Have questions re: college tuition/loans for DD

[bluesaturn]

Bad girl Mrs Pete, no more responses for you!

 

[Alesia]

Correct me if I am wrong...but Testify sounds very much like a previous poster named AmberDaClown. Wasn't Amber banned? Isn't it against Dis rules to come back under a new name if you are already banned? Someone may want to look into this.

That's it! I've been trying to figure out who TOC reminds me of. If they aren't the same person, they have to be soulmates.

 

[WDWMom]

That is incorrect. FAFSA assesses student assets at 20%. See www.finaid.org

That's what I was told, thanks for correcting me.

 

[WDWMom]

I believe you when you say you have filled out FAFSA honestly and have a 0 EFC for next year and will not have to contribute anything to your dd's college payments next year. A serious drop in income is not easy to deal with. However, in my opinion it is ironic that you aren't expected to pay for college, yet you have an upcoming disney trip in your signature. That is an example of how the system works.
Again, I am not saying you are doing anything illegal. It just shows how the system works.

Well, that Disney trip - we own DVC so our hotel is free. We bought 10 day park hoppers several years ago and only go into the parks 2-3 days per trip (we have 3 days left), and thru DH's business we turned in frequent flyer miles to fly. The only cost is food. We will eat in our place at OKW for most of our meals. We would be pay for food at home too so the trip is not costing us much. But I can see where you would question it.

 

[tinkntraining]

That's it! I've been trying to figure out who TOC reminds me of. If they aren't the same person, they have to be soulmates.

Countless posts about cruises, no debt, same tone, same, um... attitude. Hmmmm. I think someone's got some 'splaining to do. Of course, that's JMO.

 

[allison443]

Well, that Disney trip - we own DVC so our hotel is free. We bought 10 day park hoppers several years ago and only go into the parks 2-3 days per trip (we have 3 days left), and thru DH's business we turned in frequent flyer miles to fly. The only cost is food. We will eat in our place at OKW for most of our meals. We would be pay for food at home too so the trip is not costing us much. But I can see where you would question it.

Actually I hadn't thought about dvc. Thank you for not taking my post the wrong way.

 

[WDWMom]

Actually I hadn't thought about dvc. Thank you for not taking my post the wrong way.

No problem. I find it's not worth getting all worked up about something when it's easy to explain.

 

[MrsPete]

My first car was a $200 beater. I can find a car for about $400 in about ten minutes . . . This is where you are wrong yet again. I don't buy from dealers and never have. I have always bought from private individuals and I promise you the power you have with cash makes that "original" price drop. Sorry you can only see dealers as a source of cars. I see someone who is apparently unable to see there are other ways of buying a car.

And that $400 car will need significant work, will let you down at the worst possible time, and will have to be replaced soon. I don't see that as a bargain. I am very pleased with the car I bought new two years ago; I compared to used cars and found that the price difference for the new model I wanted and a late-model used was less than $1000. For that small price difference, we chose to get the new one, which had exactly the options we wanted. Love the 40 MPG -- we can drive to Florida AND BACK for $100 (can your $400 car make it to Florida?). I paid cash for the car and am 100% satisfied with the choice. I expect to drive this car for 10 years, which'll make my per-year cost about $1900/year. Again, I'm 100% satisfied with that choice and am not interested in whether you'd prefer to scour the city for $400 used clunkers.

There you go outright lying again about me being fine with her spending in on drugs. This is the last time you get a response because frankly you are so far from reality, it is not worth it. And I have much better things to do with those who need to get in that last dig or last word.

Well, you did say it.

 

[MrsPete]

DD is a freshman this year and before she even got into HS we asked several friends what to do to get more money for college. I will pass this info on. Not saying we have done it, but it is all legal I believe.

A friend whose son is a high school senior right now gave us an idea about paying for college. I'm not sure if we'll use it or not, but it does seem logical:

They have the money on hand to pay for their son's college expenses, but they're going to have him take out student loans for the total amount of his freshman year. Next May -- after he completes his freshman year -- they'll pay off the first year's loan. This'll be well before the loan comes due, so no interest will have accrued and there'll be no cost (to anyone).

What do they get out of this round-about method? First, he will have "paid off" a loan, and it'll build credit in his name. They'll gain a small amount in interest because they'll keep their money an extra year. Second, if he starts to think about quitting school, he'll stop and think about it because their offer to pay off the loan is contingent upon him completing the academic year successfully. If he drops out or fails out, it's his financial responsibility.

Then they'll repeat the process sophomore year, etc. etc.

It does make sense, but I don't know whether we'll follow suit or not. I am very against student loans, but this wouldn't really be borrowing in the traditional sense. It'd be more like postponing payment (because we do have the money).

 

[tripletots]

I didn't want to start a new thread for this question.........so I hope someone will see it and know and have an answer..

Does anyone know when financial aid letters are mailed to students? My son was accepted to all 4 schools he applied to and 3 are out of state. The first one is only 30 minutes away. I know the schools want a housing deposit and acceptance deposit soon. How will he know where he's going if we don't get the letters soon?

I know all schools have different schedules but a general idea of when to expect this information would help him make his decision.

 

[punkin]

I didn't want to start a new thread for this question.........so I hope someone will see it and know and have an answer..

Does anyone know when financial aid letters are mailed to students? My son was accepted to all 4 schools he applied to and 3 are out of state. The first one is only 30 minutes away. I know the schools want a housing deposit and acceptance deposit soon. How will he know where he's going if we don't get the letters soon?

I know all schools have different schedules but a general idea of when to expect this information would help him make his decision.

I have gotten financial aid letters from 3 schools so far and DD has been accepted into 5, so I'm betting soon, definitely on or before April 1.

 

[WDWMom]

I don't remember from last year but I think April 1 is the deadline. Most school (at least in MI) do not give your deposit back after May 1.

 

[Lisa loves Pooh]

Because, first, people wrongly assume that anything done in a community college automatically transfers to a 4 year school and often going this route costs MORE then just going directly to a 4 year school. Second, there is a lot more to learn in college then what you get in class and by sending kids to a community college vs away for school deprives them of learning those lessons-mainly deprives them of growing up sooner rather then later. Third, the quality of classes at community colleges just doesn't compare to those at most 4 year colleges and that alone is worth not going that route. Having your children grow up with their only choice is to go to a community college for 2 years and then on to a 4 year school puts them in that mind frame. Why make this choice before the time comes? Present it as a POSSIBILITY as well as other options but not THE ONLY option as she is stating.

Suze Orman is a dork, BTW--sure fire way NOT to ever retire-but I agree that funding a retirement plan is much more important then funding college.

If its her dime--then the parent dictates. Not everyone can afford other luxuries and she has confirmed that she would not turn down a 4 year full ride necessarily.

And depending on the state--at least in Florida--your AS/AA credits due transfer. Perhaps Harvard won't accept them. But Harvard and the Ivy League isn't always the ideal and statistically--only a small percentage of high school seniors get accepted anyway.

It gets touted on her like everyone can get in--and it is more realistic to make alternative plans in reality and if reality produces a prodigy who can get a full ride at Harvard, then they can follow that reality.

It is quite the leap to make it sound as though she is limiting her kids.

We have Florida Pre-pay set up for 2 of our kids paid in full and started one for the third. They are 4 years university--but that doesn't mean that I will send them straight to university regardless. If they are only mature enough for community college , they'll go there instead.

 

[Longsx3]

This makes sense from the stand point of the son may be more resonsible in College with debt hanging over his head however unless he is attending a CC he probably won't be able to take out enough in loans to completely cover the cost and definitely not all in subsidized loans (interest deferred) so it will cost them some money in interest. Additionally it won't build his credit unless he enters the repayment phase which would mean more interest and then typically most banks want to see a year of on time payments.

DD is a freshman this year and before she even got into HS we asked several friends what to do to get more money for college. I will pass this info on. Not saying we have done it, but it is all legal I believe.

A friend whose son is a high school senior right now gave us an idea about paying for college. I'm not sure if we'll use it or not, but it does seem logical:

They have the money on hand to pay for their son's college expenses, but they're going to have him take out student loans for the total amount of his freshman year. Next May -- after he completes his freshman year -- they'll pay off the first year's loan. This'll be well before the loan comes due, so no interest will have accrued and there'll be no cost (to anyone).

What do they get out of this round-about method? First, he will have "paid off" a loan, and it'll build credit in his name. They'll gain a small amount in interest because they'll keep their money an extra year. Second, if he starts to think about quitting school, he'll stop and think about it because their offer to pay off the loan is contingent upon him completing the academic year successfully. If he drops out or fails out, it's his financial responsibility.

Then they'll repeat the process sophomore year, etc. etc.

It does make sense, but I don't know whether we'll follow suit or not. I am very against student loans, but this wouldn't really be borrowing in the traditional sense. It'd be more like postponing payment (because we do have the money).

 

[Lisa loves Pooh]

While there are some scholarships that don't require this ALL grants DO require the FAFSA. There is not law that says you have to do this and we have had this discussion before but what a rotten thing to do to your child--not the paying for school part but the denying her the opportunity to get scholarships and whatnot to reduce her burden. By the time your 6 year old is ready for college I bet that the vast majority of scholarships DO require this as more and more are moving that direction even now.

I so agree.

It is one thing to not want to pay for your child's college. I don't begrudge anyone who by circumstance or personal work ethic opt to not pay for it.

It's another thing to hold your child hostage by withoutholding Tax information that prohibits them from filling out the FAFSA.

All work study, and non-loan scholarship aid that a university provides requires the FAFSA.

There is ZERO reason to withhold tax information than to just make the child essentially suffer unnecessarily to figure it all out.

I don't find that admirable at all nor will it help any child appreciate their education further.

 

[Lisa loves Pooh]

This came up on Dave Ramsey a few weeks ago and he and I and DP are in agreement on this. There is NO requirement for you to fill out this form for the institutions we are looking at. There are going to be those who will go through college get a degree and spend their lives working for someone else. Our life and our teaching and belief is to be the employer and not the employee. You can get this without a silly form.

I listen to him all the time--and honestly, I don't think he'll agree one bit with what you are doing. I believe you are twisting what he says in regards to loans and then generalizing that he means no FAFSA at all.

But you do what you wish.

Just b/c you can pay for it in other ways, doesn't mean that you should deprive an opportunity to have yoru child earn something based on merit.

 

[Lisa loves Pooh]

Sorry I am not Google. You can do your own research. I have and know there is absolutely no way we will fill out the FAFSA nor will we encourage anyone to do the same. You are obviously clueless about this and as you have already made it clear, anyone who would consider a community college is beneath you. Not going to waste my time responding to your silly beliefs.

You are so tempting me to write Dave Ramsey.

He's anti-debt, anti-loan--he is not anti-FAFSA.

He's not even pro-mandate parents pay for it.

You are channeling a person whom would not agree with you. Sorry!

The only thing he religiously proclaims is that one doesn't need a laon to go to college. Nowhere does he say that filling out a FAFSA to get grants or scholarship money is taboo!

You are free to do what you wish. However misusing a financial advice expert's opinion to validate your own thoughts isn't good.

 

[Art 1]

DD is a freshman this year and before she even got into HS we asked several friends what to do to get more money for college. I will pass this info on. Not saying we have done it, but it is all legal I believe.

A friend whose son is a high school senior right now gave us an idea about paying for college. I'm not sure if we'll use it or not, but it does seem logical:

They have the money on hand to pay for their son's college expenses, but they're going to have him take out student loans for the total amount of his freshman year. Next May -- after he completes his freshman year -- they'll pay off the first year's loan. This'll be well before the loan comes due, so no interest will have accrued and there'll be no cost (to anyone).

What do they get out of this round-about method? First, he will have "paid off" a loan, and it'll build credit in his name. They'll gain a small amount in interest because they'll keep their money an extra year. Second, if he starts to think about quitting school, he'll stop and think about it because their offer to pay off the loan is contingent upon him completing the academic year successfully. If he drops out or fails out, it's his financial responsibility.

Then they'll repeat the process sophomore year, etc. etc.

It does make sense, but I don't know whether we'll follow suit or not. I am very against student loans, but this wouldn't really be borrowing in the traditional sense. It'd be more like postponing payment (because we do have the money).

Many rich people pay for their students school this way and have been doing so for years.

 

[Lisa loves Pooh]

Here is where my hero Dave Ramsey addressed this very issue. Such sound advice about this:

http://www.daveramsey.com/radio/highlights/?urlVars=2010/2/4/Rein-in-College-Costs

Sound advice--but the question was regarding fillingo ut the FAFSA for LOANS--she didn't say scholarship. So he steered her from applying for LOANS.

 

[Lisa loves Pooh]

The Bright Futures Scholarship does not give a full ride. The highest award you can receive is $126 per credit hour. FSU charges $137.13 per credit hour as of fall 2009. Of course, room and board account for the biggest expense and that isn't covered by BF. Not that I would turn down the $126, even if it meant filling out the FAFSA.

It also doesn't include the stupid new fee they were charge begining in Fall 2010. The name escapes me, but it essentially doubles tuition. Aaahhh--TUITION DIFFERENTIAL .

I began my son's pre-paid and it is obscene. the differential part of the plan cost more than the tuition part.

I can understand (though disagree) with the schools needing more funds. I do not get why they have this stupid "differential" as a separate charge when you cannot enroll without paying it.

So that $137--has the potential (though not requirement) to be twice as much in August.

I guess it is a separate fee b/c ti allows the schools to set it to what they like. But our Florida pre-paid plan was under the assumption that the fee in the fall will be equal to the per credit hour charge.