And we were fullpay but with incintive $ offer from the undergrad school plus very attractive loans and terms.
Grad school was paid by the school via a substanitial grant from the Canadian government and an named engineering scholarship to make his MS a fullride.
I would not be surprised at all, one day in the future, to see the Dems come up with another entitlement like Obamacare for paying college costs.
The same arguments will be made; the cost of education is a "crisis," the rich should pay their fair share, educational safety net for the less fortunate, etc. etc.
Conceptually, they'll just fire up the word processor, do a few global changes from "health" to "education" and a few other edits, and resubmit more or less the same legislation, talking points, etc.
Anyone who resists wil be subjected to the same attacks: vilified as "greedy" and "heartless." You know. Same old thing.
__________________
It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so.” – Mark Twain
Thanks, Busdriver. I would imagine if I published this in a major newspaper an editor would have caught my iPad typos!
Most college counselors know these facts. Most high school guidance counselors, don't.
Very succinctly said, samurai. Don't know if I've heard reality explained better. I would love it if your opinion was published in a major news article.
The comment that 42% of students don't need financial assistance is not exactly accurate.
I work in this business, and see families who get their EFC back from FAFSA or aid packages back from the schools they apply to, and that number rarely jibes with reality. The reality that exists in that family's checkbook. The more accurate statement is.42% do not RECEIVE fin aid.
The FAFSA doesn't look at home equity or retirement, simply wages and savings. The CSS Profile looks at everything. Theoretically, you can have a student whose family makes 100,000 with three kids living in a high tax state who gets an EFC of 50,000. Yes, I have seen this in my practice. So kid opts for the 30% year fin aid package, instead at another school.
There are people who play the system but most of the families I see, get played by the system. They saved what they could. They aren't leading extravagent lifestyles. They are living in homes that (like mine), need work but can't afford it. They aren't going to Hawaii every year or have a boat in their driveway.
Statistics are deceiving.
It is possible that some families tgat attend that school can write the check without blinking an eye. The vast majority of my clientele has those 3 am, OMG, how will we pay for college tuition nightmares.
There are plenty of students in my demographic that find out that they have to apply to several schools just to play the odds on the fin aid packages. It will determine where they can attend school. If they get into the tuition discounting schools, or the sliding scale schools, or their kid gets a need or merit or athletic scholarship, they might not have to worry. But the reality is, most families do worry unless they are on the very top or the very bottom of the income scale. The need students do get a good deal and it often surprises me.
I have had pro bono kids end up nearly get paid to attend, and a few fortunate families who don't have to fill out fin aid forms, at all. But the other 80% is largely, utterly screwed. Also, with schools that use the IM method of determining aid, it is complex. You can send in personal explanations to aid offices at universities, but 9 times out of 10, you will not know that first year's true tuition cost until Johnny has committed on May 1. Corrections have to be made on paper and processing time can take weeks or months to find out. Families circumstances change. Equity can be negative for some homeowners burst by housing bubble.
You might wonder how, if they are worried about paying for college, why do they hire me? I can and do give them a realistic list of schools where their kid might gain access to the better aid packages and save them money on applications and boost their chances for scholarships. I ask them those tough questions early so they can start making reasonable decisions in spring without panicking and making purely emotional decisions that they are going to be sorry for later.
Getting accepted to MIT is fantastic. One student of mine got in there, desperately wanted to go, but aid package said that they could afford $35,000 a year. A year. Mom made $75,000 and dad was not in picture and providing a dime of support. Lived in apartment, small amount in savings, but this is what the aid said they could afford. So he went to another school that ended up giving him $40,000 a year in AID. A presigious Ivy League school, by the way.
It's ridiculous, but this is reality.
I can advise them how to spend a couple of hundred dollars on a local test prep company because the score boost is often monumental, which often then in turns gives their students more access to merit scholarships. I am not kidding. An ACT boost of 2 or 3 points, or an SAT boost of a 100-150, can make the difference between a kid offered a merit based award.
I have had many, many parents tell me to post date their checks. I set up payment plans. I am even below market rates for the area to serve the demographic. They call me, because they have seen their friends kids with better financial aid outcomes and know that they have to scrimp and save to pay my fee - but in the end, it will pay off for thei family in the long run.
-- Edited by SamuraiLandshark on Tuesday 11th of December 2012 07:24:49 AM
-- Edited by SamuraiLandshark on Tuesday 11th of December 2012 07:26:17 AM
I am continually amazed at the colleges COA. When DS was a freshman 10 years ago, the COA was about $38,000 vs today's $56,000. In his time, we were full pay by virtue of a successful college investments and cheap loans but today our scenario would put us at extremely need based given today's stock market and ability to get a loan.
So the he attended reports that 42% of matriculated students DO NOT need financial assistance.
I need to get DS to start a fund for a future, yet undermined grandchild(ren). Our experience, it took every bit of 20 years to get there and another 20 years to pay the loans. Future kids, perhaps 40 years will be needed to initially fund college and another 40 to pay loans.
