Disney Information Station Logo

Go Back   The DIS Discussion Forums - DISboards.com > Disney Trip Planning Forums > Budget Board
Find Hotel Specials & DIScounts
 
facebooktwitterpinterestgoogle plusyoutubeDIS UpdatesDIS email updates
Register Chat FAQ Tickers Search Today's Posts Mark Forums Read





Reply
 
Thread Tools Rate Thread Display Modes
Old 05-01-2013, 12:56 PM   #121
spima3
DIS Veteran
 
Join Date: Jan 2005
Location: Northeast PA
Posts: 936

Our oldest DD is graduating this year. This has been an interesting process. Luckily, we have a large number of colleges/universities that she can attend.

She is going to the local state school. She qualified for need based aid, and $2K in merit aid. She is still short about $4K. With working part time, living at home, and us helping w/ about $2k she will only need to take subsidized loans.

She is not happy as she wanted the whole dorm life experience. I told her she needs to look at the big picture, and be thankful she may graduate w/ only about $15K in loans.

DS is in top 1% of his class of 460, and is interested in a STEM career. Even so, I told him we are going to do the same. Apply to good private schools, but also do the local commuter state schools, and he needs to be smart about his finances as well. Money will be getting tighter w/ 2 in college and a third close behind.

We have about $10K for all three, and I have bonds I can cash out to help, but they will be responsible for the bulk of it.
spima3 is offline   Reply With Quote
Old 05-01-2013, 03:30 PM   #122
crisi
DIS Veteran
 
crisi's Avatar
 
Join Date: Feb 2002
Posts: 22,678

Quote:
Originally Posted by Fyrefly View Post

You really can't count on your kid getting money. I went to school in a good district and I never knew how many internal politics were involved that were completely out of my control.

There was a scholarship I was a shoe in for. I had top grades, an excellent application. It was a fairly big scholarship, but the pool of applicants was small (my fathers industry association). He knew all the other possible candidates, and had been president of the association.

It went to a kid with worse grades and much less need, but whose father was a bigger player in the industry. My dad can still get worked up about it.

I was the recipient of a number of merit based honarary scholarships. No money, we save that for the kids who need it, but you can say you won. My parents were very middle class.

I'm really glad for everyone who got, or who have kids who got, generous scholarships. But if you depend on them to fund college, you may be looking at loans. Save, if you don't need the money, it spends. And if you are worried about getting less financial aid because you saved, most aid comes in the form of loans. Would you rather pay interest or make it?
crisi is offline   Reply With Quote
|
The DIS
Register to remove

Join Date: 1997
Location: Orlando, FL
Posts: 1,000,000
Old 05-01-2013, 03:31 PM   #123
mom2rtk
DIS Veteran
 
mom2rtk's Avatar
 
Join Date: Aug 2008
Posts: 29,935

Quote:
Originally Posted by tzolkin View Post
This was my experience when I went to college as well.

I got an incredible financial aid package at a very expensive school (cost now is over $50K/year and was approaching that during my time).

People assumed that I got a "free ride" because I was smart. While flattering, it really wasn't the truth. Being a top student got me into the school, but being "lucky" enough to come from a large poor family is what got me the financial aid. Some top universities, mine included, offer no merit-based aid. The assumption is that all accepted students are intelligent, so they reserve financial aid for those who cannot otherwise afford to attend.
That has always been the case at the top schools. That was the case when I went to Northwestern 30 years ago. My "scholarships" were all based on financial need. When I repped for them I was trained to tell students asking about merit scholarships that they did not offer them. They didn't need to.

My earlier point was not about the top flight schools. My point was merely that for a good student, there is money available if they are open to a lower level school, probably a step below their dream school.
mom2rtk is online now   Reply With Quote
Old 05-02-2013, 09:35 PM   #124
mebbradley
Patiently waiting for the next trip to Disney!
 
mebbradley's Avatar
 
Join Date: Nov 2009
Location: 925 miles from Walt Disney World.
Posts: 1,253

I'm graduating in december with about 60k in student loans. That's 5.5 years of college.

My mom had nothing saved for me, she couldn't. My family did luckily get a lot of need-based grants.

For our future kids, I plan on [hopefully] being able to fund 1/2 of their in-state tuition. We will not qualify for any need-based with the farm being owned by us by then.
__________________
mebbradley is offline   Reply With Quote
Old 05-03-2013, 06:27 AM   #125
dzneelvr
A Disney Dolly
Doesn't mind if her gnomes kick the bucket after a year!
 
dzneelvr's Avatar
 
Join Date: Jan 2003
Location: NW Illinois
Posts: 3,911

Start immediately and GPA earns free money

We worked from birth to set aside $10K per year for undergrad and grad would be on their own. It's not easy but did build up. The college CDs generated interest and any earning they had went into the CD. Each had paid interships every summer during college and held an on-campus job during the year. DD went through grad school with no debt because all she paid for (undergrad)was room & board at a private college based on ACT and high school GPA; DS has 3 years of med school grad debt and the counselor said he should have it paid off in 2 years. Both are in high paying careers and worked hard to get where they are. We are very proud
dzneelvr is offline   Reply With Quote
Old 05-03-2013, 07:35 AM   #126
mistysue
DIS Veteran
 
mistysue's Avatar
 
Join Date: May 2009
Posts: 1,902

Someday I will stop paying half of my income for childcare, at which point that will go to a savings account. As long as nobody develops any more strange medical needs that aren't covered but cost a ton of money! Doing that alone we would have enough in savings to pay for DD and most of one son's college by the time DD gets there. Our mortgage will also likely get paid off while our first in is college.
I suspect my oldest is the type who will want to do community college for a year or two before going away, which is completely fine with me.
__________________
Me(33) DH(33) DD(11) DS(5) DS(3)

I like vacations.
mistysue is offline   Reply With Quote
Old 05-03-2013, 08:13 AM   #127
crisi
DIS Veteran
 
crisi's Avatar
 
Join Date: Feb 2002
Posts: 22,678

Quote:
Originally Posted by mistysue View Post
Someday I will stop paying half of my income for childcare, at which point that will go to a savings account. As long as nobody develops any more strange medical needs that aren't covered but cost a ton of money! Doing that alone we would have enough in savings to pay for DD and most of one son's college by the time DD gets there. Our mortgage will also likely get paid off while our first in is college.
I suspect my oldest is the type who will want to do community college for a year or two before going away, which is completely fine with me.
From experience, this works really well.
crisi is offline   Reply With Quote
Old 05-04-2013, 06:41 PM   #128
MrsPete
DIS Veteran
 
Join Date: Feb 2002
Location: USA
Posts: 11,812

Quote:
Originally Posted by mistysue View Post
Someday I will stop paying half of my income for childcare, at which point that will go to a savings account. As long as nobody develops any more strange medical needs that aren't covered but cost a ton of money! Doing that alone we would have enough in savings to pay for DD and most of one son's college by the time DD gets there. Our mortgage will also likely get paid off while our first in is college.
I suspect my oldest is the type who will want to do community college for a year or two before going away, which is completely fine with me.
Something wonderful my grandmother did for me, which I hope to someday do for my children:

She babysat my oldest child when I went back to teaching. She was thrilled to do it, and my child loved being with her. She refused money for this service (though she did allow us to buy her a playpen, a high chair and a car seat), but she insisted that we take the money we would've paid for day care and put it into a college account. We were already motivated to save, but this gave us a very strong start. Since education matters to her a great deal, she was pleased to know that she was able to contribute to her great-grandchild's college account.

Win-win-win situation. Unfortunately, it only lasted two and a half years -- then her health no longer permitted her to take care of a toddler -- but in those two and a half years, we put away a year and a half of college for that oldest child.
MrsPete is offline   Reply With Quote
Old 05-04-2013, 09:48 PM   #129
mistysue
DIS Veteran
 
mistysue's Avatar
 
Join Date: May 2009
Posts: 1,902

Quote:
Originally Posted by MrsPete View Post
Something wonderful my grandmother did for me, which I hope to someday do for my children:

She babysat my oldest child when I went back to teaching. She was thrilled to do it, and my child loved being with her. She refused money for this service (though she did allow us to buy her a playpen, a high chair and a car seat), but she insisted that we take the money we would've paid for day care and put it into a college account. We were already motivated to save, but this gave us a very strong start. Since education matters to her a great deal, she was pleased to know that she was able to contribute to her great-grandchild's college account.

Win-win-win situation. Unfortunately, it only lasted two and a half years -- then her health no longer permitted her to take care of a toddler -- but in those two and a half years, we put away a year and a half of college for that oldest child.
Yeah, we would have most of the tuition for all three of them paid for by now. It makes me nauseous. I try to pretend that nobody has an option like that so I don't think about it.
__________________
Me(33) DH(33) DD(11) DS(5) DS(3)

I like vacations.
mistysue is offline   Reply With Quote
Old 05-05-2013, 07:57 AM   #130
csmommy
DIS Veteran
Believes that every time you hear or see the word Disney a Tag Fairy gets their wings
 
csmommy's Avatar
 
Join Date: Jan 2003
Location: Too far from Disney
Posts: 1,716

College is just like anything else, you need to do a ton of research. Honestly, DS applied to 13 schools, 12 accepted him & out of the 12 he received significant Merit at 10. The school he choose in DC is covering his tuition for the next 4 years & we pay his room & board. His goal was to graduate with less than $10,000 in debit so he could take loans for Grad school. In his sophmore year he is going to apply to be an RA & if he gets that he will them have his room & board covered.

There are places to look for which schools give the best aid & since most everyone is going to need grad school, if it is possible, save your debt for that.

http://talk.collegeconfidential.com/...olarships.html

Just Google something like Colleges and Universities who award merit aid.

While your intentions are good, the more money you have saved under your name or your childs name, the less money the school will give you. It's wrong, but that is how the system works. Better to save money for retirement (since you can't take a loan out for that & the schools do not expect you to use your retirement money to pay for college) & tutors to help your kids achieve good grades, SAT/ACT scores over 2000/27, & leadership EC's.
__________________

2013 ~ 7/28-8/6 split BCV & VWL
2012 ~ 5/24 - 5/28 BWV DS 17th
2011 ~ 8/9-8/17 AKVJH & BLT
2010 ~ 8/7-14 WWOPP
2009 ~ 8/13-22 split AKVK & BCV
2007 ~ split OKW & BW
2005 ~ split AKLJH & Swan
2000 ~ POFQ
1992 ~ POFQ ~ no kids yet
1990 ~ off site
csmommy is offline   Reply With Quote
Old 05-05-2013, 08:05 AM   #131
csmommy
DIS Veteran
Believes that every time you hear or see the word Disney a Tag Fairy gets their wings
 
csmommy's Avatar
 
Join Date: Jan 2003
Location: Too far from Disney
Posts: 1,716

Some schools even come right out & tell you what you will get for certain GPA's & SAT/ACT scores:

http://www.msmary.edu/admissions/fin...rships-grants/

It just takes a bit of homework & flexibility.

Also, Merit is awarded by the admissions counselors, while need based is done by the financial aid department. Both can be appealed. If you show the schools you are applying to some love, you will get that back. Visit, visit, visit! During your senior year apply early action, any & every award/distinction you receive senior year, let them know about it & that you hope they will take it into consideration when they put together your financial aid package. These emails should be sent by your kids, NOT you.
__________________

2013 ~ 7/28-8/6 split BCV & VWL
2012 ~ 5/24 - 5/28 BWV DS 17th
2011 ~ 8/9-8/17 AKVJH & BLT
2010 ~ 8/7-14 WWOPP
2009 ~ 8/13-22 split AKVK & BCV
2007 ~ split OKW & BW
2005 ~ split AKLJH & Swan
2000 ~ POFQ
1992 ~ POFQ ~ no kids yet
1990 ~ off site

Last edited by csmommy; 05-05-2013 at 08:17 AM.
csmommy is offline   Reply With Quote
Old 05-05-2013, 09:43 AM   #132
danygirl
Mouseketeer
 
Join Date: Jan 2012
Posts: 412

Funny we just visited the Mount and were very impressed. The merit money puts them in line with instate tuition at a state school
danygirl is offline   Reply With Quote
Old 05-05-2013, 09:47 AM   #133
csmommy
DIS Veteran
Believes that every time you hear or see the word Disney a Tag Fairy gets their wings
 
csmommy's Avatar
 
Join Date: Jan 2003
Location: Too far from Disney
Posts: 1,716

Quote:
Originally Posted by danygirl View Post
Funny we just visited the Mount and were very impressed. The merit money puts them in line with instate tuition at a state school
We really liked it too, but he would rather be in a city. Thankfully he was accepted to 2 schools in DC & 1 in NYC. Someone I worked with graduated from there as did his wife.
__________________

2013 ~ 7/28-8/6 split BCV & VWL
2012 ~ 5/24 - 5/28 BWV DS 17th
2011 ~ 8/9-8/17 AKVJH & BLT
2010 ~ 8/7-14 WWOPP
2009 ~ 8/13-22 split AKVK & BCV
2007 ~ split OKW & BW
2005 ~ split AKLJH & Swan
2000 ~ POFQ
1992 ~ POFQ ~ no kids yet
1990 ~ off site
csmommy is offline   Reply With Quote
Old 05-05-2013, 04:09 PM   #134
crisi
DIS Veteran
 
crisi's Avatar
 
Join Date: Feb 2002
Posts: 22,678

Quote:
Originally Posted by csmommy View Post
Some schools even come right out & tell you what you will get for certain GPA's & SAT/ACT scores:

http://www.msmary.edu/admissions/fin...rships-grants/

It just takes a bit of homework & flexibility.

Also, Merit is awarded by the admissions counselors, while need based is done by the financial aid department. Both can be appealed. If you show the schools you are applying to some love, you will get that back. Visit, visit, visit! During your senior year apply early action, any & every award/distinction you receive senior year, let them know about it & that you hope they will take it into consideration when they put together your financial aid package. These emails should be sent by your kids, NOT you.
If your kid tops out merit aid here, you will still have almost $100k in tuition room board and books. Chances are, you still need to save, or your kids will have loans.
crisi is offline   Reply With Quote
Old 05-05-2013, 05:19 PM   #135
csmommy
DIS Veteran
Believes that every time you hear or see the word Disney a Tag Fairy gets their wings
 
csmommy's Avatar
 
Join Date: Jan 2003
Location: Too far from Disney
Posts: 1,716

Quote:
Originally Posted by crisi View Post
If your kid tops out merit aid here, you will still have almost $100k in tuition room board and books. Chances are, you still need to save, or your kids will have loans.
This is just Merit Aid, it does not include Need Based Aid. In the state I live in this is the cost of instate tuition at our state schools. Now some kids do really well in large classes, my son does not. So if I am paying this type of money for a school I would rather he have classes with 20 kids as opposed to 80. Books you can get used, borrow, or get online for cheap according to my son after speaking with kids at the school he is accepted.
__________________

2013 ~ 7/28-8/6 split BCV & VWL
2012 ~ 5/24 - 5/28 BWV DS 17th
2011 ~ 8/9-8/17 AKVJH & BLT
2010 ~ 8/7-14 WWOPP
2009 ~ 8/13-22 split AKVK & BCV
2007 ~ split OKW & BW
2005 ~ split AKLJH & Swan
2000 ~ POFQ
1992 ~ POFQ ~ no kids yet
1990 ~ off site
csmommy is offline   Reply With Quote
Reply



Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

facebooktwitterpinterestgoogle plusyoutubeDIS Updates
GET OUR DIS UPDATES DELIVERED BY EMAIL



All times are GMT -5. The time now is 09:14 AM.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

Copyright © 1997-2014, Werner Technologies, LLC. All Rights Reserved.