It's official. I'm putting together a non-profit fund that will fund student living expenses. Students will be expected to pay back into the fund when they're on their feet, and those funds will then be re-loaned to other students for 0 or very low interest. Details soon.
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Replying to @AustenAllred @staringispolite
I'd be happy to donate if and only if the interest was 0.
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Replying to @tareqismail @staringispolite
It will need to keep up with inflation, but that’s all. Call it 2-ish percent. Otherwise the fund evaporates.
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Replying to @AustenAllred @staringispolite
I am well aware of how inflation works and how interest is positioned as necessary and the "logicial" thing to do. There are many, however, who reject that idea based on the morality and ethics around interest itself. In particular, many followers of the Abrahamic faiths.
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Replying to @tareqismail @AustenAllred
I’m a little stale on my Old Testament but isn’t that about interest paid back to the debt collector bc of various predatory practices back then? (vs money that can never be taken out for profit, only be used to continue giving more low-cost loans?)
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Replying to @staringispolite @tareqismail
Ya but hard line that and the rule is don’t participate in schemes with interest, and in this case Lambda would technically be a debt collector
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Replying to @AustenAllred @staringispolite
Religious rules aside, I do strongly oppose it on a moral level. My feeling is that organizations often default to charging interest because of our modern day culture but there are alternatives and ways to innovate to prevent it. Ex. Kiva offers interest-free loans.
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( Not all Kiva loans are interest free but you they go out of their way to list it when they are. )
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We could probably do that
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