#interest free education loan

[vinaydogra]

Top 9 Education Loan with low interest rates in India

SBI enables students to have easy and affordable loans through its competitive interest rates and adjustable repayment timings. It is therefore the first choice of students for education loans in India.IOB loans are cheap in terms of interest rates but have simplified repayment facilities for students of all classes. Therefore, it may be helpful for students from different backgrounds.

[aanews69]

Entregamos historias. También te damos guías, consejos y trucos sobre cómo crear el tuyo propio. Este canal está dedicado a cosas aleatorias que pasan por nu...

[investingdrone]

Best Interest-Free Loans for Students in UK 2024

Interest-Free Loans for Students: While the idea of borrowing money for school without interest sounds amazing, it’s important to know that true interest-free loans for students in the UK are pretty rare. Most loans will have some kind of interest attached, even if it’s hidden under a fancy name. Some lenders might advertise “0% interest” to grab your attention, but this is usually a temporary…

[allindiagovtjobs]

What Happens If a Student Faces Difficulty in Repaying The Education Loan

What Happens If a Student Faces Difficulty in Repaying The Education Loan   Education is a transformative journey that empowers individuals with knowledge, skills, and opportunities for personal and professional growth. However, for many students, financing higher education can be a substantial challenge. To bridge this gap, education loans serve as a lifeline, enabling students 

[dayaxwriter]

Are education expenses tax deductible ?

Outline:

Introduction

Understanding Tax Deductions

What Are Tax Deductions?

Common Tax Deductions

Education Expenses and Tax Deductions

Eligible Education Expenses

Qualifications for Tax Deductions

The American Opportunity Credit

Who Qualifies for the American Opportunity Credit?

How Much Can You Claim?

The Lifetime Learning Credit

Who Qualifies for the Lifetime Learning Credit?

How Much Can You Claim?

Tuition and Fees Deduction

Who Qualifies for the Tuition and Fees Deduction?

How Much Can You Claim?

Student Loan Interest Deduction

Who Qualifies for the Student Loan Interest Deduction?

How Much Can You Claim?

Employer Tuition Assistance

Tax-Free Educational Assistance

Limits on Employer-Provided Education Benefits

Educational Savings Accounts

Coverdell Educational Savings Account (ESA)

529 Plans

Tax Deductibility of Work-Related Education

Qualifying Work-Related Education Expenses

Exceptions and Limitations

State Tax Deductions for Education Expenses

State-Specific Deductions and Credits

Researching State Tax Laws

Recordkeeping and Documentation

Importance of Proper Documentation

Retaining Education Expense Records

The Impact of Income on Deductibility

Phase-Out Limits for Education Expenses

Other Education-Related Tax Benefits

Student Loan Forgiveness Programs

Employer Student Loan Repayment Assistance

Tax Deductibility of Education Expenses for Self-Employed Individuals

Conclusion

Are Education Expenses Tax Deductible?

Education is a vital aspect of personal and professional growth, but it can also come with a hefty price tag. As individuals pursue higher education, the question of whether education expenses are tax-deductible becomes essential. In this article, we will explore the various tax deductions and credits available to help alleviate the financial burden of educational pursuits.

Understanding Tax Deductions

What Are Tax Deductions?

Tax deductions are specific expenses that taxpayers can subtract from their total income, ultimately reducing the amount of income that is subject to taxation. Deductions lower the overall tax liability, resulting in potential tax savings for eligible individuals.

Common Tax Deductions

Before delving into education-related deductions, it's essential to understand some common deductions available to taxpayers, such as:

Ø Home mortgage interest

Ø Charitable contributions

Ø Medical expenses

Ø State and local taxes

Ø Retirement contributions

Ø Education Expenses and Tax Deductions

Eligible Education Expenses

The Internal Revenue Service (IRS) allows taxpayers to claim certain education expenses as deductions or credits. Eligible expenses often include:

· Tuition and fees for enrollment

· Books, supplies, and required course materials

· Necessary equipment for courses

· Qualified educational software

· Qualifications for Tax Deductions

To qualify for education-related tax deductions, certain criteria must be met. Generally, the education must be for the taxpayer, their spouse, or a dependent. Additionally, the expenses should be related to enrollment in an eligible educational institution.

The American Opportunity Credit

§ Who Qualifies for the American Opportunity Credit?

The American Opportunity Credit is a tax credit that offers substantial financial assistance to eligible students pursuing higher education. To qualify, students must be pursuing a degree or other recognized educational credential and be enrolled at least half-time in their program.

§ How Much Can You Claim?

As of the time of writing, the American Opportunity Credit allows eligible taxpayers to claim up to $2,500 per student per year for the first four years of post-secondary education.

The Lifetime Learning Credit

o Who Qualifies for the Lifetime Learning Credit?

Unlike the American Opportunity Credit, the Lifetime Learning Credit is available to both undergraduate and graduate students, as well as those pursuing professional degrees or taking classes to acquire or improve job skills.

o How Much Can You Claim?

As of the time of writing, the Lifetime Learning Credit permits eligible taxpayers to claim up to 20% of the first $10,000 of qualified education expenses, resulting in a maximum credit of $2,000 per tax return.

Tuition and Fees Deduction

Ø Who Qualifies for the Tuition and Fees Deduction?

The Tuition and Fees Deduction allows eligible taxpayers to deduct qualified education expenses even if they do not itemize deductions on their tax return.

Ø How Much Can You Claim?

As of the time of writing, eligible taxpayers may deduct up to $4,000 from their taxable income.

Student Loan Interest Deduction

I. Who Qualifies for the Student Loan Interest Deduction?

Taxpayers who have taken out student loans to cover qualified education expenses may be eligible for the Student Loan Interest Deduction.

II. How Much Can You Claim?

As of the time of writing, eligible taxpayers can deduct up to $2,500 of student loan interest paid throughout the tax year.

Employer Tuition Assistance

i. Tax-Free Educational Assistance

Employers may offer tuition assistance to employees as part of their benefits package, and in some cases, this assistance may be tax-free up to a certain limit.

ii. Limits on Employer-Provided Education Benefits

While employer-provided tuition assistance can be advantageous, there are specific limitations to be aware of, such as the maximum amount of tax-free assistance allowed per year.

Educational Savings Accounts

· Coverdell Educational Savings Account (ESA)

Coverdell ESAs are tax-advantaged accounts designed to help families save for education expenses.

· 529 Plans

529 Plans are state-sponsored savings plans that offer tax benefits for qualified education expenses, including tuition, books, and room and board.

Tax Deductibility of Work-Related Education

§ Qualifying Work-Related Education Expenses

Expenses related to education undertaken to maintain or improve skills needed in one's current employment or to meet the employer's requirements may be tax-deductible.

§ Exceptions and Limitations

The IRS imposes certain exceptions and limitations on work-related education deductions, which taxpayers should be aware of.

State Tax Deductions for Education Expenses

o State-Specific Deductions and Credits

Apart from federal deductions and credits, some states offer additional tax breaks for education expenses.

o Researching State Tax Laws

It is essential to research the specific tax laws in your state to determine the available deductions and credits related to education expenses.

Recordkeeping and Documentation

ü Importance of Proper Documentation

Maintaining accurate and detailed records of education expenses is crucial when claiming tax deductions or credits.

ü Retaining Education Expense Records

Taxpayers should keep all relevant documents, including tuition statements, receipts, and enrollment records, to support their claims.

The Impact of Income on Deductibility

* Phase-Out Limits for Education Expenses

The availability of certain education-related deductions and credits may be affected by the taxpayer's income level.

Other Education-Related Tax Benefits

Ø Student Loan Forgiveness Programs

Certain federal student loan forgiveness programs may offer tax-free forgiveness of the remaining loan balance.

Ø Employer Student Loan Repayment Assistance

Some employers may provide student loan repayment assistance as an employee benefit.

Ø Tax Deductibility of Education Expenses for Self-Employed Individuals

Self-employed individuals may be eligible to deduct qualified education expenses as business expenses.

Conclusion

Education is a lifelong pursuit that comes with various costs, but the good news is that there are several tax deductions and credits available to help ease the financial burden. From the American Opportunity Credit to employer tuition assistance and state-specific benefits, exploring these options can make a significant difference in managing educational expenses.

Now, take advantage of the tax benefits and invest in your future. Maximize your potential, both personally and professionally, through the power of education.

FAQs

Can I claim tax deductions for my child's education expenses?

Yes, you may be eligible to claim certain education-related deductions or credits for your child's education expenses, depending on your circumstances.

Are student loan interest payments always tax-deductible?

No, the deductibility of student loan interest payments depends on various factors, including your income and filing status.

Can I claim education expenses if I am attending school part-time?

Yes, in some cases, you may still be eligible to claim education-related tax benefits while attending school part-time. Be sure to review the specific requirements for each credit or deduction.

What is the difference between a tax deduction and a tax credit?

Tax deductions reduce your taxable income, while tax credits directly reduce the amount of taxes you owe.

How do I know if my state offers additional education-related tax benefits?

You can visit your state's official tax website or consult with a tax professional to understand the specific education-related tax benefits available in your state.

[sakalindiafoundation]

Interest Free Loan Scholarship Online

Sakal India Foundation has been working to empower students with Scholarships, Interest-Free Education Loans and Career Mentoring since 1959. The idea of setting up this organisation was to encourage meritorious students from a weak financial background with grants and scholarships to pursue higher education.

SIF has granted Interest-Free Loan Scholarships to thousands of students and professionals with outstanding merit for higher studies in India and abroad irrespective of their caste, creed, and religion. Sakal India Foundation offer Interest Free Loans scholarship in India to brilliant students who are not able to meet the complete expenses of their higher education. The basic eligibility criteria are the academic excellence and achievements of the learners.

[batboyblog]

Things the Biden-Harris Administration Did This Week #29

July 26-August 2 2024

President Biden announced his plan to reform the Supreme Court and make sure no President is above the law. The conservative majority on the court ruled that Trump has "absolute immunity" from any prosecution for "official acts" while he was President. In response President Biden is calling for a constitutional amendment to make it clear that Presidents aren't above the law and don't have immunity from prosecution for crimes committed while in office. In response to a wide ranging corruption scandal involving Justice Clarence Thomas, President Biden called on Congress to pass a legally binding code of ethics for the Supreme Court. The code would force Justices to disclose gifts, refrain from public political actions, and force them to recuse themselves from cases in which they or their spouses have conflicts of interest. President Biden also endorsed the idea of term limits for the Justices.

The Biden Administration sent out an email to everyone who has a federal student loan informing them of upcoming debt relief. The debt relief plan will bring the total number of a borrowers who've gotten relief from the Biden-Harris Administration to 30 million. The plan is due to be finalized this fall, and the Department of Education wanted to alert people early to allow them to be ready to quickly take advantage of it when it was in place and get relief as soon as possible.

President Biden announced that the federal government would step in and protect the pension of 600,000 Teamsters. Under the American Rescue Plan, passed by President Biden and the Democrats with no Republican votes, the government was empowered to bail out Union retirement funds which in recent years have faced devastating cut of up to 75% in some cases, leaving retired union workers in desperate situations. The Teamster union is just the latest in a number of such pension protections the President has done in office.

President Biden and Vice-President Harris oversaw the dramatic release of American hostages from Russia. Wall Street Journal reporter Evan Gershkovich, former Marine Paul Whelan held since 2018, Russian-American reporter for Radio Free Europe/Radio Liberty Alsu Kurmasheva convicted of criticizing the Russian Military, were all released from captivity and returned to the US at around midnight August 2nd. They were greeted on the tarmac by the President and Vice-President and their waiting families. The deal also secured the release of German medical worker Rico Krieger sentenced to death in Belarus, Russian-British opposition figure Vladimir Kara-Murza, and 11 Russians convicted of opposing the war against Ukraine or being involved in Alexei Navalny's anti-corruption organization. Early drafts of the hostage deal were meant to include Navalny before his death in Russian custody early this year.

A new Biden Administration rule banning discrimination against LGBT students takes effect, but faces major Republican resistance. The new rule declares that Title IX protects Queer students from discrimination in public schools and any college that takes federal funds. The new rule also expands protections for victims of sexual misconduct and pregnant or parenting students. However Republican resistance means the rule can't take effect nation wide. Lawsuits from Republican controlled states, Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia and Wyoming, means the new protections won't come into effect those states till the case is ruled on likely in a Supreme Court ruling. The Biden administration crafted these Title IX rules to reflect the Supreme Court's 2020 Bostock case.

The Biden administration awarded $2 billion to black and minority farmers who were the victims of historic discrimination. Historically black farmers have been denied important loans from the USDA, or given smaller amounts than white farmers. This massive investment will grant 23,000 minority farmers between $10,000 and $500,000 each and a further 20,000 people who wanted to start farms by were improperly denied the loans they needed between $3,500-$6,000 to get started. Most payments went to farmers in Mississippi and Alabama.

The Biden Administration took an important step to stop the criminalization of poverty by changing child safety guidelines so that poverty alone isn't grounds for taking a child into foster care. Studies show that children able to stay with parents or other family have much better outcomes then those separated. Many states have already removed poverty from their guidelines when it comes to removing children from the home, and the HHS guidelines push the remaining states to do the same.

Vice-President Harris announced the Biden Administration's agreement to a plan by North Carolina to forgive the state's medical debt. The plan by Democratic Governor Roy Cooper would forgive the medical debt of 2 million people in the state. North Carolina has the 3rd highest rate of medical debt in the nation. Vice-President Harris applauded the plan, pointing out that the Biden Administration has forgiven $650 million dollars worth of medical debt so far with plans to forgive up to $7 billion by 2026. The Vice-President unveiled plans to exclude medical debt from credit scores and issued a call for states and local governments to forgive debt, like North Carolina is, last month.

The Department of Transportation put forward a new rule to bank junk fees for family air travel. The new rule forces airlines to seat parents next to their children, with no extra cost. Currently parents are forced to pay extra to assure they are seated next to their children, no matter what age, if they don't they run the risk of being separated on a long flight. Airlines would be required to seat children age 13 and under with their parent or accompanying adult at no extra charge.

The Department of Housing and Urban Development announced it is giving $3.5 billion to combat homelessness. This represents the single largest one year investment in fighting homelessness in HUD's history. The money will be distributed by grants to local organizations and programs. HUD has a special focus on survivors of domestic violence, youth homeless, and people experiencing the unique challenges of homelessness in rural areas.

The Treasury Department announced that Pennsylvania and New Mexico would be joining the IRS' direct file program for 2025. The program was tested as a pilot in a number of states in 2024, saving 140,000 tax payers $5.6 million in filing charges and getting tax returns of $90 million. The program, paid for by President Biden's Inflation Reduction Act, will be available to all 50 states, but Republicans strong object. Pennsylvania and New Mexico join Oregon and New Jersey in being new states to join.

Bonus: President Biden with the families of the released hostages calling their loved ones on the plane out of Russia

[slyandthefamilybook]

since we now know that all those "my blog is safe for Jewish people" posts are bullshit, here are some Jewish organizations you can donate to if you actually want to prove you support Jews. put up or shut up

FIGHTING HUNGER

Masbia - Kosher soup kitchens in New York

MAZON - Practices and promotes a multifaceted approach to hunger relief, recognizing the importance of responding to hungry peoples' immediate need for nutrition and sustenance while also working to advance long-term solutions

Tomchei Shabbos - Provides food and other supplies so that poor Jews can celebrate the Sabbath and the Jewish holidays

FINANCIAL AID

Ahavas Yisrael - Providing aid for low-income Jews in Baltimore

Hebrew Free Loan Society - Provides interest-free loans to low-income Jews in New York and more

GLOBAL AID

American Jewish Joint Distribution Committee - Offers aid to Jewish populations in Central and Eastern Europe as well as in the Middle East through a network of social and community assistance programs. In addition, the JDC contributes millions of dollars in disaster relief and development assistance to non-Jewish communities

American Jewish World Service - Fighting poverty and advancing human rights around the world

Hebrew Immigrant Aid Society - Providing aid to immigrants and refugees around the world

Jewish World Watch - Dedicated to fighting genocides around the world

MEDICAL AID

Sharsheret - Support for cancer patients, especially breast cancer

SOCIAL SERVICES

The Aleph Institute - Provides support and supplies for Jews in prison and their families, and helps Jewish convicts reintegrate into society

Bet Tzedek - Free legal services in LA

Bikur Cholim - Providing support including kosher food for Jews who have been hospitalized in the US, Australia, Canada, Brazil, and Israel

Blue Card Fund - Critical aid for holocaust survivors

Chai Lifeline - An org that's very close to my heart. They help families with members with disabilities in Baltimore

Chana - Support network for Jews in Baltimore facing domestic violence, sexual abuse, and elder abuse

Community Alliance for Jewish-Affiliated Cemetaries - Care of abandoned and at-risk Jewish cemetaries

Crown Heights Central Jewish Community Council - Provides services to community residents including assistance to the elderly, housing, employment and job training, youth services, and a food bank

Hands On Tzedakah - Supports essential safety-net programs addressing hunger, poverty, health care and disaster relief, as well as scholarship support to students in need

Hebrew Free Burial Association

Jewish Board of Family and Children's Services - Programs include early childhood and learning, children and adolescent services, mental health outpatient clinics for teenagers, people living with developmental disabilities, adults living with mental illness, domestic violence and preventive services, housing, Jewish community services, counseling, volunteering, and professional and leadership development

Jewish Caring Network - Providing aid for families facing serious illnesses

Jewish Family Service - Food security, housing stability, mental health counseling, aging care, employment support, refugee resettlement, chaplaincy, and disability services

Jewish Relief Agency - Serving low-income families in Philadelphia

Jewish Social Services Agency - Supporting people’s mental health, helping people with disabilities find meaningful jobs, caring for older adults so they can safely age at home, and offering dignity and comfort to hospice patients

Jewish Women's Foundation Metropolitan Chicago - Aiding Jewish women in Chicago

Metropolitan Council on Jewish Poverty - Crisis intervention and family violence services, housing development funds, food programs, career services, and home services

Misaskim - Jewish death and burial services

Our Place - Mentoring troubled Jewish adolescents and to bring awareness of substance abuse to teens and children

Tiferes Golda - Special education for Jewish girls in Baltimore

Yachad - Support for Jews with disabilities

[dandelionh3art]

Real Reasons why Gaddafi was killed

1. Libya had no electricity bills, electricity came free of charge to all citizens.

2. There were no interest rates on loans, the banks were state-owned, the loan of citizens by law 0%.

3. Gaddafi promised not to buy a house for his parents until everyone in Libya owns a home.

4. All newlywed couples in Libya received 60,000 dinars from the government & because of that they bought their own apartments & started their families.

5. Education & medical treatment in Libya are free. Before Gaddafi there were only 25% readers, 83% during his reign

6. If Libyans wanted to live on a farm, they received free household appliances, seeds and livestock.

7. If they cannot receive treatment in Libya, the state would fund them $2300+ accommodation & travel for treatment abroad.

8. If you bought a car, the government finances 50% of the price.

9. The price of gasoline became $ 0.14 per liter.

10. Libya had no external debt, and reserves were $150 Billion (now frozen worldwide)

11. Since some Libyans can't find jobs after school, the government will pay the average salary when they can't find a job.

12. Part of oil sales in Libya are directly linked to the bank accounts of all citizens.

13. The mother who gave birth to the child will receive $5000

14. 40 loaves of bread cost $0.15.

15. Gaddafi has implemented the world's biggest irrigation project known as the "BIG MAN PROJECT" to ensure water availability in the desert.

Your comments on this ...

[qqueenofhades]

So I keep seeing people play the "Harris is a Cop, so I'm not voting for her because ACAB" card, and not even pointing out that she was a DA/Prosecutor rather than an actual cop seems to change their minds - as far as they're concerned, working with cops in any capacity makes you a cop. Do you happen to have anything that'd make for a good counterpoint to this argument (or, at the very least, something to make those of us who still plan on voting for her despite our dim views on Law Enforcement not feel so bad about it)?

....Not feel so bad about it?

First of all: these are laughably, incredibly unbelievably unserious people, and frankly, my first advice would be NOT to bother trying to engage with them at all, because there is nothing whatsoever they will ever accept in the way of logical proof to change their minds. First it was "you can't ask me to vote for Biden specifically because of [insert issue here.]" This changed a lot, from Roe getting overturned by the corrupt SCOTUS, to the train strike (hey anyone remember that?) to student loan forgiveness and then had settled firmly on Gaza. So now, lo and behold, they're given exactly what they asked for: a new younger candidate who is not Biden and explicitly more progressive on the Gaza issue (Harris was the first member of the administration to openly call for a ceasefire). So they turn their noses up, rush to their favorite 2020 disinformation founts that were first spouted when they were trying to sabotage her in favor of Bernie (who endorsed Biden pretty strongly before he dropped out), flirt with Jill "Actual Agent of Putin" Stein, and other equally expected and equally bullshit maneuvers. Lololololololol online leftists. Never change, or something.

That said: because their minds are so set that they will never vote for any Democrat ever, you can't really give them any logical information to separate them from this conclusion. I don't have the links on hand, but etc Google and Wikipedia are free: Harris's tenure as district attorney and California AG was progressive even by modern standards, and it was happening in the early 2000s: she refused to prosecute for low-level weed offenses, pushed for harder sentences for assault weapons, performed gay marriages LONG before it was legal even in San Freaking Francisco, refused to seek the death penalty, worked with restorative justice programs, etc. This was after she was a first-generation American child of brown immigrants who took advantage of equal-opportunity education programs to go to law school, and her parents were already high-achieving academics (one a cancer researcher from India and one an economics professor from Jamaica). Sure sure, she definitely seems exactly like Derek Chauvin to me. Critical thinking is great! #VoteJillStein! A literal puppet of Putin and unabashed Assad fangirl is definitely the pro-peace morally correct option here!*

In other words, the morons do not give a single shit about factual reflections of Kamala's record. They do not care about whether her time as a district attorney was progressive (it was) and whether she was actually a cop (she wasn't). They're so wedded at the hip to their braindead disinformation propaganda that now we're going to see the excuses change at lightspeed from why they can't vote for Biden specifically to why they can't vote for Harris specifically. None of it will be remotely tethered to reality and all of it will be in extreme and obvious bad faith. As I said, there are plenty of persuadable voters elsewhere who HAVE been energized by her elevation to candidacy. If you are indeed interested in winning voters to her side (as opposed to having to find reasons to justify yourself to the All Voting Is Evil crowd who will never listen to or believe you anyway), I suspect your time would be better spent elsewhere, and outside the echo-chamber leftist social media space in general.

Aside from that, I have gotten a few hand-wringy asks about Kamala and the election overall, and I gotta say, I am not going to waste my time and effort replying to them. We have about 100 days to win this election or become a fascist dictatorship. We are already in uncharted territory, but the replacement of Biden with Harris went UNIMAGINABLY smoothly, far, far more than anyone (including me) ever expected. It reminds me of the presto-chango that the French center, left, and center-left parties pulled off to replace candidates, IN FIVE DAYS, to better position themselves to defeat the fascists. Compared to that, three and a half months is a cakewalk, but we still absolutely do not, DO NOT, have time to sit around worrying and hand-wringing about this or that hypothetical Bad Thing. It deeply unsurprises me to hear that US Online Leftists are still throwing snits and pitching their toys out of the pram rather than getting on board, but the rest of us don't have any time to waste and need to apply our energy to where it will be best put to use. So yes.

*extreme, extreme sarcasm alert

[freeleyenrashespeakstruth]

By Kitty Werthmann

“I am a witness to history.

“I cannot tell you that Hitler took Austria by tanks and guns; it would distort history.

If you remember the plot of the Sound of Music, the Von Trapp family escaped over the Alps rather than submit to the Nazis. Kitty wasn’t so lucky. Her family chose to stay in her native Austria. She was 10 years old, but bright and aware. And she was watching.

“We elected him by a landslide – 98 percent of the vote,” she recalls.

She wasn’t old enough to vote in 1938 – approaching her 11th birthday. But she remembers.

“Everyone thinks that Hitler just rolled in with his tanks and took Austria by force.”

No so.

Hitler is welcomed to Austria

“In 1938, Austria was in deep Depression. Nearly one-third of our workforce was unemployed. We had 25 percent inflation and 25 percent bank loan interest rates.

Farmers and business people were declaring bankruptcy daily. Young people were going from house to house begging for food. Not that they didn’t want to work; there simply weren’t any jobs.

“My mother was a Christian woman and believed in helping people in need. Every day we cooked a big kettle of soup and baked bread to feed those poor, hungry people – about 30 daily.’

“We looked to our neighbor on the north, Germany, where Hitler had been in power since 1933.” she recalls. “We had been told that they didn’t have unemployment or crime, and they had a high standard of living.

“Nothing was ever said about persecution of any group – Jewish or otherwise. We were led to believe that everyone in Germany was happy. We wanted the same way of life in Austria. We were promised that a vote for Hitler would mean the end of unemployment and help for the family. Hitler also said that businesses would be assisted, and farmers would get their farms back.

“Ninety-eight percent of the population voted to annex Austria to Germany and have Hitler for our ruler.

“We were overjoyed,” remembers Kitty, “and for three days we danced in the streets and had candlelight parades. The new government opened up big field kitchens and everyone was fed.

“After the election, German officials were appointed, and, like a miracle, we suddenly had law and order. Three or four weeks later, everyone was employed. The government made sure that a lot of work was created through the Public Work Service.

“Hitler decided we should have equal rights for women. Before this, it was a custom that married Austrian women did not work outside the home. An able-bodied husband would be looked down on if he couldn’t support his family. Many women in the teaching profession were elated that they could retain the jobs they previously had been re- quired to give up for marriage.

“Then we lost religious education for kids

“Our education was nationalized. I attended a very good public school.. The population was predominantly Catholic, so we had religion in our schools. The day we elected Hitler (March 13, 1938), I walked into my schoolroom to find the crucifix replaced by Hitler’s picture hanging next to a Nazi flag. Our teacher, a very devout woman, stood up and told the class we wouldn’t pray or have religion anymore. Instead, we sang ‘Deutschland, Deutschland, Uber Alles,’ and had physical education.

“Sunday became National Youth Day with compulsory attendance. Parents were not pleased about the sudden change in curriculum. They were told that if they did not send us, they would receive a stiff letter of warning the first time. The second time they would be fined the equivalent of $300, and the third time they would be subject to jail.”

And then things got worse.

“The first two hours consisted of political indoctrination. The rest of the day we had sports. As time went along, we loved it. Oh, we had so much fun and got our sports equipment free.

“We would go home and gleefully tell our parents about the wonderful time we had.

“My mother was very unhappy,” remembers Kitty. “When the next term started, she took me out of public school and put me in a convent. I told her she couldn’t do that and she told me that someday when I grew up, I would be grateful. There was a very good curriculum, but hardly any fun – no sports, and no political indoctrination.

“I hated it at first but felt I could tolerate it. Every once in a while, on holidays, I went home. I would go back to my old friends and ask what was going on and what they were doing.

“Their loose lifestyle was very alarming to me. They lived without religion. By that time, unwed mothers were glorified for having a baby for Hitler.

“It seemed strange to me that our society changed so suddenly. As time went along, I realized what a great deed my mother did so that I wasn’t exposed to that kind of humanistic philosophy.

“In 1939, the war started, and a food bank was established. All food was rationed and could only be purchased using food stamps. At the same time, a full-employment law was passed which meant if you didn’t work, you didn’t get a ration card, and, if you didn’t have a card, you starved to death.

“Women who stayed home to raise their families didn’t have any marketable skills and often had to take jobs more suited for men.

“Soon after this, the draft was implemented.

“It was compulsory for young people, male and female, to give one year to the labor corps,” remembers Kitty. “During the day, the girls worked on the farms, and at night they returned to their barracks for military training just like the boys.

“They were trained to be anti-aircraft gunners and participated in the signal corps. After the labor corps, they were not discharged but were used in the front lines.

“When I go back to Austria to visit my family and friends, most of these women are emotional cripples because they just were not equipped to handle the horrors of combat.

“Three months before I turned 18, I was severely injured in an air raid attack. I nearly had a leg amputated, so I was spared having to go into the labor corps and into military service.

“When the mothers had to go out into the work force, the government immediately established child care centers.

“You could take your children ages four weeks old to school age and leave them there around-the-clock, seven days a week, under the total care of the government.

“The state raised a whole generation of children. There were no motherly women to take care of the children, just people highly trained in child psychology. By this time, no one talked about equal rights. We knew we had been had.

“Before Hitler, we had very good medical care. Many American doctors trained at the University of Vienna..

“After Hitler, health care was socialized, free for everyone. Doctors were salaried by the government. The problem was, since it was free, the people were going to the doctors for everything.

“When the good doctor arrived at his office at 8 a.m., 40 people were already waiting and, at the same time, the hospitals were full.

“If you needed elective surgery, you had to wait a year or two for your turn. There was no money for research as it was poured into socialized medicine. Research at the medical schools literally stopped, so the best doctors left Austria and emigrated to other countries.

“As for healthcare, our tax rates went up to 80 percent of our income. Newlyweds immediately received a $1,000 loan from the government to establish a household. We had big programs for families.

“All day care and education were free. High schools were taken over by the government and college tuition was subsidized. Everyone was entitled to free handouts, such as food stamps, clothing, and housing.

“We had another agency designed to monitor business. My brother-in-law owned a restaurant that had square tables.

“Government officials told him he had to replace them with round tables because people might bump themselves on the corners. Then they said he had to have additional bathroom facilities. It was just a small dairy business with a snack bar. He couldn’t meet all the demands.

“Soon, he went out of business. If the government owned the large businesses and not many small ones existed, it could be in control.

“We had consumer protection, too

“We were told how to shop and what to buy. Free enterprise was essentially abolished. We had a planning agency specially designed for farmers. The agents would go to the farms, count the livestock, and then tell the farmers what to produce, and how to produce it.

“In 1944, I was a student teacher in a small village in the Alps. The villagers were surrounded by mountain passes which, in the winter, were closed off with snow, causing people to be isolated.

“So people intermarried and offspring were sometimes retarded. When I arrived, I was told there were 15 mentally retarded adults, but they were all useful and did good manual work.

“I knew one, named Vincent, very well. He was a janitor of the school. One day I looked out the window and saw Vincent and others getting into a van.

“I asked my superior where they were going. She said to an institution where the State Health Department would teach them a trade, and to read and write. The families were required to sign papers with a little clause that they could not visit for 6 months.

“They were told visits would interfere with the program and might cause homesickness.

“As time passed, letters started to dribble back saying these people died a natural, merciful death. The villagers were not fooled. We suspected what was happening. Those people left in excellent physical health and all died within 6 months. We called this euthanasia.

“Next came gun registration. People were getting injured by guns. Hitler said that the real way to catch criminals (we still had a few) was by matching serial numbers on guns. Most citizens were law-abiding and dutifully marched to the police station to register their firearms. Not long afterwards, the police said that it was best for everyone to turn in their guns. The authorities already knew who had them, so it was futile not to comply voluntarily.

“No more freedom of speech. Anyone who said something against the government was taken away. We knew many people who were arrested, not only Jews, but also priests and ministers who spoke up.

“Totalitarianism didn’t come quickly, it took 5 years from 1938 until 1943, to realize full dictatorship in Austria. Had it happened overnight, my countrymen would have fought to the last breath. Instead, we had creeping gradualism. Now, our only weapons were broom handles. The whole idea sounds almost unbelievable that the state, little by little eroded our freedom.”

“This is my eyewitness account.

“It’s true. Those of us who sailed past the Statue of Liberty came to a country of unbelievable freedom and opportunity.

“America is truly is the greatest country in the world. “Don’t let freedom slip away.

“After America, there is no place to go.”

Kitty Werthmann

[so-much-for-subtlety]

The thing that gets me so worked up about universal healthcare is how people say that it will be so expensive for the tax payer.

This is long rant warning so I added a break lol.

The TLDR is that even in a low tax state like Florida, someone making 50k a year will have an effective rate of of 32% (for taxes, healthcare, costs for an undergraduate degree).

Someone making 50k a year in a 'high tax' country like New Zealand has an effective rate of 21% (for taxes, healthcare, costs for an undergraduate degree).

For an American and a Kiwi with the same salary of $50k, if they have the same disposable income, the Kiwi will be able to save an extra $75,000 over 10 years that they can use for a downpayment on a home to further build wealth.

Low tax states just have the costs shuffled to other places, you end up paying a LOT more for the same services.

Here's a comparison of someone who makes $50,000 a year in New Zealand and Florida (I chose Florida as an extreme example because they have 0% state tax rate) and each person makes $15,000 worth of purchases that are taxable.

New Zealand

$7,658 in combined income taxes and levies

$2,250 in taxes on $15k of purchases (15% sales tax)

Total of $9,908 - an effective total rate of 19.8% paid to taxes and purchases and healthcare

Florida

$7,945 in combined taxes (federal taxes, social security, medicaid etc)

$1,050 in taxes on $15k of purchases (7% sales tax)

$1,700 average annual health insurance premium for Florida

$2,060 average annual health insurance deductible for Florida

Total of $12,755 - an effective total rate of 25.5% paid to taxes and purchases and healthcare

Even in a low tax state, you're already have less take-home income than someone with the same salary in New Zealand.

But

... in New Zealand with your taxes you're also getting public education. It's not completely free, but costs are fixed, and you get one year of your undergraduate free, so for example a Bachelor of Arts would cost a total of $13,548 (USD $8,347)

If you can't pay that upfront, you can get a 0% loan from the government, which you don't need to start paying off until you earn at least $23k per year. For someone making $50k that would be an extra 6.5% deducted from your income ($270/month) until the loan is paid off (which would be 2 years and 8 months).

In Florida the average student loan debt is 25k and if you're making the same payments as someone in NZ ($270/month) then you'll be paying that off for 11 years. [Note: I believe that some private loan interest rates go as high as 15%].

Bachelor of Arts in NZ $13,548, paid off over ~2.7 years.

Bachelor of Arts in Florida $35,539, paid off over ~11 years.

So lets look at effective payments over 11 years (for simplicity salary stays at 50k).

New Zealand works out to be 21% effective rate over 11 years (including taxes, healthcare, and undergraduate degree).

Florida works out to be 32% effective rate over 11 years (including taxes, healthcare, and an undergraduate degree) - you're paying 52% more!

That means someone with the same income will effectively be able to save an additional $5,000 per year over 11 years, if they invest that extra amount and get a 5% return, the New Zealander will have savings of about $75k which they can use for downpayment for a home etc.

In conclusion, even though it may seem like you're getting a good deal in a low tax state like Florida, you end up paying soooo much more in healthcare and education costs compared to a country where taxes are a little higher, but you get public healthcare and education.

Why is the U.S. so expensive? Well once place to look is defense, intelligence, and police. In the United States this costs on average $3,700 per person. New Zealand spends $1,600 per person (USD ~1,000).

[mostlysignssomeportents]

When you hear "fintech," think "unlicensed bank"

Tomorrow (May 2) I’ll be in Portland at the Cedar Hills Powell’s with Andy Baio for my new novel, Red Team Blues.

In theory, patents are for novel, useful inventions that aren’t obvious “to a skilled practitioner of the art.” But as computers ate our society, grifters began to receive patents for “doing something we’ve done for centuries…with a computer.” “With a computer”: those three words had the power to cloud patent examiners’ minds.

If you’d like an essay-formatted version of this post to read or share, here’s a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/05/01/usury/#tech-exceptionalism

Patent trolls — who secure “with a computer” patents and then extract ransoms from people doing normal things on threat of a lawsuit — are an underappreciated form of “tech exceptionalism.” Normally, “tech exceptionalism” refers to bros who wave away things like privacy invasions by arguing that “with a computer” makes it all different.

These tech exceptionalists are the legit face of tech exceptionalism, the Forbes 30 Under 30 set. They’re grifters, but they’re celebrated grifters. There’s a whole bottom-feeding sludge of tech exceptionalists that don’t get the same kind of attention, like patent trolls.

Oh, and the fintech industry.

As Riley Quinn says, “when you hear ‘fintech,’ think: ‘unlicensed bank.’” The majority of fintech “innovation” consists of adding “with a computer” to highly regulated activities and declaring them to be unregulated (and, in the case of crypto, unregulatable).

There are a lot of heavily regulated financial activities, like dealing in securities (something the crypto industry is definitely doing and claims it isn’t). Most people don’t buy or sell securities regularly — indeed, most Americans own little or no stocks.

But you know what regulated financial activity a lot of Americans participate in?

Going into debt.

As wages stagnate and the price of housing, medical care, childcare, transportation and education soar, Americans fund their consumption with debt. Trillions of dollars’ worth of debt. Many of us are privileged to borrow money by walking into a bank and asking for a loan, but millions of Americans are denied that genteel experience.

Instead, working Americans increasingly rely on payday lenders and other usurers who charge sky-high interest rates, on top of penalties and fees, trapping borrowers in an endless cycle of indebtedness. This is an historical sign of a civilization in decline: productive workers require loans to engage in useful activities. Normally, the activity pans out — the crop comes in, say — and the debt is repaid.

But eventually, you’ll get a bad beat. The crop fails, the workshop burns down, a pandemic shuts down production. Instead of paying off your debt, you have to roll it over. Now, you’re in an even worse situation, and the next time you catch a bad break, you go further into debt. Over time, all production comes under the control of creditors.

The historical answer to this is jubilee: a regular wiping-away of all debt. While this was often dressed up in moral language, there was an absolutely practical rationale for it. Without jubilee, eventually, all the farmers stop growing food so that they can grow ornamental flowers for their creditors’ tables. Then, as starvation sets in, civilization collapses:

https://pluralistic.net/2022/07/08/jubilant/#construire-des-passerelles

As the debt historian Michael Hudson says, “Debts that can’t be paid, won’t be paid.” Without jubilee, indebtedness becomes a chronic and inescapable condition. As more and more creditors attach their claims to debtors’ assets, they have to compete with one another to terrorize the debtor into paying them off, first. One creditor might threaten to garnish your paycheck. Another, to repossess your car. Another, to evict you from your home. Another, to break your arm. Debts that can’t be paid, won’t be paid — but when you have a choice between a broken arm and stealing from your kid’s college fund or the cash-register, maybe the debt can be paid…a little. Of course, digital tools offer all kinds of exciting new tools for arm-breakers — immobilizing your car, say, or deleting the apps on your phone, starting with the ones you use most often:

https://pluralistic.net/2021/04/02/innovation-unlocks-markets/#digital-arm-breakers

Under Trump, payday lenders romped through America. A lobbyist for the payday lenders became a top Trump lawyer:

https://theintercept.com/2017/11/27/white-house-memo-justifying-cfpb-takeover-was-written-by-payday-lender-attorney/

This lobbyist then oversaw Trump’s appointment of a Consumer Finance Protection Bureau boss who deregulated payday lenders, opening the door to triple digit interest rates:

https://www.latimes.com/business/lazarus/la-fi-lazarus-cfpb-payday-lenders-20180119-story.html

To justify this, the payday loan industry found corruptible academics and paid them to write papers defending payday loans as “inclusive.” These papers were secretly co-authored by payday loan industry lobbyists:

https://www.washingtonpost.com/business/2019/02/25/how-payday-lending-industry-insider-tilted-academic-research-its-favor/

Of course, Trump doesn’t read academic papers, so the payday lenders also moved their annual conference to a Trump resort, writing the President a check for $1m:

https://www.propublica.org/article/trump-inc-podcast-payday-lenders-spent-1-million-at-a-trump-resort-and-cashed-in

Biden plugged many of the cracks that Trump created in the firewalls that guard against predatory lenders. Most significantly, he moved Rohit Chopra from the FTC to the CFPB, where, as director, he has overseen a determined effort to rein in the sector. As the CFPB re-establishes regulation, the fintech industry has moved in to add “with a computer” to many regulated activities and so declare them beyond regulation.

One fintech “innovation” is the creation of a “direct to consumer Earned Wage Access” product. Earned Wage Access is just a fancy term for a program some employers offer whereby workers can get paid ahead of payday for the hours they’ve already worked. The direct-to-consumer EWA offers loans without verifying that the borrower has money coming in. Companies like Earnin claim that their faux EWA services are free, but in practice, everyone who uses the service pays for the “Lightning Speed” upsell.

Of course they do. Earnin charges sky-high interest rates and twists borrowers’ arms into leaving a “tip” for the service (yes, they expect you to tip your loan-shark!). Anyone desperate enough to pay triple-digit interest rates and tip the service for originating their loan is desperate and needs to the money now:

https://prospect.org/power/05-01-2023-fintech-ewa-payday-loan-scam/

EWA annual interest rates sit around 300%. The average EWA borrower uses the service two or three times every month. EWA CEOs and lobbyists claim that they’re banking the unbanked — but the reality is that they’re acting as sticky-fingered brokers between banks and young, poor workers, marking up traditional bank services.

This fact is rarely mentioned when EWA companies lobby state legislatures seeking to be exempted from usury rules that are supposed to curb predatory lenders. In Vermont, Earnin wants an exemption from the state’s 18% interest rate cap — remember, the true APR for EWA loans is about 300%.

In Texas, payday lenders are classed as loan brokers, not loan originators and are thus able to avoid the state’s usury caps. EWAs are lobbying the Texas legislature for further exemptions from state money-transmitter and usury limit laws, principally on the strength of the “it’s different: we do it with a computer” logic.

But as Jarod Facundo writes for The American Prospect, quoting Monica Burks from the Center for Responsible Lending, a loan is a loan even if it’s with a computer: “The industry is trying to create a new definition for what a loan is in order to exempt themselves from existing consumer protection laws… When you offer someone a portion of money on the promise that they will repay it, and often that repayment will be accompanied with fees or charges or interest, that’s what a loan is.”

Catch me on tour with Red Team Blues in Mountain View, Berkeley, Portland, Vancouver, Calgary, Toronto, DC, Gaithersburg, Oxford, Hay, Manchester, Nottingham, London, and Berlin!

[Image ID: A stately, columnated bank building, bedecked in garish payday lender signs.]

Image: Andre Carrotflower (modified) https://commons.wikimedia.org/wiki/File:30_North_%28former_Pontiac_Commercial_%26_Savings_Bank_Building%29,_Pontiac,_Michigan_-_entrance_and_Chief_Pontiac_relief_sculpture_-_20201213.jpg

CC BY-SA 4.0 https://creativecommons.org/licenses/by-sa/4.0/deed.en

[allindiagovtjobs]

Is There a Maximum Limit to The Amount I Can Borrow Through An Education Loan

Is There a Maximum Limit to The Amount I Can Borrow Through An Education Loan   Is There a Maximum Limit to The Amount I Can Borrow Through An Education Loan.Pursuing higher education is a significant investment that often requires financial support beyond personal savings. Education loans have emerged as a lifeline for countless students