Logan Ryan's summer

[bbobbo]

Its actually an interesting discussion. Your 800k number sounds like top end private schools? If you think about state schools, more like 30k/yr (not trying to get an exact number, since there are no salary cap implications ;-)) or even trade school/apprentice programs, probably less...

So is it worth it to society to educate people who have the drive to go to school and maintain that C average, regardless of who their parents are? I think even a hard hearted number cruncher might add it all up and say yes. I recently read a piece on the California prison system. It costs the state pretty much the same to hold an inmate for a year as it would to send them to college. Which is really a better investment? (Yes, a bit of a devils advocate there .;-) Feel free to add in paid mandatory service to get a little more value out.

top-end private school is around $63k/year (current dollars). if @robertweathers 3 kids are 4, 6, and 8 years old, and using tuition inflation number of 5%, the future cost would be around $1.4m. using your $30k/year (current) figure, the future cost would be $700k+.
.

 

[borg]

Wearing my Debbie Downer hat and drinking from my half empty glass, I wonder what the gift tax implications are for this type of educational reimbursement involving adult siblings.
It certainly exceeds the $14,000 year maximum tax gift. There are ways to quietly exceed the maximum allowable gift….but…..Mr. Ryan chose to print a giant check and do a victory lap….and the IRS rarely misses public displays.
Still…a great gesture
I wonder if Logan Ryan will also be reimbursing Rutgers for his 3 years of free education funded by tuition paying students, their parents, and the tax payers of New Jersey. Great opportunity to print another big check and take a 2nd lap.

 

[Jackson 2]

It's amazing how around here an innocent, nice-gesture, feel-good story can morph in nearly no time to political divisiveness. Bravo...

 

[mikey m]

Clearly Ryan thinks everyone should get free education. Great.

Very happy to hear it. Looking forward to not hearing any complaining from him when he's forced to pay for my education as well.

 

[RobertWeathers]

Very happy to hear it. Looking forward to not hearing any complaining from him when he's forced to pay for my education as well.

Unless you are his long lost brother good luck with that for the next 8 years

 

[RobertWeathers]

Its actually an interesting discussion. Your 800k number sounds like top end private schools? If you think about state schools, more like 30k/yr (not trying to get an exact number, since there are no salary cap implications ;-)) or even trade school/apprentice programs, probably less...

So is it worth it to society to educate people who have the drive to go to school and maintain that C average, regardless of who their parents are? I think even a hard hearted number cruncher might add it all up and say yes. I recently read a piece on the California prison system. It costs the state pretty much the same to hold an inmate for a year as it would to send them to college. Which is really a better investment? (Yes, a bit of a devils advocate there .;-) Feel free to add in paid mandatory service to get a little more value out.

I dont want to get into my personal financial situation but Mrs RW and I are planning a $1m nut. $60k/yr x 4= $240k/kid x 3 kid= $720k with the $180k buffer for who knows. Doesn't mean we'll get there but that's the plan. Praying for scolorships! With that said the plan is to carry the debt so the kids believe they are responsible and we'll pay it off. They need to value it.

I appreciate the Ryan brothers plight as college prices are sheer ******** but I can't get behind free college even though my retirement would be accelerated 20 years.

My 4 year degree in the early 90s cost a total of $70k. My loans were $10k total. I paid that off in a year.

 

[Mountain_Commando]

My company paid for mine, from the start all the way through my MBA. I just had to earn a C or higher and had to serve 5 years in a call center for a living. I honestly sometimes look back on that job (worst I've ever had, by far) and think that my life would have been easier had I chosen to go the student loan route. Half joking, of course.

Heh, you got a great deal financially. First 5 years of any job pretty much suck.

But call center, eh? Man you got some pain tolerance.

 

[Mountain_Commando]

Education should be valued and earned. If people earn scholarships, great but just because you want and education it does not mean you are entitled to one.

This is a whole different debate unto itself. I don't like entitlement either, but society as a whole benefits when education is of high quality and easy available to all.

Anyway, reality is that quality higher education is a (frightfully expensive) commodity in America. It's up to the individual to decide whether they wish to purchase that or not.

 

[RobertWeathers]

This is a whole different debate unto itself. I don't like entitlement either, but society as a whole benefits when education is of high quality and easy available to all.

Anyway, reality is that quality higher education is a (frightfully expensive) commodity in America. It's up to the individual to decide whether they wish to purchase that or not.

Exactly. That's what scares me. I believe if you make education free it will make it low quality. I don't consider quality higher end a commodity . It's actually a premium.

Anyone can get an online degree these days. Not everyone can afford 4 years at BU

 

[n6249c]

Wearing my Debbie Downer hat and drinking from my half empty glass, I wonder what the gift tax implications are for this type of educational reimbursement involving adult siblings.
[...]
I wonder if Logan Ryan will also be reimbursing Rutgers for his 3 years of free education funded by tuition paying students, their parents, and the tax payers of New Jersey. Great opportunity to print another big check and take a 2nd lap.

And I wonder if Rutgers will dig down and pay him market wages for his part in filling college football stadium seats with paying ticket holders. As it is they got pretty good value in kind, I'd say the free ride education he got was likely less than the value of the free labor they got. So the tuition paying students, parents, and taxpayers didn't fund him, the football revenue stream did. But nice red herring.

 

[Mountain_Commando]

Exactly. That's what scares me. I believe if you make education free it will make it low quality. I don't consider quality higher end a commodity . It's actually a premium.

Agreed.

But seriously, while we're on this topic, I think Logan Ryan's comment at the bottom of his check was slightly misdirected. It should've said '*** tuition costs'.

I attended my cousin's graduation at USC a couple years ago. Her dad (my uncle) had her pose in front of campus landmarks in her gown/cap/degree as he proudly captured the moment in picture after picture. After about 30 minutes of this, she finally rolled her eyes and asked him if he had enough pictures. To which my uncle responded "I paid a quarter million $'s for that piece of paper you're holding. I'm going to take all the pictures I want"! There wasn't a single peep in response.

Incidentally, this was in May 2015, 3 months after SB49. Receiving his honorary doctorate that day was....Pete Carroll! It took everything I had to resist the urge to yell 'Go Pats!' when he was being handed his degree.

 

[Todd Bradley]

Now that's a class act. Good on Logan.

Wish him the best in Tenn., except against the Pats.

 

[DarrylS]

Always thought Ryan was a good guy cut in the same mold as McCourty, nice gesture on his part.. Tenn. got themselves a high character guy who plays very good DB...

When I went to college way back( Rhode Island College 1966), it costs about $750 a semester and had a hard time paying that... when I went to grad school later on (BU) it cost 10K a year.. which I took loans for and paid that off, I wonder how kids today will pay off some of this debt.

In RI they just passed a law that citizens can go to the local community college(CCRI) for free if they graduate in 2 years.. this will be an interesting experiment.

 

[RobertWeathers]

Always thought Ryan was a good guy cut in the same mold as McCourty, nice gesture on his part.. Tenn. got themselves a high character guy who plays very good DB...

When I went to college way back( Rhode Island College 1966), it costs about $750 a semester and had a hard time paying that... when I went to grad school later on (BU) it cost 10K a year.. which I took loans for and paid that off, I wonder how kids today will pay off some of this debt.

In RI they just passed a law that citizens can go to the local community college(CCRI) for free if they graduate in 2 years.. this will be an interesting experiment.

So if they don't graduate how will the state collect? Garnish wages?

I hate the idea of free education. I'd be ok with some kind of steep discount or a % taken from their paycheck based on their W2. I dunna know..I don't have the answers.

 

[DarrylS]

So if they don't graduate how will the state collect? Garnish wages?

I hate the idea of free education. I'd be ok with some kind of steep discount or a % taken from their paycheck based on their W2. I dunna know..I don't have the answers.

Not sure of the details, must have to sign some very detailed contract if you are eligible... the idea is to try to develop a highly trained workforce.. not sure it if will work, but if you are eligible financial impediments for an associate degree are removed.

OTOH most colleges and trade schools have gotten financially unreasonable for many folks..