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02-27-2022, 03:54 PM
(This post was last modified: 02-27-2022, 03:54 PM by carrythenothing.
Edit Reason: Added total cost
)
Quote:It’s all designed around student success. They will receive all of this at no upfront cost. And will only pay it back once they find a job earning at least $40,000 a year. Social Finance will then redistribute those repayments to future learners, making this model more sustainable.
I found this information on Social Finance's website:
Quote:Guided by a Student Bill of Rights, students repay via flat monthly payments for a set term, as long as their income remains above the minimum threshold. For example, students who secure jobs earning $40,000 would pay approximately $100 a month. Learners who earn less than $40,000 pay nothing. Repayment terms, such as minimum earnings amount and monthly payment amounts, will vary by training provider. Social Finance will reinvest repayments back into the program for several years to enable future learners to benefit.
One of the partners, Merit America, says "when you're in a job making $40,000 or more annually, you'll pay $95 per month for 60 months" ($5700).
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(02-27-2022, 03:54 PM)carrythenothing Wrote: One of the partners, Merit America, says "when you're in a job making $40,000 or more annually, you'll pay $95 per month for 60 months" ($5700).
Holy cow! Students will end up owing $5700?! Just get a college degree for less money!
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If you have no money and you still don't qualify for financial aid for whatever reason, owing $5700 isn't the worst thing in the world.
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(02-27-2022, 04:03 PM)rachel83az Wrote: If you have no money and you still don't qualify for financial aid for whatever reason, owing $5700 isn't the worst thing in the world.
If you're only making $40K a year it may be a problem. $40K isn't much in many areas of the country. This could also stay with a person for years and years.
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This is interesting, anything that will give students or youth more experience and a certification would get them started in the right direction. It's great especially when "IT" or trades are picking up steam. If it provides credit or PLA/portfolio experience, that'll work too if they need it for future studies.
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Might as well use the Pell Grant to get an undergraduate certificate or degree from a community college. The jury is still out on whether these Google career certificates directly lead to good-paying jobs. I've heard the data analytics graduates are discovering that most of the jobs require a degree.
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02-27-2022, 06:07 PM
(This post was last modified: 02-27-2022, 06:07 PM by LevelUP.)
You could get a CompTIA A+ cert then get a tech support job for 40k a year.
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Yikes I completely missed the debt part of that. Year up actually seems like a good program since they provide a year of apprenticeship/internship experience along with living stipend and courses(some ACE, though a bunch have lapsed).
I would hope they're not selling people $6k of debt to get a Google certificate that can be gotten for a few hundred at most, but some companies out there really like to exploit people's desperation.
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This is basically a rip off disguised as a great program to help people get ahead. Google hires people and trains them while they pay them as do some of the other IT related companies. As others have pointed out, the google cert can be gotten for a few hundred. Let's see how this looks all spelled out.
Single: Gross income $40,000.
A simple google search turned this up: ( I could look this up on the IRS website but I won't)
>Tax Type
Marginal Tax Rate
Effective Tax Rate
2021 Taxes*
Federal
12.00%
7.74%
$3,095
FICA
7.65%
7.65%
$3,060
State
5.25%
3.84%
$1,536
Local
0.00%
0.00%
$0
Total Income Taxes
19.23%
$7,691
Income After Taxes
$32,309
Take-Home Pay
$32,309
Okay, so now you're down to $32,309. Let's assume your boss has a good insurance plan and they only take out $20.00 per week from your check. Now you're down to $31,269.00. We won't get in to anymore deductions because many of those are voluntary, let's go with this.
This equates to $601.33 a week or $2405. per month. With standard bills: groceries, rent/house payment, car payment, insurances, cell phones, internet, gas for the car, utilities......a $95 payment per month for 60 months is a lot to consider.
Just another form of student debt.
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