off. I got $3000 extra back from the government this year because of the Midwest Disaster Area tax credit. Just because my school was in a the flooded area, my lifetime learning credit doubled from 20% back to 40% back on the first $10,000 spent on education. Additionally, the normal restriction of tuition only was extended to include books and materials along with room and board - very easy to push my tax credit from $1000 to the full $4000! Note that this is a tax credit, so I had over $4000 in tax obligation in order to get it, but still - $3000 just for being in a "disaster area" and going to school without me being truly effected by it... and you all are complaining about a slim chance of paying the up to 8% interest on an iPhone over the life of a loan (though most likely, if you are borrowing to cover the iPhone, it would be unsubsidized and so the STUDENT would have to pay that interest and it cost you tax payers NOTHING).
I hope that last example puts in perspective how distorted and out of touch your views on this university department's move it completely and utterly trivial.
Oh yeah, last point, if they didn't cancel the MKV project, how much tax money would have gone into that versus this iPhone issue?
So, now that the whole tax issue is debunked, what is the real issue you people have with this?