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Old 07-12-2017, 09:43 AM
 
1,091 posts, read 1,572,942 times
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Quote:
Originally Posted by 85dumbo View Post
If she wants to go to a medical field, than state school is perfectly fine. The best thing a young adult can have is to start out in life debt free.

I'm a doc, and went to a combined state BA-MD program. Saved tons of money, graduated med school with very little debt that was easily paid off. Matched with a top nationally ranked residency, and now have a cushy job and great income.

Private school/IVY only matters if you want to be a Wallstreet hedge fund manager and the connections matter. In Healthcare, that matters little and excelling at a state school while being debt free is the ideal way to do it.
I agree, I was debt free out of college and I can't tell you how relieving that was. Sadly I know some people that were not so fortunate and some had to bankrupt themselves to get out of debt. I heard Stony Brook has a great medical field and maybe you should try to convince your daughter to go there. My cousin went there as a chemist back in the early 90's and he's living very comfortably now.

But this all depends on the person. If you are ambitious and motivated you can excel at anything.
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Old 07-12-2017, 09:51 AM
 
72 posts, read 89,834 times
Reputation: 69
Quote:
Originally Posted by busymomonli View Post
The downside is she had to reside the four years in New York, and she hopes to leave NY eventually.
I'm confused about what the issue is here. she can move anywhere she wants to after she's done with school.

when does the money become hers? 18 or 21?
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Old 07-12-2017, 09:58 AM
 
Location: Suffolk
15 posts, read 5,373 times
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Quote:
Originally Posted by CJim3 View Post
I'm confused about what the issue is here. she can move anywhere she wants to after she's done with school.

when does the money become hers? 18 or 21?
It becomes hers at 18. Two separate issues I may have confused. We do qualify (just barely) for the NYS free tuition. If she went away, she would still have to shell out about 15K for room and board. But with her trust money, she would still walk away with some left. But the free tuition grant requires her to reside in NY for four years after she graduates, and she had hoped to settle out of state. That's what I was referring to there.
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Old 07-12-2017, 10:20 AM
 
Location: under the beautiful Carolina blue
14,054 posts, read 21,127,177 times
Reputation: 9996
Quote:
Originally Posted by busymomonli View Post
She wants to be a physicians assistant, or perhaps go on to her PHD. Definitely medical field.
Go to undergrad in NY - she'll probably get a full ride if she's top 10 in her class or close to it. You should really be talking to someone knowledgeable about this, maybe a guidance counselor at the high school. If she's going to graduate school it would be nice to have the undergrad be paid for thru scholarships.

My nephew went to a private undergrad, but went to Stony Brook for med school. He had to try a couple times to get into med school, and then he did great and got into one of the top residency programs in the country and next year he's headed to Harvard for a fellowship.

Your life is what you make of it, regardless of where you go to school.
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Old 07-12-2017, 11:12 AM
 
208 posts, read 100,494 times
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Quote:
Originally Posted by CJim3 View Post
I'm confused about what the issue is here. she can move anywhere she wants to after she's done with school.
To get the "Free SUNY tuition" you need to live in NY for 4 years (I think) after you graduate.
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Old 07-12-2017, 11:44 AM
 
Location: Suffolk
15 posts, read 5,373 times
Reputation: 23
Thank you all for your opinions. I appreciate it!
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Old 07-12-2017, 12:13 PM
 
Location: Inis Fada
16,285 posts, read 25,927,368 times
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Quote:
Originally Posted by busymomonli View Post
My daughter will be a senior this year. She has money in trust from a lawsuit won when she was 2, which she will use for college. It is enough to probably pay for 4 years at a mid-priced private college. My husband and I disagree on the best use of this money. He would like her to go to a SUNY school and just pay the room and board, and walk away with some money left or to put toward her masters or a house. The downside is she had to reside the four years in New York, and she hopes to leave NY eventually. She wants to go to a private college out of state, where even after a scholarship, she would be left with little, if any, after paying for school. Looking for your opinions.
Have you discussed this with a tax accountant and college planner? Reading your comment, it would appear that your income will qualify your daughter for the Empire Scholarship. You're still going to need to apply for FAFSA, and (not knowing your situation) TAP (NYS) and PELL.

You have to see how the Trust money will count against you or your daughter when you fill out the FAFSA (which will become available to you, as the parent of a rising HS senior) this October. There are no application fees associated with FAFSA. You will be utilizing your most recent tax return (2016) and inputing other financial info such as how much you have in checking and savings, how much your daughter has, the Trust, etc. It will ultimately determine how much financial aid your daughter is eligible for once the FAFSA calculates your EFC: Expected Family Contribution. Financial Aid can come in the form of grants, work study and loans.

Don't forget the possibility of merit based scholarships in addition to need based scholarships.

Long story short, a private college may not be as expensive as you anticipate. We just went through this last year -- my youngest is a rising college freshman. One private school down south came in at $18,000/year (tuition, room and board) after merit scholarships and grants -- several thousand less than SUNY Geneseo, Binghamton, Cortland and Oneonta -- all of which offered nothing. Stony Brook offered $14K, SUNY Oswego $20K.
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Old 07-12-2017, 12:20 PM
 
Location: Suffolk
15 posts, read 5,373 times
Reputation: 23
I have spoken to a few college planners, and I work for an accountant. Both say based on our income and her having this money, we will likely not qualify for any needs based financial aid. I am banking on some merit aid based on her academics. She has plans to apply to some public SUNY and CUNY schools, along with some private. So I guess we will not know what we're looking at cost-wise until we get any acceptances. But I didn't think that merit scholarships ever cover room & board (I could be wrong), so I didn't think they could come that close to the SUNY schools with the free tuition.
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Old 07-12-2017, 12:26 PM
 
Location: Inis Fada
16,285 posts, read 25,927,368 times
Reputation: 6913
Quote:
Originally Posted by busymomonli View Post
I have spoken to a few college planners, and I work for an accountant. Both say based on our income and her having this money, we will likely not qualify for any needs based financial aid. I am banking on some merit aid based on her academics. She has plans to apply to some public SUNY and CUNY schools, along with some private. So I guess we will not know what we're looking at cost-wise until we get any acceptances. But I didn't think that merit scholarships ever cover room & board (I could be wrong), so I didn't think they could come that close to the SUNY schools with the free tuition.
https://www.cappex.com/hq/articles-a...olarships-Work

Merit scholarships come from many sources -- not just the college. If your daughter qualifies for a merit scholarship outside the school, and the check is written to her, it can be applied to room, board, books.
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Old 07-12-2017, 12:44 PM
 
Location: Suffolk
15 posts, read 5,373 times
Reputation: 23
You are right, I hadn't even considered that. Thank you for that reminder. So I guess it could work out cheaper to go private.
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