Using Altrubanc to better your Community
I remember reading a while back about Governor Cuomo of New York proposing a plan to help college students in New York schools receive free college. This got my attention because a few months earlier I was attending a startup event in Atlanta where I spoke to a professor from Georgia Tech who was part of the startup scene around Georgia Tech. He found what we were doing with Altrubanc interesting because it both motivated students to graduate and helped reduce their student loan debt position. As we were speaking he told me about the brain drain in Georgia. I asked him what he was talking about and he explained that a lot of Georgia Techs best graduates leave the state after graduation for places like NY, Boston, Seattle and California. He further explained they did this because those areas have the highest pay and by moving to these areas those graduates could pay down their student loan debt. He then informed me that was the reason for his interest in Altrubanc. He believed that by reducing a student’s debt Georgia had a chance of keeping those graduates in the state and helping Georgia’s economy. I left the event with that bug in my head. Yes Altrubanc could change a graduates choices of where to live by reducing their student loan debt but I knew there was more that could be done. I just didn’t know at the time.
About a month after the event it hit me how to keep Georgia’s finest graduates in Georgia and support student’s in New York schools with free college. You guessed it Altrubanc. But how? In New York I will assume Governor Cuomo would use state tax dollars to fund those students. No one likes taxes but there are taxes that people will tolerate. They are called charitable tax deductions, aka, subsidies. Residents of the state of New York could donate to our not for profit The Altrubanc.com Fund specifically for students enrolled in New York Colleges and Universities. Since the donation is given to a nonprofit those donors would receive a charitable contribution tax deduction. Deduction number one. The State of New York could then sweeten the program by issuing a second state tax deduction to New York residents supporting the program. As students graduate the allocated donations will pay their debtors of student loan debt and you have free college. Any students that graduate with remaining debt can have the state pay it off. This program would incentivize participation by donating NY residents, minimize the tax burden of those NY residents and most importantly be supported by those residents because they know those graduates have earned it.
Let’s head south to Georgia and see what we could do about this brain drain. You could use the exact same program. Residents in Georgia could donate to The Altrubanc.com Fund specifically for students enrolled in Georgia colleges and universities. The state of Georgia could issue a second tax deduction just like NY and call it economic development. Georgia could further make efforts to keep their graduates in the state by encouraging business interests in Georgia to support those students with donations and hire those students after they graduate. Other states could use either program to help their own state in the future.
And here ends the lesson of how to make a state better. All we need to do now is get the politicians to pay attention. Anybody wanna wake em up?
We are presently awaiting 501c3 approval for the Altrubanc.com Fund and
will begin fundraising in the future. To learn more visit
https://www.altrubanc.com
Jason A Summers
Co-Founder & CEO Altrubanc.com LLC
