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Take a look at what the cutoffs are at Penn, Princeton, CMU, etc. for financial aid. You literally have to have a fairly large family income to receive no financial aid from their endowments.
Which school did you attend?
Uhmmm...no.
Theres lots of calculators out there. I did one for my family, married, 44 yrs old, 1 kid at home, 1 in college, 110K income, and they get ZERO financial aid. They get loans. period.
Theres lots of calculators out there. I did one for my family, married, 44 yrs old, 1 kid at home, 1 in college, 110K income, and they get ZERO financial aid. They get loans. period.
They will at the Ivy's. Stanford, Harvard, Cornell, and I think Univ. of Chicago started a similar program as well. They won't likely get much at state schools, but state schools keep having their state support cut.
Theres lots of calculators out there. I did one for my family, married, 44 yrs old, 1 kid at home, 1 in college, 110K income, and they get ZERO financial aid. They get loans. period.
Uhmmm.... yes.
Which calculator did you use?
I put in your numbers, with the assumption of $500,000 liquid assets, and owning your home, and Princeton University's calculator said:
Your Estimated Aid Package is $21,125
That's $21,125 per year. And that was with a generous $500,000 liquid assets. Princeton isn't even one of the more generous oes.
If you take away the liquid assets: Your Estimated Aid Package is $51,825
$180,000 income, no assets: Your Estimated Aid Package is $45,725
Obviously you didn't do a thorough job. A little effort goes a long way.
I do more than the bare minimum and don't have my own car or house - partly due to the fact that I live in an expensive area and partly due to the fact that I'm single.
What else do you do besides work 40 hours that brings in income for you? Also if you live in a high cost area why not move to a lower cost area that has similar opportunity, as long as you have in demand skills?
Take a look at what the cutoffs are at Penn, Princeton, CMU, etc. for financial aid. You literally have to have a fairly large family income to receive no financial aid from their endowments.
Which school did you attend?
I was recruited academically by a Big Ten college on the basis of my National Merit Commendation; at the tiime the college was recruiting all National Meriit qualifuers including those who received only a Commendation.. The place was teeming with National Merit types at the time including a few from top 1% of top 1% families and others who went on to become big names. My dorm roommate had one of a handful of free rides awarded annually by the college.
They wanted my money but were not willing to give me any aid. This was in the 1970s.
What else do you do besides work 40 hours that brings in income for you? Also if you live in a high cost area why not move to a lower cost area that has similar opportunity, as long as you have in demand skills?
Well, it's a sacrifice I'm willing to make in order to get a Ph.D. from a good research institution. I can't just move to another city and stay in the program.
Look, I had nothing growing up, did horrific jobs, worked multiple jobs.....and have succeeded. But I am perfectly aware that it took both hard work, AND luck. I've vastly outdone my parents. But my individual experiences don't change the underlying reality....its harder now then it was then, its increasingly unequal, and that inequality is making it harder and harder for people to do better.
You want to point to someone like me or your friend and say "look SEE!" while ignoring the fact that its getting worse, ignoring the fact that other countries do it better, ignoring the fact that its a problem.
Take 100 beers. poison 90 of them, when 10 people drink and don't die, you would point to those 10, and say "What did the other 90 do wrong?"
There's no poison other than the 90 were drunks. They spent too much money on beers than investing.
Seems like everyone here says the wealth gap is too big, but no one encourages people to save then invest like the wealthy? Sure you need to make enough first but even when they do, a majority would still spend it and not invest it. The gap wouldnt get smaller for them.
Teaching how to save/invest and plan budgets around that goal would help kids more than telling them to go into a hot degree in college. Hot jobs can change by the time they get out of college, or they can spend all they make and end up with nothing.
I don't mind socialism like programs for Medicare or public parks and roads but things like increasing taxes to redrisbute sounds a lot like communism which is odd for Americans to want to emulate. Increased taxes should be used to pay for public services/projects and not individual needs.
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