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The flip side of this, is students with wealthy parents who aren't going to finance any of their college education are screwed in the current situation. The student has to put down family income on the form, and that keeps them from getting any kind of financial aid or even scholarships, usually. That's no more fair than what's going on here, with parents giving up custody.
You don't have to be "wealthy", either.
I was divorced when my daughter was small. Was a single mother, rarely received child support, lived paycheck to paycheck and with running credit card balances, and obviously was not able to save for college.
In the last few years before my daughter graduated from high school, I received several successive promotions, and my income increased. Meanwhile, her alcoholic father pulled himself together enough to obtain a good job and make a livable salary. So, when it came time to complete the FAFSA, we weren't eligible for any financial aid except for loans. Neither of us were "wealthy" by any stretch of the imagination.
So, we both went into debt to get her through. No regrets on my part. I've paid it off.
Have you ever noticed that some not all billionaire sports team owners ask cities/counties/states to help pay for some or all of the cost of a new stadium/arena which can cost a billion or more. You want to know why, they aren't stupid, they didn't become wealthy spending their own money. They will take every handout they can, just like the homeless bum on the street!
The following is not really related, but close:
I remember reading on a back of a cereal box a few years ago that its company was going to donate $100,000 for some kind of literacy campaign and asked others to contribute, also. Sorry, but my reaction was pure disgust. This company takes in BILLIONS in a single year, and their big contribution to end illiteracy was a measly $100k??!! Many individual millionaires donate more than that to charities, and even my husband and I donate an average of a couple of thousand a year to various charities, and we are not even all that wealthy!
Doesn't bother me rich people got some advantages getting their kids into college. We're talking dozens of kids not tens of thousands of kids (who also benefit from racial preferences, bonus SAT points, quotas, affirmative action, etc). Rich people deserve the perks: they paid for the colleges that everyone including the children of people who don't pay any taxes, enjoy. They paid via donations or taxes. Besides, chances are those rich people are high IQ (excluding celebrities) so, since IQ is 80% genetic, their kids are probably high IQ, but those high IQ kids got bumped so lower IQ kids could cut to the front of the line.
In my opinion a college degree for kids today is the minimum parents should provide assuming your child is a decent student. Colleges are full of kids that are simply extending the party started in high school. If the kid isn't an A/B student in high school then its time for Junior to get a job. But in many households jobs seem to be an evil 4 letter word.
I knew someone that spent $300,000 on K-12 private school education and even rented a Lamborghini for the kid to drive to prom. Upon graduation the kid announced they were not planning on going to college. At no point during that 300K education did they have a come to Jesus meeting and discuss college? Why spend 25K a year on private school if the kid wasn't going to further that education? To me that parenting opportunity was a complete FAIL and a huge waste of money.
In my opinion a college degree for kids today is the minimum parents should provide assuming your child is a decent student. Colleges are full of kids that are simply extending the party started in high school. If the kid isn't an A/B student in high school then its time for Junior to get a job. But in many households jobs seem to be an evil 4 letter word.
I knew someone that spent $300,000 on K-12 private school education and even rented a Lamborghini for the kid to drive to prom. Upon graduation the kid announced they were not planning on going to college. At no point during that 300K education did they have a come to Jesus meeting and discuss college? Why spend 25K a year on private school if the kid wasn't going to further that education? To me that parenting opportunity was a complete FAIL and a huge waste of money.
K-12 in private school taught them more they will ever learn in most colleges. Most attend college just to get a degree in something. Education never ends. Attending college is just one way of attaining it.
In my opinion a college degree for kids today is the minimum parents should provide assuming your child is a decent student. Colleges are full of kids that are simply extending the party started in high school. If the kid isn't an A/B student in high school then its time for Junior to get a job. But in many households jobs seem to be an evil 4 letter word.
I knew someone that spent $300,000 on K-12 private school education and even rented a Lamborghini for the kid to drive to prom. Upon graduation the kid announced they were not planning on going to college. At no point during that 300K education did they have a come to Jesus meeting and discuss college? Why spend 25K a year on private school if the kid wasn't going to further that education? To me that parenting opportunity was a complete FAIL and a huge waste of money.
I went to public schools K-12, but they were among the top 1% in California in one of the most affluent communities in the state. One of my best friends in high school was the oldest of three kids. His dad was an only child, and his paternal grandfather was worth $150 million (and this was in the 70s). When my friend turned 16, his dad told him he could have any car he wanted, and he picked a Firebird. When my friend turned 18, his dad gave him a particular sum of money so that the after tax amount that went into my friend's account was $5 million. His two siblings each got the same when they turned 18. The grandfather (who made the money) had a graduate degree, but my friend's dad never went to college. After high school, my friend's dad became a Marine and then, after his honorable discharge, he became the general manager of one of the hotels that the grandfather owned. Four of my classmates each got an exotic car as a high school graduation present (IIRC, two got Ferraris, and two got Lamborghinis). One of the teachers at my high school came from money, and used his Ferrari as a daily driver. There was another parent, a dad, who was worth $150 million. He had inherited all of it. He and my dentist volunteered together for some charity event, and my dentist told me that that dad told him that he wished that one of his kids would get a job...any job. This was sort of interesting because the dad spoiled the kids, and the dad himself had never worked . The dad died before what should have been his time, and he left $50 million to his wife, and $100 million to his kids. The kids are now in their 60s and, AFAIK, not a one of them has ever worked.
I went to public schools K-12, but they were among the top 1% in California in one of the most affluent communities in the state. One of my best friends in high school was the oldest of three kids. His dad was an only child, and his paternal grandfather was worth $150 million (and this was in the 70s). When my friend turned 16, his dad told him he could have any car he wanted, and he picked a Firebird. When my friend turned 18, his dad gave him a particular sum of money so that the after tax amount that went into my friend's account was $5 million. His two siblings each got the same when they turned 18. The grandfather (who made the money) had a graduate degree, but my friend's dad never went to college. After high school, my friend's dad became a Marine and then, after his honorable discharge, he became the general manager of one of the hotels that the grandfather owned. Four of my classmates each got an exotic car as a high school graduation present (IIRC, two got Ferraris, and two got Lamborghinis). One of the teachers at my high school came from money, and used his Ferrari as a daily driver. There was another parent, a dad, who was worth $150 million. He had inherited all of it. He and my dentist volunteered together for some charity event, and my dentist told me that that dad told him that he wished that one of his kids would get a job...any job. This was sort of interesting because the dad spoiled the kids, and the dad himself had never worked . The dad died before what should have been his time, and he left $50 million to his wife, and $100 million to his kids. The kids are now in their 60s and, AFAIK, not a one of them has ever worked.
Lots of people claim huge money inheritances but if you break it down, rarely is it as much as people assume. The bigger the number, the better the story.
In reality 2-3 million can easily return 100K+ a year net income. So as long as the spending is kept in check, the cash should roll in for eternity.
In my high school a mob kid daily drove a Testarossa. Other kids drove nice BMW/Mercedes offerings if dad was a CEO type.
Best inheritance story I've ever heard/seen first hand: Kid inherits a chain of newspapers (huge papers) and never really works but is very thrifty. Years later he has a few kids, one of which is a car/motorcycle guy......if it was fast then he bought it and usually raced it. Eventually owned dealerships to help support his hobby. The old man just shook his head, didn't get it.
The "kid" who inherited everything lived a very nice life (made it to 85) and was driving a Prius to save gas. His kids were the ones who had all the fun!
The flip side of this, is students with wealthy parents who aren't going to finance any of their college education are screwed in the current situation. The student has to put down family income on the form, and that keeps them from getting any kind of financial aid or even scholarships, usually. That's no more fair than what's going on here, with parents giving up custody.
How truthful is this though? I ask this because the company I work for, the head engineer makes about $200,000 a year, and has invested into his children's college funds, so he had the money, but both his daughters were very high achievers and ended up getting full scholarships to any college they wish. One ended up going to MIT and plans on joining the Naval Academy after that (she wants to get into the CIA) and the other went to Columbia university to pursue a medical degree. So, I would think as long as the student has very high GPA's and references, they still can get a scholarship regardless of what their parents make. And, this is how it should be. Scholarships going to only the best and brightest.
The flip side of this, is students with wealthy parents who aren't going to finance any of their college education are screwed in the current situation. The student has to put down family income on the form, and that keeps them from getting any kind of financial aid or even scholarships, usually. That's no more fair than what's going on here, with parents giving up custody.
No one gets screwed because their parents aren't going to pay for their college. Where students get screwed is having their parents income taken into consideration for financial aid.
The public gets screwed overall by having a federal financial aid program.
Doesn't bother me rich people got some advantages getting their kids into college. We're talking dozens of kids not tens of thousands of kids (who also benefit from racial preferences, bonus SAT points, quotas, affirmative action, etc). Rich people deserve the perks: they paid for the colleges that everyone including the children of people who don't pay any taxes, enjoy. They paid via donations or taxes. Besides, chances are those rich people are high IQ (excluding celebrities) so, since IQ is 80% genetic, their kids are probably high IQ, but those high IQ kids got bumped so lower IQ kids could cut to the front of the line.
How do you know what real numbers? They should be shot for cheating, not commended.
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. The dad died before what should have been his time, and he left $50 million to his wife, and $100 million to his kids. The kids are now in their 60s and, AFAIK, not a one of them has ever worked.
