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I think you're worrying about it too much. If you make sure your student goes to the best schools, has the best private tutors, coaches and extra-curricular teachers... the chances of them getting funded through college is slim.
I am confused a bit here. Why would I be screwing my kids over by not paying their college tuition? We make combined income over $123K a year.
I am not understanding why I have to pay kids tuition. My mom didn't pay my tuition, not even gas money. I got a loan and I am paying it off now. I am even doubling payments to reduce interest.
Thanks for any comments.
It is certainly your choice but consider that the student loans you got were a lot cheaper than what is offered today and the costs are much higher so it is a significantly higher expense for a kid to go to and finance it out for the next 30 years.
Why saddle the kid with huge debt so early in life?
I used the FinAid to get me through and then paid my way at the end. However some of my co-workers had parents to pay their way. Must be nice and I would have more money at the end of the month if I didn't have the loans. Not the end of the world though.
Same here man. I paid my own way through college, I wouldn't dare ask my mom for money for school. That's my job, not her job. My wife thinks the same thing. We teach our kids responsibility of their academics and we made it absolutely clear that mommy and daddy probably will not be paying for your college.
With that being said, if they get get to 11 grade and they making good grades and showing responsibility, then i will think about paying for 1 or 2 year of tuition. But if they assing around with facebook and making C and stuff and not being on top of their game, its a no deal. I love them dearly, but I want pay for college if my child making bad grades I don't approve of. They can get loan and work just like I did and I turned out just fine.
I just wanted to make sure my income want prevent them from getting a student loan.
It is certainly your choice but consider that the student loans you got were a lot cheaper than what is offered today and the costs are much higher so it is a significantly higher expense for a kid to go to and finance it out for the next 30 years.
Why saddle the kid with huge debt so early in life?
Good comment. There is a flip side to this as well. I knew kids in college that was pissing the parents money off too. some was dropping classes, changing degree plans every one year and making bad grades as well. Its not about me giving them hugh debt, its about them showing and proving they got their mind right, before daddy take his hard earn money and put towards their college future. So, I will get back to this subject once they get to 11 grade and I can evaluate what they wanna to do.
11-25-2012, 04:15 PM
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Quote:
Originally Posted by darrell2525
Thanks for the comment.
I am confused a bit here. Why would I be screwing my kids over by not paying their college tuition? We make combined income over $123K a year.
I am not understanding why I have to pay kids tuition. My mom didn't pay my tuition, not even gas money. I got a loan and I am paying it off now. I am even doubling payments to reduce interest.
Thanks for any comments.
Because that $123k you make will be considered when calculating how much financial aid your kid will get, and in what form that aid will be given. Like I said, it may not be fair, but that's how it is.
Quote:
Only if said "child" remains a Dependant.
Which they most likely will unless they get married or have a kid or something. It is not as simple as not declaring them on your taxes.
Which they most likely will unless they get married or have a kid or something. It is not as simple as not declaring them on your taxes.Dependency Status | Federal Student Aid
Deals only w/subsidized loans, which, IIRC, a given institution can decide to grant anyway. FWIW, I know there's a diff between the IRS & DoEd rules.
Deals only w/subsidized loans, which, IIRC, a given institution can decide to grant anyway. FWIW, I know there's a diff between the IRS & DoEd rules.
The vast majority of schools use the FAFSA to determine whether a student is dependent or independent regarding financial aid. Unfortunately for the OP her children will probably not qualify for much federal aid other than unsubsidized loans if she makes $123K (or more).
How much will college cost in about 6 years? About $40k. My daughter is now in the 6th grade.
I may be better for me to start saving now for this college.
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