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I would consider several things. I would look into going to a cheap(er) public college in your home state. You could also attend community college while living at home for two years, then transfer to a state school. Check and make sure your degree plan will allow this first.
Another option might be to join the military if that is something that interests you. After you serve for a period of time, one of your benefits will be paid college.
Last edited by kitkatbar; 03-17-2022 at 06:11 PM..
If A & B are identical students, A gets a free ride because he can’t afford to pay. B also can’t afford to pay but gets a $80k bill. A gets rewarded for what his parent did or didn’t do while B gets penalized for same thing. It’s unfair, both should get $40k bill and deferred loans until they start earning and paying back.
That said, no college with big endowment, non profit tax exemptions and federal grants should be charging $80k to begin with.
There are different shades and degrees of “can’t afford to pay.” While there are many imperfections in the college financial aid process (especially to the degree that there are cliff effects), if someone has to end up with a windfall, it should at least be the person most in need.
Quote:
Originally Posted by leastprime
The 80k$ is for those who can pay and will be charged accordingly.
You’d be amazed that there are quite a few.p
That’s not necessarily true. There are plenty of people who are too well-off for financial aid but would still struggle to pay sticker price at upper-tier private universities (without necessarily having saved irresponsibly for higher education).
There are different shades and degrees of “can’t afford to pay.” While there are many imperfections in the college financial aid process (especially to the degree that there are cliff effects), if someone has to end up with a windfall, it should at least be the person most in need.
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The problem with "can't afford to pay" is it's defined by a formula totally out of date with today's costs and incomes. There's a vast gap between what the formula says the Expected Financial Contribution (ie what the system thinks you can afford to pay) and what you can actually afford. One of the big problems is it actually penalizes parents who have saved for retirement and lived a modest lifestyle to do so while rewarding parents who've lived beyond their means and haven't saved even if their incomes are identical.
Quote:
Originally Posted by ElijahAstin
That’s not necessarily true. There are plenty of people who are too well-off for financial aid but would still struggle to pay sticker price at upper-tier private universities (without necessarily having saved irresponsibly for higher education).
Not just at upper tier, but even many state universities today. It is the trap for the middle class -- too rich to be poor and too poor to be rich. They get most of the bills and few of the benefits.
I would consider several things. I would look into going to a cheap(er) public college in your home state. You could also attend community college while living at home for two years, then transfer to a state school. Check and make sure your degree plan will allow this first.
Another option might be to join the military if that is something that interests you. After you serve for a period of time, one of your benefits will be paid college.
No one with an acceptance to MIT and a full ride to state school has to attend a community college or join military to pay for college. They can get free rides at dozens of colleges they don’t want to attend.
Unless a student is considered independent per FAFSA's rules (very restrictive), then parents' assets/income count.
E.g.: Older, retired parents (or, let's say near retirement age) with $1.5mm or more in savings (excluding primary home equity and IRA type retirement accounts) - i.e., plenty of middle income retirees in HCOLA areas - qualify for $0 aid at an $82,000/year college (that is the total cost, room board tuition fees, at many of the highly competitive colleges now). Parents are expected to use 5.6% of their assets per year for college.
I know, doesn't seem a hardship for a family with $1.5mm in savings to pay $82k/year for college - per child, 4 years per child - but I would refuse. 2 kids and that's 1/3rd of those savings gone.
OP Please consider your state's flagship college, if you must have prestige, else just go to a 4 year public college in your state that has a good dept. for your major; get very good grades; do internships; get great summer experience - that is worth far more than $240k in extra tuition. If you can stand your parents commute.
I went to fancy name college and grad school (long ago when it was cheap), and I promise you it wasn't worth $240k more than going to public college. You get what you put into any college.
The problem with "can't afford to pay" is it's defined by a formula totally out of date with today's costs and incomes. There's a vast gap between what the formula says the Expected Financial Contribution (ie what the system thinks you can afford to pay) and what you can actually afford. One of the big problems is it actually penalizes parents who have saved for retirement and lived a modest lifestyle to do so while rewarding parents who've lived beyond their means and haven't saved even if their incomes are identical.
What about the kids, though? Should they have to pay even more dearly for their parents’ mistakes? Financial aid formulas are far from perfect, but they are fairly good at helping out the poorest students, who need it the most.
My wife grew up in a very modest single-parent household in the Upper Midwest. Thanks to the robust need-based aid at her Ivy League university, tuition and room and board were 100% covered, and she managed to graduate “only” with ~$30k in debt to cover living expenses (which she managed to pay off in five years). Now, the Ivies, by far, are the best with need-based aid, but even then, there are donut holes and cliff effects. A student from an upper middle class two-parent household with two other siblings in the Northeast might have to take out twice as much in loans to pay their way through undergrad. I’m not saying that’s fair, and it’s proof that even the best financial aid regiments are highly flawed, but when push comes to shove and there’s only so much money to hand out, the students who need it the most should be covered first.
I am not qualified for FAFSA due to my parents not having a low enough family income. only ($5000) loan was qualified after filling out the FAFSA form. I don't even qualify for a Pell grant. This will mean, if I am not qualified for a grant, it seems like the 80K a year private college are expecting my parents to use their retirement savings for me to attend a private college. and the retirement savings isn't in a retirement account but in the bank, that is why we are not qualified for FAFSA, though my parents were planning on using the savings as retirement, but they left it in a regular bank account. of course the other way is for me to work full time as I attend college.
My question is, what are other types of grants or loans can I apply and look into?
or this will mean the college is expecting my parents to use their savings (they want to help, but if I can get a loan, I rather do that)
sorry, we don't have much information about this, thank you for your time
No - the colleges have no expectation as to your source of funds. How you pay for it is your business.
As others have said, you'd better change your expectations regarding college. Find something in SLC that is cheaper and lets you live at home.
Your parents have no obligation to pay for your advanced education and you should expect them to pay for it.
You want to go to college?
Pay for it.
Work.
Delay.
Change schools.
If you plan to go to college, you should be adept at research. Use the internet to research grants, less expensive schools, work/study programs, and so on. Presumably, you are familiar with Google and other search engines. Use them. If you have to work full time and delay college, that's fine.
Regardless of how you decide to pay for YOUR education, your parents should never never never use their retirement savings for your college expenses.
No - the colleges have no expectation as to your source of funds. How you pay for it is your business.
As others have said, you'd better change your expectations regarding college. Find something in SLC that is cheaper and lets you live at home.
Your parents have no obligation to pay for your advanced education and you should expect them to pay for it.
You want to go to college?
Pay for it.
Work.
Delay.
Change schools.
If you plan to go to college, you should be adept at research. Use the internet to research grants, less expensive schools, work/study programs, and so on. Presumably, you are familiar with Google and other search engines. Use them. If you have to work full time and delay college, that's fine.
Regardless of how you decide to pay for YOUR education, your parents should never never never use their retirement savings for your college expenses.
Unless you’re an older, non-traditional student, or emancipated, need-based aid is determined by your parents’ financial status, and parents should contribute as much as they can responsibly afford (which, in some cases, is $0). But that’s what I’d consider a moral obligation that comes with being a good parent.
Of course, draining your retirement savings to pay for your kids’ schooling is not responsible. I will go great lengths to minimize, and ideally eliminate, my children’s post-secondary educational debt, and am reasonably optimistic we can make that a reality for at least their undergraduate educations. But I won’t touch our retirement accounts to make that happen. If there ends up being a gap at the time, hopefully we can help make up for it on the back-end, like helping with a down payment for a first house.
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