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www.wral.com

Here's how Saint Augustine’s University plans to use its $7 million loan

Saint Augustine's University plans to use its $7 million loan to pay past due and future payroll taxes and other debts, according to a document obtained by WRAL News.
www.wral.com www.wral.com

now it becomes super clear how the college failed.....the leaders are completely inept.....its like all they know is to get loans at 25% interest rates for used altimas....and do the same for failing businesses. Bad decisons must be ingrained from birth.

where can I get in on this type of lending biz? its a win-win to the max.

starting to understand why certain things are the way they are
 
They only have 200 students enrolled. The matured loan is over $44k PER STUDENT.
 
You got to ask if those 200 students that are enrolled are actual students. Why would anyone go to a non-accredited school And if you know there’s a chance it won’t be there after June?
Concord has a similar school, Barber-Scotia College. When you drive by it, the buildings look like they could fall down any minute, but they have maybe a couple hundred students last time I read an article on them. Non-accredited, crazy debt.
 
VortecJeep said:
You got to ask if those 200 students that are enrolled are actual students. Why would anyone go to a non-accredited school And if you know there’s a chance it won’t be there after June?
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Only thing I could imagine is students that only had 1-2 more semesters and figured that it was better to just go ahead and finish up rather than try and transfer.

Acreditation is a real, serious thing, but also there are a lot of employers that would never bother to check.

As for the schoo's future...

I don't see any way this loan could ever be repaid and they don't fold. Almost all of the money is going to paying off debt or expenses. That much is only switching one bill for another plus 24%. There's nothing being used to invest in something that is going to help improve their income situation.

benXJ said:
now it becomes super clear how the college failed.....the leaders are completely inept.....its like all they know is to get loans at 25% interest rates for used altimas....and do the same for failing businesses. Bad decisons must be ingrained from birth.
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I'm sure they had literally no other options for a lender. Not saying it was a good choice, but likely the only one that kept the doors open... for a short period at least.
benXJ said:
where can I get in on this type of lending biz? its a win-win to the max.
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You gotta start off w/ a huge pile of cash. Or enough assets your can leverage w/ a real lender on the gamble of a payoff.

The interest rate is so high bc there's a very high chance they'll never get the money back, so they want to ensure they can recoup a reasonable amount nefore the forfeiture happens.
But really I'd wager they see it as a gamble investment to get that property for resale
 
RatLabGuy said:
Only thing I could imagine is students that only had 1-2 more semesters and figured that it was better to just go ahead and finish up rather than try and transfer.

Acreditation is a real, serious thing, but also there are a lot of employers that would never bother to check.

As for the schoo's future...

I don't see any way this loan could ever be repaid and they don't fold. Almost all of the money is going to paying off debt or expenses. That much is only switching one bill for another plus 24%. There's nothing being used to invest in something that is going to help improve their income situation.


I'm sure they had literally no other options for a lender. Not saying it was a good choice, but likely the only one that kept the doors open... for a short period at least.

You gotta start off w/ a huge pile of cash. Or enough assets your can leverage w/ a real lender on the gamble of a payoff.

The interest rate is so high bc there's a very high chance they'll never get the money back, so they want to ensure they can recoup a reasonable amount nefore the forfeiture happens.
But really I'd wager they see it as a gamble investment to get that property for resale
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why not just go bankrupt? wipe your hands of it? who is the brain surgeon signing up for a loan like that? why continue the bleeding and suffering? baffling people this dumb climb any type of corporate ladder.
\and that loan is no way a gamble in the slightest.

they are gettng 24% on their money or a taking ownership of big piece of almost priceless land
 
mommucked said:
I'm thinking peeps are running around looking for monkeys for pets or to sale them.
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fuck I hope not.
Rhesus macaques can be some mean, wiley fuckers. And incredibly strong for their size. And teeth and nails not to fuck around with.
 
jeepinmatt said:
Spoken in a Boston accent?
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