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Student Lottery

Unlike a normal lottery, this one has many winners and only one loser.
 
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Students are graduating with more and more debt. I know that I will have a fair amount of the stuff when I'm finished.

But now there is a solution. At some point before graduation, a bunch of students get together and sign a pact, giving away control of their finances to an impartial person.

One student, chosen by random slection (without the knowledge of any of the students) begins absorbing all the debts of the others.

After graduation the sealed envelope is oppened and one person begins to turn pale as they face the awful knowledge that they will be filing for bankruptcy in their early twenties.

All the others breath a hysterical sigh of relief and go on to enjoy happy lives.

RobertKidney, Mar 03 2004

"Big rise in bankrupt students as debts mount" http://www.theheral....uk/news/11247.html
[calum, Oct 04 2004, last modified Oct 05 2004]

[link]






       That would suck so badly, I would lose all motivation to make money.
yabba do yabba dabba, Mar 03 2004
  

       top bloke RK +1
po, Mar 03 2004
  

       This bears a resemblance to my Social Security benefits program. [ When normzone is eligible for retirement, he will have absorbed all the debts of presidents before him ]
normzone, Mar 03 2004
  

       newser, I suspect that yabba means that if you got the "winning" envelope you would loose all motivation,
engineer1, Mar 04 2004
  

       This isn't such a horrible idea as larger numbers of students are declaring themselves bankrupt to escape their mountains of debt >link<. That said, you may well be in dangerous waters, legally, voluntarily assigning your debts to a third party, in the full knowledge that they will subsequently declare themselves bankrupt is, y'know, a little bit dishonest.
calum, Mar 04 2004
  

       In the US, bankrupcy no longer erases student loan debt, I've heard, from reliable sources.
oxen crossing, Mar 04 2004
  

       I did a tiny bit of research, and it looks like student loans in the uk will no longer be wiped out by bankruptcy once the higher education bill comes into force. So sign up now for our limited time offer!
RobertKidney, Mar 04 2004
  

       To echo newser, whats your point Detly?
RobertKidney, Mar 04 2004
  

       But if you are unable to pay your debts, it doesn't matter what they are from. They still can't get any money from you.   

       And the main point is that the winners are all better off. What? Its volountary, you would know what you were signing up for when you signed. (Not that I probably would, although I might if there were enough students taking part.)
RobertKidney, Mar 04 2004
  

       Ok, how about a modification. Instead of the banckruptcy proof student loans, all the borrowinig is from comercial banks.
RobertKidney, Mar 05 2004
  

       Problem with that revision: Collateral Damage.
thumbwax, Mar 05 2004
  

       I like the idea, but it does have some serious legality issues. One's only hope is that it runs illicitly, which is definitely holds potential. Unfortunately, signed contracts would have to be replaced by broken kneecaps.
imagine002, Mar 05 2004
  
      
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