R.C. O'Leary's Blog, page 3

3 Ideas to Help fix the Student Loan Crisis: A hard Cap on Loans, Use of Pre-Tax Dollars to pay off Debt, and Allowance of 401/529 funds to Be Used to Retire Student Debt

Is it time for a Student Loan March on washington? Like millions of Americans, I took out student loans to finance my higher education at Duke. 

I can still remember how easy it was for the 25 year old version of myself to sign on the dotted line and collect a check that had me living a carefree, and decidedly upper-middle class lifestyle, while in law school without thinking twice about the ramifications of passing on the bill to the older, married with three children, version of myself.
 
I'm sure Duke didn't think of it this way, but looking back I tend to think of my first disbursement of student loans as analogous to a drug dealer who got me hooked on debt by making it so easy on the front-end. 

Flash-forward 15 years later and I can assure you that my law school debt has had a negative effect on my life. As a matter of fact, if there is one piece of advice I have given out consistently since I graduated from law school it has been to tell students: "Stay out of debt. The pain and sacrifices you will have to make once you are in debt are much worse than any pain and sacrifice you would have to make to avoid it." I hope some have listened. 

Because debt has affected me (at one point in 1998 I was denied the right to lease a washer and dryer for my apartment...talk about humbling) I have thought a lot about the issue and have come up with three ideas that could be part of the solution:

1.) Put a hard cap on the amount of student loans that cannot be discharged in bankruptcy. Let's say we decide $90,000 is the most a person should be forced to carry when done with their education. Anything above that, the lender takes a risk. This would result in two things: 

First, with less loans to pay for education, colleges and universities would be forced to lower costs. Instead of just passing on costs to students who have to spend the rest of their lives paying bills, the institutions would (guaranteed) find ways to lower the costs. Basic economics 101: If you subsidize something you get more of it. If you tax (or remove subsidies) you get less of something--in this instance the something is debt. 


Second, a lot less people would graduate in a crippled state. This would benefit the economy in countless ways. Earlier household formation, more home purchases (why isn't the housing industry working to address this issue to gain more buyers) and a better allocation of resources as workers would become more mobile. Lenders could still make loans in amounts over $90,000, they would just not be federally guaranteed. In this situation, both lenders and borrowers would be much more careful in their transactions. (Question:What number do you you think loans that cannot be forgiven in bankruptcy should be capped at?)

2.) Allow borrowers with student loans to pay off the loans (or at least a portion of them) with pre-tax dollars. We allow pre-tax dollars to be used for medical bills, vision care, and for funding our retirement. As everyone agrees we are in a 1 Trillion dollar student loan crisis, why don't we help borrowers pay off debt sooner and more easily with pre-tax dollars. This would be a natural extension of 529 accounts. I guarantee any politician who gets this idea implemented (it's one that has been discussed by other in the past including Michael Lux on his blog student lost sherpa) will become a hero to millions of voters. And, because the lenders will still get paid under this plan, they don't have to fear the big-money lobbyist backlash.


3.) This idea dovetails with number 2: allow borrowers to pay off student loans with 401K retirement funds and/or the above referenced 529 accounts. If parents can pay for tuition with pre-tax dollars via 529s, why can't borrowers pay loans used to pay tuition off with pre-tax dollars?


To me this idea makes a lot of sense. The counter argument might be that retirement is much too important to borrow from retirement savings, however, by borrowing from it up-front and paying down debt it is likely that these now debt-free borrowers will end up having more money to save and invest for retirement over time. Ironically, using 401K money now to pay off student debt might free them up to make much bigger contributions in the future.


Also, by getting out of debt, the borrowers will likely spend more money as consumers, thus benefiting our economy. Allowing student loan debtors to pay off debt with money from 401Ks or 529 might thus allow them a better long-term future with a more secure and higher funded retirement in the long-run, while benefitting the economy in the short-term. 

I imagine the big banks and retirement providers might want to fight this proposal (although not in public) because they would lose assets, but we, as borrowers or those who love borrowers, can have a much stronger voice. 

Along those lines, should we call for a day of action? Should student borrowers "March" on Washington? Perhaps we should. I'm just blogging out loud here, but maybe that's what is needed to get some movement on this issue.

Maybe our elected leaders need to see the faces and hear the voices of the millions of Americans who are living under the burden of student loans. 

What do you think? Should we have a Student Loan Relief March this Fall in DC......Maybe in late September before the mid-term elections? Is it time we speak with one loud voice and demand some solutions? 

If the Big Banks on Wall Street can be bailed out and if we can send billions of dollars in foreign aid to countries (some of which don't even like us) can't we at least let student loan borrowers pay off some debt with pre-tax dollars or enact legislation putting a hard cap on loans that can't be forgiven so that another generation does not fall into the same debt trap we have?

Please let me know your thoughts and more importantly your ideas in the comment section. Hopefully someone, perhaps a Milleniall just starting out, has the bandwidth to take this idea and make it a reality.

I might sound overly optimistic, but the more we share, the more unified we become, the more quickly we can try to solve this problem. 

Here's are links to 2 stories on the 1 Trillion Dollar student loan crisis one via ABC News and one via NPR. Take a look at the links and please consider getting on-board and helping to solve this crisis. 


Once again, it will be up to the American people to lead the politicians to do the right thing. 

$1 Trillion Student Loan Debt Widens US Wealth Gap


The student loan bubble.

Some Thoughts On this year's NCAA tournament

The NBA's rule requiring players to have one year of eligibility has hurt Duke more than any other program. I know Coach K announced on Wednesday he does not plan to change his philosophy, but as I watch these teams with strong mature players (Michigan State and Florida, in particular) it makes me yearn for the days when Duke had Senior led teams that were so hard to beat. In my opinion, one of the things that makes K so great is his ability to teach and develop players within his system. Unfortunately, one year is not enough for the lessons to sink in. I can only imagine what kind of a player Jabari Parker would be if he stayed at Duke for three years. Not only would he likely lead Duke to an NCAA championship, he would, in my opinion, be more likely to have a better long-term NBA career.

CBS/TBS is completely under-utilizing Clark Kellogg. I enjoy the tbs/cbs March Madness show with Barkley, Gumbel, Smith and Kellogg. It's entertaining and it's a perfect set-up for  Sir Charles. But it's a complete waste of a guy who I thought should still be paired with Jim Nantz as part of CBS number one team. I still have no idea why they replaced Clark with Greg Anthony. Anthony is good, but in terms of watching a big game, I would definitely prefer Kellogg.

And speaking of announcing, Len Elmore is one of the most erudite announcers on the air, but I just don't get a sense of any excitement or chemistry between him and Reggie Miller. He might be better matched up with Steve Kerr who is excellent and then bring Clark and Reggie together on the same team. Those two tweaks would have much better chemistry.

it's going to be tough and will take many more legal battles before the NCAA begins to treat players fairly. While I was encouraged by the news that Northwestern players can unionize, I'm afraid their leverage is going to be a lot less than expected since their careers are limited to five years (including a redshirt year). I also think you'll see the colleges put some draconian language into already very one-sided letters of intent that will seek to prevent players from exerting any real power.

Billy Donovan has done an amazing job teaching his players to be unselfish. I saw the Gators play in person in Orlando last Saturday and their team chemistry was tremendous. You could see how much the Gators enjoy playing basketball together.

Consistently impressed with the level of defense and quality of 3-point shooting in the tournament. This year's tournament is a huge counterpoint to all the criticism you hear about the AAU system raising a generation of players who don't know how to play fundamental basketball or defense. This year's defense is as good as I've seen. 

Why do so few teams play full-court press nowadays? I always though a full-court press was a great way to compensate for less talent but teams a full-court press seems to be an afterthought.

Sports Illustrated's long form piece on the Georgetown-Princeton game is a truly great read. I wish I could say I saw the game live but I was in college in Philly at the time and did not get to watch the game. As a side note, I'm shocked ESPN's 30 for 30 never did anything with this game, it would have been a natural fit for them or their Grantland franchise.

And going back to Duke for a moment. I was talking with a pretty prominent Duke alumnus earlier this week and I mentioned the fact that Steve Wojciehowski was the heir apparent to Coach K. This alumnus said he thought Coach K liked Wojo too much to do that to him and that word around Durham is that Johnny Dawkins is looking like the eventual successor to Coach K. 

I agree with Dick Vitale that players should be allowed 6 fouls in a game, but completely disagree with his position that the shot clock should be cut down to 30 seconds. I like the fact there is a major difference in style between the NBA and NCAA basketball. The games have been so good this tournament, why fix what is clearly (at least on the court) not broken.

It is always a privilege to listen to a game Verne Lundquist call and the games he does with Bill Raftery are always excellent. Would love to see CBS find a way to utilize them next week in Dallas

I don't have any favorite teams left but I'm enjoying the tournament as much as ever because so many games have resembled a great Heavyweight fight.


 

Harvard Upset Sets the Tone for a dramatic NCAA Basketball Tournament

I've always been a big fan of the NCAA basketball tournament because it can be so dramatic and the first two full days of the tournament are two of the best days in Sports. I put them up these two days up there with the NFL Conference Championships, the Super Bowl, and Final Four weekends as some of the best days to be a sports fan.

My earliest memory of the NCAA final game was in 1981 on the day that President Reagan was shot. It was pre-cable news days so there wasn't the wall to wall coverage that would happen today and the game went on pretty much without a hitch. The three things I remember most from that game were Isiaih Thomas breakaway layups, Randy Wittman, and Bob Knight saying after the game that Hank Iba (I think it was him) told him to never be the first coach to call a timeout.

After that game, I became hooked on the NCAA. Perhaps surprisingly, or because my father wasn't a big sports fan, I didn't watch any of the Bird-Magic matchup the year before. I don't think I even heard of Bird before he became a Celtic, although I would later become a huge fan.

After the Indiana game, the next team I remember pulling for was NC State. Even though I was in Connecticut, I became totally enamored with their run to the Championship. I remember how much fun it was to watch Derek Whiittenburg play. They were an awesome team and I remember jumping up and down when they got the last second dunk. That team personified Cinderella and I was completely enthralled by Jimmy V. A couple of summers later I saw him speak at a Coaches Clinic at Fairfield U and he had the same intensity when teaching as he did coaching.

After NC State, the next team I loved was Villanova. That was mainly because of Harold Jensen who grew up a few towns away in Trumbull. He was a great high school basketball player and had the reputation for being a stellar person, too. It was easy to root for him. His first year at Villanova was kind of a bust, but Harold was a worker and he began to get some minutes during the Big East tournament his sophomore year. 

From there, his minutes kept building and by the time Nova made it to the Championship I could not have been more excited for Villanova if I had been a student there. Their win over Georgetown has to be one of the best games I have ever seen. They played a perfect game. 

I later had a chance to meet Harold at the Fairfield University basketball camp and he could not have been a nicer or classier person. I remember he spoke to the camp and talked about his work ethic and how it helped make him the player he was. The first story he told was that when he was at 5-Star basketball camp and it was time for recreation, he stayed on the court and worked on his game. That was amazing to me. He was already a top recruit who was dominating high school teams in Connecticut, but he was committed to working on his game. The other story I remember is that he said he would go to the Gym and run wind sprints between classes at Villanova. I think he said that he was able to run about 75 sprints between classes and still have time to shower before the next one began. 

What a great work ethic and inspiration and it paid off when he didn't miss a shot during the Championship game. 

Ever since those first experiences as a fan March has always been one of my favorite. The tourney has given me so many great memories and it looks like this year's is already off to a great start with both the Dayton and Harvard upsets. I can already hear Warren Buffet letting out a sigh of relief. 

This is the most wide-open the field seems to have been in a while and I won't be shocked by whoever wins. I'm definitely pulling for my Dukies but I'm a little worried about their lack of big presence inside. It would be great to see a school like Witchita State or Iowa State win the title. 

Whoever wins, it should be a great ride and I can't wait to watch some games each of the next three weekends. If they are as exciting as the Harvard matchup, this tournament may be one of the most thrilling in history. 

A guest Post and Free Book Giveaway on Lynette's Book World

Back in Law School, We had a Juror Fall Asleep during Mock trial In this guest post, I describe how that experience helped me to write Hallways in the Night. You can find the guest post by clicking here to access Lynette's Book World which is a wonderful blog.

You can also enter a rafflecopter contest to win a free copy of Hallways in the Night as well. 

Well-Written Characters Will lead to Positive Book Reviews on Amazon

some Thoughts on Writing and developing Characters in your Novel  (Note--this was previously posted by me in the forums on Nathan Bransford's excellent blog.) 

Writing Three Dimensional Characters

If you spend any time reading writing blogs or book reviews, you’ll run across some criticism of books that have two-dimensional characters who are flat and bore readers. 

What I think the critics really mean to say is that such characters are actually “one dimensional” in terms of their actions and personalities. That they are characters who can be easily defined by one dominant trait. Because they are “single note” characters, they don’t connect with readers on any kind of emotional level. 

One thing I try to remind myself when writing is that dull characters will cause readers to feel the same kind of dread that most of us feel when forced to spend time with a dull relative or co-worker. When that happens, odds are you’ll probably be polite, but you’re not likely to enjoy it, and there’s a good chance that the whole time you’re with the person you’ll be thinking about a graceful way to bring the encounter to an end. Unfortunately for writers, readers can do this a lot easier than we can simply by closing a book or toggling back to their Kindle library.

That’s why it’s imperative to make sure you never have a character that your readers find dull. Because in a book world with seemingly infinite choices, readers won’t stick around. 

When writing your novel, there are some simple ways to make sure your characters don’t bore your readers. One of the best way to do this is to make them unpredictable. You can do this by giving them traits that seem to be complete contradictions. Isn’t that one of the things that made Tony Soprano so compelling? One minute he would be crying over ducks migrating away from his pool and the next he would be as cold-hearted as anybody on television. The same dynamic likely applies to many characters (and people) you likely find interesting. They have personalities that are in conflict. It makes them inherently unpredictable and that makes them interesting.

Another way to make sure none of your characters is dull is to have them do something that nobody would expect. When writing your main and secondary characters think of several things nobody would expect that character to do and then have them do it. I can guarantee you that a character who does something unexpected, as long as it’s not cliché, will never be described as boring. It makes them hard to figure out, which will mean your readers find them interesting.

Another good option is to have the character create tension with your other characters. Whether it is doing something or saying something that makes another character feel uncomfortable, it will resonate with your readers. When a character makes another character uncomfortable it creates conflict, which is one of the best ways to keep your readers engaged and to keep the pages turning. I’ve always agreed with the philosophy that some of the strongest relationships you can form in life can be built out of conflict. That’s true between people, and it’s also true between writers and readers.

You can also make sure none of your characters are ever criticized as being two dimensional by having them demonstrate emotional depth. This can be done by an action, through dialogue between characters, or even with an internal thought. The key in these situations is to remember the oft heard writing advice to “show, not tell.” If you show your character displaying some real emotion through a reaction, even better if it’s unpredictable, you can be sure nobody will think they are dull. 

When revising your manuscript take a look at the characters that will matter to your readers. Could they be considered one dimensional? If yes, then it’s time to work your magic as a writer and make them compelling. It’s time to give them a personality transplant. (Too bad we can’t do that with Brian in the next cubicle.) 

Give your character at least two traits that are in conflict. Have them say or do something that makes another character angry or makes another character laugh. Have them do something that elicits total sympathy for them. Or something that is deserving of complete contempt. 

What do you find noble in other people? What could another person do to that would earn your complete contempt? Have your characters do those things and your readers will connect with them.

Remember, the same things that will trigger an emotional response from you are likely to trigger an emotional response from your readers. And if you do that, if you get your readers to respond to your characters in an emotional way, you’ll have characters who are compelling. The kind of characters that reviewers will never criticize as being two dimensional.

How Much Longer Should the NCAA be allowed to Exploit Athletes?

Everyone's Making Cash Except the Players Generating it Question:  What do Bruce Springsteen & the Players on this Years National Championship Team Have in Common
Answer: They're Both Playing for free during the Final Four.

The difference is the basketball players will be playing for free while the Boss is probably making some real good money while headlining the NCAA's Free March Madness Music Festival at next month's Final Four. 


Having Bruce headline the Music Festival is an awesome idea and for anyone in the Big D during the tournament I could not encourage you enough to go see Bruce. It will be an incredible experience and he will put on a phenomenal show. 

The fact the NCAA is able to throw such a lavish party for its fans shows just how much money the organization makes. March Madness is one of the biggest cash cows in sports, second probably to the Super Bowl, would be my guess. It results in BILLLIONs of dollars for the NCAA, funds tens of thousands of scholarships in non-revenue sports and permits the NCAA ruling elite to lead the kind of lifestyle most of the rest of us (including 90% of the players in the tournament) could dream about. 

It's amazing how popular and lucrative the tournament has become for so many people, except of course the player. 

I cannot think of any other institution in the Free World that exploits workers as much as the NCAA does in college basketball and football. What other institution gets to pay its workers room, board and 12 to 15 hours of instruction per week in exchange for the workers generating millions of dollars. 

Prisons? You might say. Not a good comparison because prisoners don't generate Billions in revenues. Wall Street? They wish. If there's one thing I can guarantee in life is that the people who generate the Billions on Wall Street get "paid" big time for their efforts. Off the top of my head, I believe Wall Street pays out close to 40 to 50% of its revenues in the form of compensation to those who earn it. 

Only the NCAA gets to exploit its workers without compensating them. It is truly an injustice especially for the 99% of players who don't make it to the next level. The players who are generating more commercial profit during 4 years in college than they might the rest of their lives but have no way to profit from it......And then when they try, for example by signing their autograph...they get punished and are turned into villains.  See Johnny Manziel. 

You wonder how the NCAA Barons can live with themselves. How to they deal with the hypocrisy of flying into Dallas on a private jet to watch someone else's sons play basketball while punishing an assistant coach if he tries to help a parent fly into Dallas to see their son play. 

Talk about exploitative. Just for curiosity, I looked up tickets for tonight's big Duke-UNC game at Cameron tonight. A game I was privileged to attend three times at Duke and I can tell you it was such an amazing experience. I'm not surprised that tickets in the upper level are going for $1,993. The atmosphere will be as good, if not better than that of a Super Bowl or Final Four. 

But it does underscore the injustice that is taking place when the players who the fans are going to see don't get to see a dime of that money. When ticket scalpers are making more money off the players' efforts than the players themselves.

The time has come for the NCAA to stop exploiting athletes. It's time for all those who are feeding at the trough that the players create to start sharing some of the wealth with those wealth creators.

It's time for the NCAA to stop taking advantage of the fact the players are young and have no central voice speaking on their behalf. There is simply no excuse for any organization to make Billions of Dollars off the effort of a group of workers and then not let them share ANY of the profits from their work. 

And I'm sorry, I've never believed that a dorm room, three meals a day, and the privilege of sitting in a lecture hall with 200 other students is fair compensation in exchange for generating MILLIONs of dollars in revenue for a University.

So remember, as you watch the games and perhaps have a chance to see the Boss in concert, think about the fact that all the grandeur, all the great experience is being brought to you by players who, at least in 95% of cases, are not able to get fairly compensated for all they do because of the greed and lack of conscience of those who run the NCAA.  

That fact, the fact the ruling elites of the NCAA will be living like Kings and Queens during the NCAA tournament while the players who make it possible are living like glorified paupers is truly an example of "Madness."

R.C. O'Leary is the author of the legal thriller Hallways in the Night, a novel that Bookstory says is "An edge of the seat legal battle that makes you keep turning the pages until the very end." It is available on Amazon in print and kindle formats here.

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Writing a Book under the Guidance of John Grisham

a Book Review of Tony Vanderwarker's Memoir Writing with the Master       What would you do if you had the chance to be mentored by America’s bestselling author? A man who has written the best selling fiction book for 11 of the past 20 years and is now willing to help you write in the genre he dominates—legal thrillers?
     Well, if you’re an aspiring writer like Tony Vanderwarker, a former big-time advertising executive in Chicago (“Be Like Mike,” was one of his campaigns) and the man offering you the opportunity is one of your good friends, John Grisham, you jump at the chance.
     Think of the dollar signs, notions of fame, and best seller lists that would be dancing in your head if John Grisham made the offer to you.
     That’s what went through my mind as I read the early chapters of Vanderwarker’s superb memoir Writing With the Master. I was thinking that Vanderwarker, a guy who was already living a pretty charmed life in Charlottesville (the book will make you want to visit the area) was the guy who got publishing’s golden ticket.
     I’m purposely calling the book a “memoir” instead of a book on writing because that is what I took away most from this book. Not to discount the lessons I gleaned from the feedback John Grisham provided to his friend, but the parts of the book that most resonated with me were when Vanderwarker was detailing his emotional responses to the feedback he received from Grisham who made the conscious choice to be “brutally honest” throughout the process.
      When the book begins, Vanderwarker has already written a handful of non-fiction books that had been rejected by publishers. The books were about his experiences as an “Ad Man” in Chicago and were written in the pre-Jon Hamm/Mad Men era, at a time when publishers didn’t think that audiences would have any interest in what life was like at a major advertising agency. (Side note: there’s one ad agency anecdote in particular about Vanderwarker getting himself into a predicament ten minutes before a presentation to Augustus Busch that is one of the funnier scenes I have read in a while.)  
     Once enough rejections of his non-fiction work pile up, Vanderwarker decides to try his hand at fiction, perhaps inspired by his friend, with whom he is close enough that their families vacation together in Venice.
     One day over lunch Grisham makes Tony an offer, in a seemingly off the cuff manner, to mentor his friend through the process of writing a novel. Vanderwarker immediately accepts (what else was he going to say? That’s okay John but I got this fiction thing covered) and they throw a couple of plot ideas around until Vanderwarker shares with Grisham a potential plot idea that is based on a real-life scenario and has homerun potential.    
     The basic plot of the book that will eventually be titled Sleeping Dogs is that several still viable nuclear bombs were “lost” by the US military during the Cold War. That means they could still pose a threat to the United States if they were ever detonated. The protagonist, an earnest researcher, devotes his career to exposing the huge risk posed by the bombs, but unfortunately his efforts to bring attention to the lost nukes draws attention, instead, from an Al-Qaeda cell that realizes the kinds of terror it could unleash if they can locate and arm one of the missiles.
     It’s a great premise, with some very compelling aspects to it including “suicide divers.” Put simply, it sounds like a great Grisham novel, so they agree to pursue the project together.
     At this point, Vanderwarker expects that he will be off to the races with the pages almost writing themselves. But that’s not what the his new “master” wants. Grisham is both a huge proponent and adherent to outlining a book in advance, it’s likely one of the tools that allows him to publish a new thriller every year, so he asks Vanderwarker to write an outline.
     Vanderwarker is more than happy to do so, as he’s energized the whole time by the excitement of being mentored by his friend. Confident that with a strong endorsement by John Grisham, the book is likely destined for the best seller lists.
     Tony starts to plug away, completes the requested outline and presents it to Grisham. But once he does, the relationship changes. Although still good friends, the relationship begins to take on the dynamic of student and master. 
     It’s at this point, about a third of the way through, when Grisham gives his feedback on Tony’s first draft, that the book becomes very hard to put down. That’s because it becomes much less about Grisham giving writing advice and much more about Vanderwarker’s personal story.
     It’s at the point when Tony gets the feedback on his first draft (hint: Grisham tells Tony to “never submit a first draft”) that Vanderwarker has to negotiate a maze of emotional and social minefields if he is going to continue forward under the terms he has accepted.
     It’s the moment we all face when trying to do something great.  When euphoria and optimism come face-to-face with the fact that the journey is going to be a lot harder, tougher and more uphill than expected. It’s the point where Vanderwarker, like many of Grisham’s own characters, might have wished he turned down what seemed like the “offer of a lifetime” as he realizes writing a book with the master of the legal thriller is going to be a lot harder than he initially imagined.
     How Vanderwarker reacts, the feedback he receives, not just from Grisham but also from himself, and the way he works through the full range of human emotion as he revises his novel is what I found most compelling about the book.  
     Anyone who is a Grisham fan or who aspires to write a book will find Writing with the Master to be a very good read with some valuable insight on the writing process.
     But the book is really at its best as the focus turns away from the “Master” and onto the “Student.” 
     While Vanderwarker may have originally sought out to write a thriller, he ends up “mastering” the art of the memoir, which ends up making this book an excellent read.    

Thinking About Studying Abroad? Avoid this Regret

I wrote a guest post on Andrea Bouchand's blog about my regret of not studying abroad when I was in college. This is the link to the site Twenty in Paris. Andrea is the Author of Twenty in Paris: A Young American Perspective of Studying Abroad in Paris.  And she has a forthcoming book titled The Paris Diaries.  Very good blog and I hope any student thinking about studying abroad will check it out and avoid repeating my mistake.