Author Topic: How do i keep my family from falling into this "trap"  (Read 5402 times)

pbkmaine

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Re: community college. One of my sorority sisters transferred into Cornell from the local community college. There were no issues.

Here is some current information about transferring into CALS (College of Agriculture and Life Sciences)

https://admissions.cals.cornell.edu/apply/transfer/transfer-agreements/

boarder42

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Re: How do i keep my family from falling into this "trap"
« Reply #51 on: Today at 06:16:11 AM »
I'm going with the assumption that if my child grows up in our home and sees me retire before she goes to college, the mustachian stuff will be well ingrained in her decision making.

Agreed. You keep your kids out of this issue bc you are the biggest teacher in their life and you help them and coach them along the way.

Much Fishing to Do

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Re: How do i keep my family from falling into this "trap"
« Reply #52 on: Today at 06:29:59 AM »
Unless you go to medical school, you really have to try to get 200k of debt.  The average tuition at public universities for in state students was $9,970 for the 2017-2018 school year.

Do, teach your kid common sense, basic math and cost benefit analysis. Anyone who should go to college should be able to figure out that 200k of loans is not going to get a worthwhile ROI in almost any circumstances.

In Pennsylvania to go to one of the flagship state schools in state tuition plus dorm and meal plan is $120k for 4 years, and going to any other state's big schools would obviosuly be as much or more due to being out of state.  So I agree that 200k of debt is difficult to get into but its still easy to get into six figures (a lot of kids here think "but I'm just going to the state school, and graduating in 4 years, so the debt I obtain is obviously not egregious"). 

I agree with needing to do the math, but here that doesn't mean going to a state school solves the problem (which I think is a shame but the math is still the math), so you have to look to the other alternatives.

Are you referring to Penn State? Bc WOW that has gotten pricey. But IMO if you're going to drop 120k in loans (or parents pay 120k or whatever combo of funding) for anything, then why Penn State? Why not UPenn/some other ivy, MIT etc.  - it costs most families 120k or less bc the endowments have gotten to be huge so there is a LOT more aid than people realize; even if your family exceeds the income thresholds of 60k or 160k, you will still get SOME aid in the form of grants (unless your family income is literally that of a NYC hedge fund portfolio manager) and then the whole thing comes out equivalent to and likely even cheaper than Penn State or the like with a much higher end degree. Obviously the kid has to be good enough to get in but honestly if you're willing to take on 120k in debt be good enough to take it on for the best, not just some state flagship.

Yep, Penn State and Pitt.  I was surprised looking at how little that goes down for very low income families (like 20k/year instead of 30k) as I assumed college was going to start becoming more like the medical/pharma industries where they just charge everything you have but no more ;-)

Yeah, if one could get into an Ivy then that's an easier decision here, and the real costs for these type schools do seems drop a whole lot more for lower income students making it even affordable.
« Last Edit: Today at 06:33:13 AM by Much Fishing to Do »

OtherJen

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Re: How do i keep my family from falling into this "trap"
« Reply #53 on: Today at 06:39:29 AM »
Unless you go to medical school, you really have to try to get 200k of debt.  The average tuition at public universities for in state students was $9,970 for the 2017-2018 school year.

Do, teach your kid common sense, basic math and cost benefit analysis. Anyone who should go to college should be able to figure out that 200k of loans is not going to get a worthwhile ROI in almost any circumstances.

In Pennsylvania to go to one of the flagship state schools in state tuition plus dorm and meal plan is $120k for 4 years, and going to any other state's big schools would obviosuly be as much or more due to being out of state.  So I agree that 200k of debt is difficult to get into but its still easy to get into six figures (a lot of kids here think "but I'm just going to the state school, and graduating in 4 years, so the debt I obtain is obviously not egregious"). 

I agree with needing to do the math, but here that doesn't mean going to a state school solves the problem (which I think is a shame but the math is still the math), so you have to look to the other alternatives.

Are you referring to Penn State? Bc WOW that has gotten pricey. But IMO if you're going to drop 120k in loans (or parents pay 120k or whatever combo of funding) for anything, then why Penn State? Why not UPenn/some other ivy, MIT etc.  - it costs most families 120k or less bc the endowments have gotten to be huge so there is a LOT more aid than people realize; even if your family exceeds the income thresholds of 60k or 160k, you will still get SOME aid in the form of grants (unless your family income is literally that of a NYC hedge fund portfolio manager) and then the whole thing comes out equivalent to and likely even cheaper than Penn State or the like with a much higher end degree. Obviously the kid has to be good enough to get in but honestly if you're willing to take on 120k in debt be good enough to take it on for the best, not just some state flagship.

Yep, Penn State and Pitt.  I was surprised looking at how little that goes down for very low income families (like 20k/year instead of 30k) as I assumed college was going to start becoming more like the medical/pharma industries where they just charge everything you have but no more ;-)

Yeah, if one could get into an Ivy then that's an easier decision here, and the real costs for these type schools do seems drop a whole lot more for lower income students making it even affordable.

Yikes. My state’s flagship, U of Michigan, posts in-state undergrad tuition and fees of about $28K per year but there are some tuition discounts and waivers available for lower-income students, including free tuition for 4 years if your family has an income under $65K per year and less than $50K in assets.