Is there a loophole in our economy to get free education?
Yes. To some point.
Well, this happened by accident.
I have always had my personal point of view that education should be free. But here's a black and white from an academician. He's into free education.
Sometimes you may ask yourself. Should you get a commercial loan for your own education? Well most people go fo it without doing much economic reseach. Why? because it's too much hassle. Waste of time. Excuses and so on.
Nevertheless, read this rally of emails between myself and an academician who is striving for free education. Enjoy.
................................................................................................................
Dear Charles,
I apologise for not replying earlier. I have been a bit swamped withwork and meeting deadlines.I've actually addressed the question of taking loans for education onthe PhD Blog.
Basically, a commercial loan does not make financial sense, not if you work out the return on the investment. I would earn more money in mylifetime joining the work force now with my education up to theMasters level than I ever would with a PhD.
Furthermore, buying an education is not the same as buying other physical assets - there are distinct differences in the "goods/products" that have implications on structuring loans. Both these arguments combined forms the basis forthe argument that educational loans have to be provided on a"subsidised" basis, with repayments scheduled according to the level of future income streams.
Many economists now support this view and ithas been implemented in both Britain, Australia and a few othercountries.Furthermore, commercial loans demand collateral - if I had collateral,I would not need a loan. Finally, as I have argued elsewhere, my investment into my education will have external benefits to society,particularly since I intend to be an academic - so from a strictly economic point of view, society should also bear some of the cost of my education. This is one of the arguments for free public education(to a certain degree/level).
My arguments here are abbreviated - there is a whole literature outthere on the economics of education that I will be happy to direct youto. The work of Nicholas Barr, a UK economist at the LSE is a goodplace to start. You'll find his academic webpage here with links tosome articles that he has written:http://econ.lse.ac.uk/staff/nb
That said, given the funding gap, I may yet have to borrow money atsome point - hopefully it will be from members of the family wherethey would hopefully not expect a market rate of return.Getting a loan for education is really not such a simple matter.
BEST WISHES
jikonOn 12/27/05,
My first mail to him:
Charles <charleskylow@gmail.com> wrote:> Below is the result of your feedback form. It was submitted by> Charles (charleskylow@gmail.com) on Tuesday, December 27, 2005 at 09:13:25> --------------------------------------------------------------------------->> realname: Charles>> email: charleskylow@gmail.com>>
Subj: Why dont you get a loan???>>
Message: Simple. Get a loan, graduate, get job, pay off loan.>> Anyway, maybe you could
visit>> http://wealthmalaysia.blogspot.com
>>>> --------------------------------------------------------------------------->>",0]
Well, this happened by accident.
I have always had my personal point of view that education should be free. But here's a black and white from an academician. He's into free education.
Sometimes you may ask yourself. Should you get a commercial loan for your own education? Well most people go fo it without doing much economic reseach. Why? because it's too much hassle. Waste of time. Excuses and so on.
Nevertheless, read this rally of emails between myself and an academician who is striving for free education. Enjoy.
................................................................................................................
Dear Charles,
I apologise for not replying earlier. I have been a bit swamped withwork and meeting deadlines.I've actually addressed the question of taking loans for education onthe PhD Blog.
Basically, a commercial loan does not make financial sense, not if you work out the return on the investment. I would earn more money in mylifetime joining the work force now with my education up to theMasters level than I ever would with a PhD.
Furthermore, buying an education is not the same as buying other physical assets - there are distinct differences in the "goods/products" that have implications on structuring loans. Both these arguments combined forms the basis forthe argument that educational loans have to be provided on a"subsidised" basis, with repayments scheduled according to the level of future income streams.
Many economists now support this view and ithas been implemented in both Britain, Australia and a few othercountries.Furthermore, commercial loans demand collateral - if I had collateral,I would not need a loan. Finally, as I have argued elsewhere, my investment into my education will have external benefits to society,particularly since I intend to be an academic - so from a strictly economic point of view, society should also bear some of the cost of my education. This is one of the arguments for free public education(to a certain degree/level).
My arguments here are abbreviated - there is a whole literature outthere on the economics of education that I will be happy to direct youto. The work of Nicholas Barr, a UK economist at the LSE is a goodplace to start. You'll find his academic webpage here with links tosome articles that he has written:http://econ.lse.ac.uk/staff/nb
That said, given the funding gap, I may yet have to borrow money atsome point - hopefully it will be from members of the family wherethey would hopefully not expect a market rate of return.Getting a loan for education is really not such a simple matter.
BEST WISHES
jikonOn 12/27/05,
My first mail to him:
Charles <charleskylow@gmail.com> wrote:> Below is the result of your feedback form. It was submitted by> Charles (charleskylow@gmail.com) on Tuesday, December 27, 2005 at 09:13:25> --------------------------------------------------------------------------->> realname: Charles>> email: charleskylow@gmail.com>>
Subj: Why dont you get a loan???>>
Message: Simple. Get a loan, graduate, get job, pay off loan.>> Anyway, maybe you could
visit>> http://wealthmalaysia.blogspot.com
>>>> --------------------------------------------------------------------------->>",0]
posted by Charles at 1:34 PM
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