April 30, 2001

3:19 PM

Student loans got you down? Try My Rich Uncle. Not a loan, they just skim a little off the top of your future earnings. Besides the obvious issue of whether or not it's a good idea, is the site even for real? They have applications and an address, but none of the legal info like you find on bank and educational loan sites.
posted by Bezuhin (7 comments total)

This is an interesting tangent of a concept I thought of about using a public market (like a stock market) to invest in people...
posted by owillis at 3:23 PM on April 30, 2001

As a comparison: in the UK, the government has replaced the old student grants with centrally-administered 'student loans'. The rate of interest on these is linked to inflation, the idea being that you only pay back what you borrowed (in real terms). Repayments are made automatically out of your salary, but only once you reach a certain threshold level of income.

Many people have complained about this change, but I for one think it's a good idea. At the very least, it's dissuading some people from going to uni simply to lark about for a few years. And it's still a better deal for us students than our American counterparts seem to get.
posted by chrismear at 3:43 PM on April 30, 2001

My rich uncle has been shunned from the family for embezzling company money. Apparently he got some debt from gambling and he wasn't a stranger to gentlemen's clubs either. $50,000 is a lot of money, and he said that Mei Li really needed it for her 'urgent' surgery. My mom said he was a jackass and she despises the day he was born. He came back with her being the favorite in the family and him always not getting enough attention... he left the house with chilling words of 'you'll pay... you'll all pay...'

*true story*

Seriously though, I'm mostly sure it's a prank, outside of the obvious lack of official information there's a problem with credibility. Sure ad campaigns can be new or experimental but they never make fun of themselves, especially when money's concerned. I really don't see many people going in for a joke, when the decision could potentially change the rest of their lives.
posted by tiaka at 3:44 PM on April 30, 2001

Technically, most financial aid is considered to be an investment, whether by the school themselves (to create successful, donating alumni), the state (to create successful, taxpaying citizens), or by niche groups (churches, etc.). When I was in college, we had what were called something like Student Obligation Scholarships, which we were expected to repay in full within X years.
posted by dhartung at 5:21 PM on April 30, 2001

In Australia, we call that system HECS, and it's run by the government. That's how we pay to go to university. Either that or you're born into money.
posted by cheaily at 9:25 PM on April 30, 2001

It could possibly be legit, though....the application page states that completion of the page does not obligate you to MRU's services. You're just requesting more information and the offical application.
posted by jennak at 6:26 AM on May 1, 2001

and how reassuring it is to see The Student Loans Company promoting Netscape 3.0 on their home page...
posted by normy at 7:23 AM on May 1, 2001