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In July, Chicago Public Schools borrowed $500 million in long-term, high-interest loans. These loans, taken out at interest rates between 7.25-7.65 percent, will cost the district more than $850 million in interest costs alone for a total cost of $1.35 billion, according to a Chicago Tribune analysis.
CPS will pay off the loans over 25 years, paying roughly $35 million a year in interest. Adjusted for inflation, the total value of the interest on the loan is roughly $405 million.
As the Tribune notes, by the time the loan is paid off, CPS students entering kindergarten this fall will be in their mid-30s.
originally posted by: butcherguy
a reply to: xuenchen
I wonder if the $500,000,000 raised test scores at all?
originally posted by: xuenchen
Big money for the Chicago Public School system that's so far in debt already they can't figure out what else to do.
Not only financial failures, but they have a real efficiency problem as well.
Now they go and borrow $500 Million and agree to pay off over extended time and get zonked for $850 Million in interest alone, not counting the administrative costs either.
WTF ?
In July, Chicago Public Schools borrowed $500 million in long-term, high-interest loans. These loans, taken out at interest rates between 7.25-7.65 percent, will cost the district more than $850 million in interest costs alone for a total cost of $1.35 billion, according to a Chicago Tribune analysis.
originally posted by: annoyedpharmacist
a reply to: xuenchen
And even worse than the interest on the loan is, how much of that 500 million will be lost to fraud , waste, and abuse?
My guess, almost half.
originally posted by: Xtrozero
originally posted by: xuenchen
Big money for the Chicago Public School system that's so far in debt already they can't figure out what else to do.
Not only financial failures, but they have a real efficiency problem as well.
Now they go and borrow $500 Million and agree to pay off over extended time and get zonked for $850 Million in interest alone, not counting the administrative costs either.
WTF ?
In July, Chicago Public Schools borrowed $500 million in long-term, high-interest loans. These loans, taken out at interest rates between 7.25-7.65 percent, will cost the district more than $850 million in interest costs alone for a total cost of $1.35 billion, according to a Chicago Tribune analysis.
I think liberals do not do very well in math...seems their numbers always add up to amounts unsustainable.
originally posted by: stosh64
a reply to: xuenchen
"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford