California Coast University Doctor of Education

That's news to me. In nearly 70 years of shopping, I've NEVER seen that. And as a youngster, still in school, and as a young single guy, I worked in dept. store retail sales. Lots of layaways - never heard of such a thing there. Only restriction - it had to be above a certain minimum, which wasn't very high.

They shouldn't charge. They have money down, and ALL the money before the goods leave the shop. It wouldn't make sense for me, as a purchaser, to be charged interest on money I've partially paid out, for goods I haven't yet received. Only in America, I suppose...

Oh, just you wait till I tell my Imam about THIS!

 

In fact, the music store still does lay-aways for me - and other customers of course. That's how I got some of my 8 guitars, a few more for sons and grandkids, amps etc. Certainly no interest charged there... (Big chain - 60 Canadian stores).

 

It's typically hidden as "service fees" for the inconvenience of having to store the item(s) until fully paid. It's usually a percentage of the price, with a minimum of (say) $5. If you can't make the layaway payment this week, sometimes paying the "service fees" are sufficient to keep the store from cancelling the agreement. It may not be called interest in the paperwork. But it is interest.

 

There were no interests at Ashworth. This is pretty much the case across the board for schools using this method. Universities offering a payment plan (usually two to three) usually charge a one-time fee (approximately $50).

The issue with the layaway is that both my B.S. and MBA were conferred in 2016 (April and September, respectively). Thankfully, Don Bosco accepted my transcript without requiring the diploma. For resume purposes, I list April 2014 for my B.S.

 

I love California. I'm from the Seattle area, did my Navy service on the West Coast, and made my life in New Mexico. California has always loomed large to me but I could never figure out how to live there comfortably.

One thing about the Golden State that intrigued me was her openess to trying new things. Law school is my favorite example. If I were a middle aged career changer in California I wouldn't pay anything like the sticker price for any ABA approved JD program. It's just not worth it. California offers other less expensive pathways that should be open elsewhere in the country.

My other favorite California educational experiment was the New College of California. That school died from mis management (amid accusations of worse things) and it was a shame.

 

Hm. Little images and distant memories about CA...I remember when California started issuing blue and yellow license plates instead of black and yellow. That tells you how far back I really go!

 

I also remember when they built BART. You couldn't go between the East Bay and the City because they hadn't bored the tunnels yet.

 

And I remember when California Girls really were special. Sigh.

 

Then again I also remember the Watts riots, White Flight from Oakland, the Berkeley Free Speech Movement, the Long Hot Summer and the RFK assassination.

 

I would love to return home, but California is an extreme example of the destruction of the middle class. You can live poor there, and you can live wealthy there, but it's hard to move there if you're middle class. Not impossible, but harder.

 

So do it. They quickly became symbols of old and new cars, respectively.

 

I think the thing that impressed me most as a boy was that California seemed so sunny and bright. After all, I lived in the Seattle area. Sunny and bright wasn’t a thing.

 

I have never been required to pay such a fee. Anywhere, ever - for a layaway.

Sometimes, furniture and appliance stores have a "no payments, no interest till next year (or even for 2 years) deal." There can be a fee for one of those - called an "admin fee" it's a charge that claws back some of the extra discount the store has to fork out to the financing organization that writes the contract and pays the store right away. $40 to $50 is normal - and it's only for higher-priced items - maybe several hundred dollars and up.

You take the merch home immediately and enjoy it for a while - paying no money. Unless you pay it in full during the "free" period, the contract kicks in and you pay monthly, with high interest.

But that's not a layaway, as we know it. And just a note - service fees for purchases are a no-no under Islamic laws, because they're considered the same as interest. So how do you buy a car on payments? Buying something at one price, marking it up and re-selling it is perfectly OK. So the Islamic bank or other lender buys the car from the dealer at say, $10,000 - and re-sells it to you for maybe $12,000 - to be paid in monthly instalments over 3 years. Profit yes - interest no.

Another way is lease to own. A level payment throughout. You make a down payment, which gives you say 20% equity. So 80% of your first payment goes to leasing, and 20% towards equity. As equity increases, less of your payment goes to rental, as you own a bigger proportion. Your last payment gives you 100% equity and you're done.

Here in Canada, some banks and credit unions (non-Islamic) will finance homes this way. Any qualifying customer, Muslim or otherwise can choose this type of mortgage. Payment schedules can be made to give the lender exactly the same return as any current interest rate.

 

These layaway schools are charging hidden interest, which is why some of them offer a steep "discount" if you pay in full.

 

This might explain the US / Canada difference. Here, if interest is charged in ANY form, it has to be itemized and the true annual rate posted. Even the sleaziest chains comply - they know what'll happen if they don't. Low-end sources of credit charge as much as 47% per annum - but at least they have to declare it. Payday loans are way worse of course - but even there, there's a max and if a two-week loan is made at 300% per annum - at least they have to post the fact.

I enrolled at a um...non-high-end correspondence school (twice) in the last 2-3 years. They had a full price or a payment schedule. They had to spell out their interest rate, which was around 19% and, naturally, give an appropriate discount if a student paid off early.

Doesn't accomplish much, with the worst sources, except to remind desperate borrowers / credit seekers what a horrible hole they're digging. But better than nothing, I guess.

 

Received a Master of Psychology a number of years ago. Focused too much of the mechanics of written work rather than on measure of academic learning acquired.

 

Will you gave a few names of those that cost less, thanks?