Perpetual Education Fund

[Indy Coug]

Originally Posted by Tex

http://www.lds.org/ldsfoundation/pef...10%2C00.html#6

http://www.lds.org/pef/faq/0%2C12712...1%2C00.html#q4

While not completely analogous, micro credit has been shown to have a very low default rate.

http://en.wikipedia.org/wiki/Microcredit

[BYU71]

I have seen some people argue that it isn't right to take out student loans. We are advised to not go into debt for anything but a house.

I guess this shows it is also OK to go into debt for education. I can't wait until that debate comes up again and some knothead says we shouldn't go into debt for anything but a house.

[Indy Coug]

Originally Posted by BYU71

I have seen some people argue that it isn't right to take out student loans. We are advised to not go into debt for anything but a house.

I guess this shows it is also OK to go into debt for education. I can't wait until that debate comes up again and some knothead says we shouldn't go into debt for anything but a house.

Link?

[Tex]

Originally Posted by BYU71

I have seen some people argue that it isn't right to take out student loans. We are advised to not go into debt for anything but a house.

I guess this shows it is also OK to go into debt for education. I can't wait until that debate comes up again and some knothead says we shouldn't go into debt for anything but a house.

Hmm.

Debt is bondage because “the borrower is [the] servant [of] the lender.” Some debt may be necessary, such as to acquire a home and get an education. The Lord’s counsel on the subject is to “pay the debt … [and] release thyself from bondage.”

James Faust, May 2004
http://www.lds.org/ldsorg/v/index.js...____&hideNav=1

Some debt—such as for a modest home, expenses for education, perhaps for a needed first car—may be necessary. But never should we enter into financial bondage through consumer debt without carefully weighing the costs.

Joseph Wirthlin, May 2004 (same conference)
http://www.lds.org/ldsorg/v/index.js...____&hideNav=1

We have been counseled to get out of debt. This directive has been confusing to many of us over the years. How is it possible to be out of debt and to buy a home, finance education, or start a business? When President Clark advised us to avoid debt as we would the plague, I believe he was teaching us a vital principle of temporal harmony. Debt is always a burden, but some debt is necessary. Sound business debt, home mortgages, and other forms of “secured” debt are unavoidable for most of us. However, extravagant use of credit, which comes from yielding to our emotions rather than reason, creates burden.

For most of us, consumer debt is dangerous and difficult to contain because it is so readily available. It can appease an immediate want—as well as a bona fide need. Enticing advertisements convince us that luxuries are our right and our need. Isn’t it interesting how a luxury once enjoyed soon becomes a necessity?

Our guide for credit management should be: borrow only what we must, at the lowest rate available, for the shortest time possible.

J. Richard Clarke, November 1980
http://www.lds.org/ldsorg/v/index.js...____&hideNav=1

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25 years of the same advice. Whoever says otherwise isn't listening.

Cue Cali Coug post, "What the hell is LDS.org, and what would THEY know about the church?"

[BYU71]

Originally Posted by Indy Coug

Link?

Take my word for it or don't. I really don't care. I am not going on some time consuming search to find those who argued against student loans because they thought they knew what the brethern have said.

I didn't say the brethern said it, I said some people have claimed they did. Not an unusual occurance by the way. Someone interpreting what the brethern meant when they said something.

I am sure you and Tex have done that on occasion. No, I am not going to provide a link.

[Mormon Red Death]

Originally Posted by SoonerCoug

I've been donating some of my dinero to this fund. I have a few questions.

Monson reported that perpetual education loans are being repaid. If they weren't being repaid at a high enough rate, would donations slow? How does the Church motivate people to repay these loans?

Also, isn't this a brilliant investment plan by the Church? The Church is growing fastest in 3rd world countries, but revenue (tithing) is low from those nations. American tithing supports these 3rd world countries. How do we deal with rapid growth in 3rd world nations? Increase revenue from 3rd world countries by helping members of the Church get educated so that they can have good jobs. Brilliant.

I think the Church has purposely slowed its expansion in these nations in order to counter fiscal problems associated with supporting the full program of the Church in poor nations which cannot tithe substantially. The PEF ought to allow further expansion in these places.

I thought people paid off this debt by contributing to the PEF themselves when they had a job. Almost like it is a grant that the church gives

[Mormon Red Death]

Originally Posted by ute4ever

Efran Ramirez was late on his loans and found the decapitated head of a curelom in his bed.

Seriously though, what does the church do to the poor who receive assistance from stake funds but do not repay them? Probably little more than a lecture on honesty.

The church will not accept repayment for assistance given. If the person who receives the help would like to give more to Fast Offerings in the future so be it. However, their charity is just that, charity and no repayment is ever expected.

[Indy Coug]

Originally Posted by BYU71

Take my word for it or don't. I really don't care. I am not going on some time consuming search to find those who argued against student loans because they thought they knew what the brethern have said.

I didn't say the brethern said it, I said some people have claimed they did. Not an unusual occurance by the way. Someone interpreting what the brethern meant when they said something.

I am sure you and Tex have done that on occasion. No, I am not going to provide a link.

Keep them straw men coming.

[BYU71]

Originally Posted by Indy Coug

Keep them straw men coming.

I missed you Indy, glad to have you back.

[Tex]

Originally Posted by BYU71

Take my word for it or don't. I really don't care. I am not going on some time consuming search to find those who argued against student loans because they thought they knew what the brethern have said.

I didn't say the brethern said it, I said some people have claimed they did. Not an unusual occurance by the way. Someone interpreting what the brethern meant when they said something.

I am sure you and Tex have done that on occasion. No, I am not going to provide a link.

Just for the record, I wasn't necessarily disputing that someone, somewhere may have claimed what you said. I merely provided easy "fish in a barrel" evidence that it's not consistent with what one can find in an easy 2-second search of Conference talks.

IOW, it's a myth very easily dispelled.