The writing is on the wall....years too late but better late than never
https://www.statecollege.com/articl...-campus-employees-to-resign-amid-budget-cuts/
https://www.statecollege.com/articl...-campus-employees-to-resign-amid-budget-cuts/
One could make the case that the amount should somehow factor in the length of one's employmentA year's pay for employees that only need 1 year of employment to qualify is a hell of a severance package offer, incredibly generous.
That's typically how it works in the private sector. My company would give 2 months plus one additional week per year of tenure. To get a year you'd need to be an employee for 44 years! At that point it's probably an ideal scenario, the severance would basically be a retirement bonus check.One could make the case that the amount should somehow factor in the length of one's employment
Someone needs to take care of all those busloads of school studentsMaybe they can work at the art museum.
Someone needs to take care of all those busloads of school students
The writing is on the wall....years too late but better late than never
https://www.statecollege.com/articl...-campus-employees-to-resign-amid-budget-cuts/
Incredibly ludicrous would be the words I would have used.A year's pay for employees that only need 1 year of employment to qualify is a hell of a severance package offer, incredibly generous.
That’s politics at play. PSU is trying to appease local state congress members who will go to the mat to try and keep a big employer open in their constituency.Incredibly ludicrous would be the words I would have used.
I think It is much more than that.That’s politics at play. PSU is trying to appease local state congress members who will go to the mat to try and keep a big employer open in their constituency.
Or learn to code.Maybe they can work at the art museum.
Gotta laugh at this. The faculty complains about cuts when their services are no longer needed. Academics are so isolated from reality. Welcome to the real world.
No they don’t, to your last question.Some interesting calculus here. How much unfulfilled demand is there for each class of employee covered by this? Facilities folks probably can find something comparable pretty easily, so they may bolt at the highest rate. I’m not sure longer tenure faculty have their phones ringing off the hook given the general state of higher ed, or do they?
It’s an efficient way to get tenured faculty to retire.Not to be that guy, but how does prepaying a year's salary help the budget? Is it because its "one time expense" and you can put it below the line? Or is the idea that somehow these campuses will function without each of the buyout employees in YRs 2+?
Unless these buyouts come with shutting down the campuses, this probably has a negligible effect on the budget overall.
Is your solution to ignore the time-value of money?The cost to continue your education at a college or university is so ludicrous these days that I get why they have seen enrollment decline. I would not recommend anyone attempt to go to college at this point unless they are already rich or get scholarship money to cover most of the cost. I don't know how many times I have read of people who pay for 15-20 years on their school loans only to still owe at least the balance of their loans and most times more than the original balance. I will repeat that. People pay for two decades on their loans and it hasn't made a lick of difference in what they owe on those loans.
I am not here to complain without a solution, though. I see no reason why educating our youth, which is a net positive for our society, should be done by strapping crippling debt to their backs. I know people get all bent out of shape when literally anyone suggests anyone get a benefit that they didn't get because "f*ck everyone else" amirite? So I am not suggesting free educations.
I am suggesting interest free loans for anyone that wants to attend a college/university. We can jettison the predatory private loan sector and offer people interest free government loans. People can get their education and pay for it 100%. Paying the loans for two decades will actually go towards the principle and pay down the loan instead of going to nothing but interest leaving a lifetime of debt behind.
And while we are at it I want to cancel all of the interest on current loans. This way nobody gets a free education, they are paying back every penny they borrowed while at the same time gives them a chance to actually pay off the loans in this lifetime.
Is your solution to ignore the time-value of money?
I'm not sure I want anyone giving out interest free loans especially if the loaner is borrowing money to loan out. The US government currently borrows money at +/-5%. If the government is then lending at 0% something is not going to work.
The cost to continue your education at a college or university is so ludicrous these days that I get why they have seen enrollment decline. I would not recommend anyone attempt to go to college at this point unless they are already rich or get scholarship money to cover most of the cost. I don't know how many times I have read of people who pay for 15-20 years on their school loans only to still owe at least the balance of their loans and most times more than the original balance. I will repeat that. People pay for two decades on their loans and it hasn't made a lick of difference in what they owe on those loans.
I am not here to complain without a solution, though. I see no reason why educating our youth, which is a net positive for our society, should be done by strapping crippling debt to their backs. I know people get all bent out of shape when literally anyone suggests anyone get a benefit that they didn't get because "f*ck everyone else" amirite? So I am not suggesting free educations.
I am suggesting interest free loans for anyone that wants to attend a college/university. We can jettison the predatory private loan sector and offer people interest free government loans. People can get their education and pay for it 100%. Paying the loans for two decades will actually go towards the principle and pay down the loan instead of going to nothing but interest leaving a lifetime of debt behind.
And while we are at it I want to cancel all of the interest on current loans. This way nobody gets a free education, they are paying back every penny they borrowed while at the same time gives them a chance to actually pay off the loans in this lifetime.
Not so much writing off as it is transferring the debt to other taxpayers. What a great message for all of these young people: "You are not responsible for your decisions or actions"Too many people go to college. We offer to many worthless degrees. Now we are paying for it with the current administration writing off college debt in the billions.
I think we going to be miles apart on this discussion."Is your solution to ignore the time-value of money"
Yes. We have plenty of money and we can certainly afford to lend it to our youth. We aren't losing that money, we are investing it in them. I am no more ignoring the "time value" of money than people are ignoring the investment it creates in our youth. Our workforce isn't going to replace itself. Our workers in skilled positions are not immortal. They will eventually retire and/or die. Let's make sure we invest in replacmenets.
Dalio is fascinating.I think we going to be miles apart on this discussion.
Having "plenty of money" does not mean the money has value. I think we (Americans) are not aware of the decline that has been taking place over the past 53-91 years.
Most of my thoughts on this were shaped by this book. It is a good read and if interested you can find heaps of videos and discussions about it. Ray Dalio Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail
I get that education is an investment in the future and therefore it has (or should have) a greater future value. But not all education is the same and some does have a negative future value (jobs that are eliminated by technology) .
I think we going to be miles apart on this discussion.
Having "plenty of money" does not mean the money has value. I think we (Americans) are not aware of the decline that has been taking place over the past 53-91 years.
Most of my thoughts on this were shaped by this book. It is a good read and if interested you can find heaps of videos and discussions about it. Ray Dalio Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail
I get that education is an investment in the future and therefore it has (or should have) a greater future value. But not all education is the same and some does have a negative future value (jobs that are eliminated by technology) .
For those in this discussion -- have you read 'Atlas Shrugged' by Ayn Rand ? The principles in this book have been followed by some in past administrations and some owners of pro sports. Unfortunately, not many seem to understand how governments and the private sector can or would work together.Most of my thoughts on this were shaped by this book. It is a good read and if interested you can find heaps of videos and discussions about it. Ray Dalio Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail
I get that education is an investment in the future and therefore it has (or should have) a greater future value. But not all education is the same and some does have a negative future value (jobs that are eliminated by technology) .
I see the traditional college President coming from an academic background and I see that changing.More than long overdue. With the population of college age students about to crash universities better get their houses in order or face serious consequences with cost overruns.
More than long overdue. With the population of college age students about to crash universities better get their houses in order or face serious consequences with cost overruns.
Yes, that sucks, but don't people understand what a loan amortization table looks like anymore? This is how loans work, the principal is back-end loaded. This shouldn't be a surprise to anyone taking out a loan and making minimum payments on it. Yes there is a college pricing crisis, but there apparently is also a financial education crisis in this country as I read far too many comments about financial topics that quite frankly should be common knowledge for just about everyone.I don't know how many times I have read of people who pay for 15-20 years on their school loans only to still owe at least the balance of their loans and most times more than the original balance. I will repeat that. People pay for two decades on their loans and it hasn't made a lick of difference in what they owe on those loans.
These are the types of reforms I disagree with. Why are you going to reward someone that makes a poor personal financial decision by giving them a benefit that others who are making smarter decisions can't have? If anything the people making smart decisions deserve the rewards as they are bearing the burden of their decisions themselves rather than relying on others for assistance.I think you are correct in that we probably aren't going to be able to come to an agreement on this and are miles apart. I agree that not all degrees are the same. I would be willing to listen to a compromise though where specific fields and degrees could qualify for an interest free loan while others do not. I think the arts are valuable to society but in a different way than say STEM fields. I think a major part of solving this issue is compromising for something that works better than what we have now.
Yes, that sucks, but don't people understand what a loan amortization table looks like anymore? This is how loans work, the principal is back-end loaded. This shouldn't be a surprise to anyone taking out a loan and making minimum payments on it. Yes there is a college pricing crisis, but there apparently is also a financial education crisis in this country as I read far too many comments about financial topics that quite frankly should be common knowledge for just about everyone.
These are the types of reforms I disagree with. Why are you going to reward someone that makes a poor personal financial decision by giving them a benefit that others who are making smarter decisions can't have? If anything the people making smart decisions deserve the rewards as they are bearing the burden of their decisions themselves rather than relying on others for assistance.
Buying votes, I mean dealing with the issue of college expenses, should be applauded.These are the types of reforms I disagree with. Why are you going to reward someone that makes a poor personal financial decision by giving them a benefit that others who are making smarter decisions can't have? If anything the people making smart decisions deserve the rewards as they are bearing the burden of their decisions themselves rather than relying on others for assistance.