Have questions re: college tuition/loans for DD

[PixieTopaz]

I can say the same to you. You seem completely inflexible in thinking the FAFSA is the ONLY way.

see you ignored my post
In my state, you have to fill it out, but no matter what you earn, the kid gets 4 years free(with grades & higher SAT)

But you have to fill it out

 

[punkin]

Try it some time and come back and let us know how it worked out for you. Cash has an amazing psychological effect especially when it is those amounts. Walking away holding that much is far different than walking away with a check.

Do you actually carry a suitcase full of unmarked $20 bills into the dealership with you? I have bought for "cash" and it has always been in the form of a cashier's check.

 

[PatsMom]

Try it some time and come back and let us know how it worked out for you. Cash has an amazing psychological effect especially when it is those amounts. Walking away holding that much is far different than walking away with a check.

I've done it and it works just fine. And I've sold used cars and prefer a check. Cash is just a pain in the butt to deal with. You have to go to the bank and make a deposit whether it be cash or check. Unless you are buying such cheap cars that it works out to be just grocery money for the seller. I've sold a few of those in my lifetimes since I drive a car till it drops.

 

[testifyoncruises]

Do you actually carry a suitcase full of unmarked $20 bills into the dealership with you? I have bought for "cash" and it has always been in the form of a cashier's check.

I have never bought a car from a dealership. I always do private transactions between individuals. Even though we drive cars until the wheels fall off, we still let someone else take the depreciation on a new car.

The suitcase is full of 100's anyway.

 

[testifyoncruises]

I thought testifyoncruises was a man.

Nope sorry. I know what I am and I am not a man.

 

[punkin]

The suitcase is full of 100's anyway.

Well, I guess that explains why you won't fill out a FAFSA. Now I understand perfectly.

 

[testifyoncruises]

His snowball method is inane. Usually you are much better off paying the larger interest rate first. Notice, I say "usually" because I can envision situations where this would not apply. Ramsey, however, can only preach one gospel to everyone.

While mathematically your example makes perfect sense, most people are affected in a psychological sense when it comes to money. Look at all of those who took their money out of the market because of an irrational fear that the sky was falling. A psychological fear.

The sense of accomplishment when one bill is paid off is pretty significant.

 

[agnes!]

I think this thread is in danger of becoming one of those threads to be remembered...

agnes!

 

[Longsx3]

You did not ask me but I can answer, our prepaid program is to any State University in Florida. In our case we paid for 4yrs of University, I believe there are 11 to chose from, and so DD can attend any that is she is accepted to. If for some reason she doesn't get accepted she could use the prepaid at a Community College. Four our DD we also paid for the fees and first year of tution. We paid about 11,000 dollars and the current value is 23K.
If DD was to get a full ride she can have the money refunded.


QUOTE=Grumpy's Gal;35742626]if it's not too personal, can I ask how that works? Is it to a specific school? If so, what happens if they get a full-ride or a good scholarship to another school? What happens if that pre-paid school doesn't offer the degree they seek? I am just now gathering all of the information on college that I can -- thanks in advance for any information you can provide.[/QUOTE]

 

[S. C.]

Life is what happens while you are making other plans

 

[LoraJ]

I sold my last car privately and no way would I accept cash from someone. Cashiers check only.

 

[testifyoncruises]

Well, I guess that explains why you won't fill out a FAFSA. Now I understand perfectly.

No it has nothing to do with that. Take a read of The Millionare Next Door and you will learn that the "rich" did not that way because of what they bought, they are that way because of what they didn't spend.

Living like no one else so we can live like no one else.

 

[testifyoncruises]

I sold my last car privately and no way would I accept cash from someone. Cashiers check only.

Why not? You can fake a cashiers check pretty easily these days.

 

[LoraJ]

No it has nothing to do with that. Take a read of The Millionare Next Door and you will learn that the "rich" did not that way because of what they bought, they are that way because of what they didn't spend.

Living like no one else so we can live like no one else.

You keep on spouting off Dave phrases. Really, there is other financial advice out there. You make Dave's plan sound cultish.

 

[PatsMom]

You keep on spouting off Dave phrases. Really, there is other financial advice out there. You make Dave's plan sound cultish.

She has definitely drunk the Dave Ramsey Kool-Aid. True believers are really like religious zealots - they don't want to admit that any other advice might not be correct.

I can't imagine two things talked about in this thread happening in my life. One would be waiting until my kid was starting college to plan for it as the OP did.

The other is refusing to help my child get all the aid they are entitled to. If you know you will not get aid because of income and assets, fill out the FAFSA anyhow since it is required to some merit aid. And private colleges will require the CSS Profile which is much more intrusive than the FAFSA.

Unless of course you have something to hide from the government.

 

[PixieTopaz]

I sold my last car privately and no way would I accept cash from someone. Cashiers check only.

DH was talking with a local cop who told him there is a huge rash of fake 20 dollar bills here locally. I wouldnt take a bunch of cash either-could be stolen or fake


We've paid part cash for every car we buy(at dealer's)-we hand them a check from our account

 

[JodiR]

Our EFC is over $20,000. Tuition and room and board total around $15,000 a year. I am even laid off from my job and that doesn't matter at all.

I called FAFSA and was told that your EFC needs to be around $4,000 before you get free money.

My dd will take the stafford loan in her name (which is $5,500 for the first year) and then we will pay the remainder out of pocket. She will also pay some by working.

I remember there being two types of loans... one where interest is due now and the other where interest is deffered. A person's EFC needs to be around $14,000 to get the deffered loan.

 

[golfgal]

No it has nothing to do with that. Take a read of The Millionare Next Door and you will learn that the "rich" did not that way because of what they bought, they are that way because of what they didn't spend.

Living like no one else so we can live like no one else.

Can I introduce you to all of the people I know trying to get me hooked up with various Network Marketing Schemes? You could make them rich?

Our EFC is over $20,000. Tuition and room and board total around $15,000 a year. I am even laid off from my job and that doesn't matter at all.

I called FAFSA and was told that your EFC needs to be around $4,000 before you get free money.

My dd will take the stafford loan in her name (which is $5,500 for the first year) and then we will pay the remainder out of pocket. She will also pay some by working.

I remember there being two types of loans... one where interest is due now and the other where interest is deffered. A person's EFC needs to be around $14,000 to get the deffered loan.

Have you gotten your actual letter back from your child's college yet? There is a question on the FAFSA about being a dislocated worker and that is not being reflected on the WEBSITE but it coming through the letters from the school. Call the financial aid office at your child's school (or have your child call) and ask how they are handling that.

 

[RitaZ.]

Well there is your rub. Not everyone HAS to have a 20,000 car unless they can pay cash for it. Using Dave's advice, we were able to buy lesser cars for cash while continuing to save up for cars we could pay cash for by putting money monthly into high yield (at the time) MMAs. In three years, we were able to walk to a previous owner and not only offer cash, but pay far less for a steal then she was selling it for. A case full of cash does wonders when it comes to your negotiating ability.

Depends on where you live. In FL, that sort of display could only mean one thing, money acquired through illegal means.

 

[golfgal]

Depends on where you live. In FL, that sort of display could only mean one thing, money acquired through illegal means.

Actually, that is pretty much everywhere. I wonder if she knows that dealing with that many cash transactions actually puts a flag on her file with the FBI? Banks have to report large cash transactions or series of smaller ones too.