New Jersey proposes lottery for college students who didn't major in math

[Scuba]

http://college.usatoday.com/2015/07/16/jersey-student-loan-debt-lottery/

New Jersey could become the first state in the country to create a ‘golden ticket’ for student loan debt.

If N.J. State Assemblyman John J. Burzichelli is successful in passing his sponsored bill, a new lottery would be created to help students rid themselves of college debt — one by one.

...

Current students and alumni would be eligible to participate, but each person must have their student loan balance authenticated prior to the purchase of the lottery ticket.

[yeoman6987]

1. Interesting....worth a look.

[DetlefK]

2. BAHAHAHAHA! A math-student would know that lotteries are always geared for you to lose.

Seriously!

Take the probability of winning and multiply it with the amount you can win. The lottery-ticket costs more than that and the difference between those numbers pays for the expenses of the guys running the scheme... I mean lottery.

[drm604]

3. This makes no sense.

Sure, let's just pay off a few students' debt at random. How does this solve anything except for a lucky few?

If a student really wants to waste money by gambling to try to pay off his or her debt, can't they just play the existing state lottery?

[exboyfil]

4. And the Money Kept Rolling In from Evita

Would you like to try a college education?
Own your landlord's house, take the family on vacation?
Eva and her blessed fund can make your dreams come true
Here's all you have to do my friends
Write your name and your dream on a card or a pad or a ticket
Throw it high in the air and should our lady pick it
She will change your way of life for a week or even two
Name me anyone who cares as much as Eva Peron


Words escape me.

[muriel_volestrangler]

5. So the 'market' solution is to give away 25% of the students' gambling stake to a corporation

and distribute the remaining 75% at random. Thus increasing student debt for the vast majority of students.

If you go to a bookmaker, they take far less than 25% of your money. It would be better for the (ex-)students if the assemblyman told them to start gambling at racetracks. Or, this being New Jersey, to go to Atlantic City and try the casinos - they only take 2 parts in 38 of your money on the roulette wheels!

If it wasn't for the link to the state site that USA Today gave, I'd have thought they had fallen for an Onion-style article. Either the assemblyman is terminally stupid, or he's corrupt, and paid to do this by a company wanting to fleece the students.

[eppur_se_muova]

6. Pols creating the superficial *appearance* of doing something about a problem ...

while allowing the problem to grow worse.

[NobodyHere]

7. This was proposed by a Democrat by the way.

And the party wonders why people stay home on election days.

[KamaAina]

8. "but each person must have their... balance authenticated prior to the purchase of the... ticket"

I take it these tickets will not be sold at 7-Eleven.

[Snobblevitch]

9. What an incredibly stupid idea.

I bet this legislator never consulted with New Jersey Lottery officials before introducing this bill. How are the retailers supposed to verify a student loan debt? This idea also sends the wrong message that playing the lottery is a good way to pay off debt.