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Post by ktdoesntscrap on Jun 10, 2015 2:48:38 GMT
I finally had to explain to my very white male child that scholarships for him in engineering are extremely limited. My dad left me $ and I put it into our state College Invest savings program. He did get two small scholarships, and I am thankful for those. I think we have enough for three/four years. Thankfully his high school was big on kids earning college credits and several of his teachers offered college credit classes. He was also able to attend the local college this year between classes. His high school paid for those. He has 27 credits before he starts his freshman year. That is like a huge scholarship in and of itself. You should check with your local Society of Professional Engineers, my brother was the president of his local chapter and they gave a big scholarship... it went almost completely to white males, he is always lamenting the number of women and ethnic minorities that apply. Statistically white males get more scholarship money for college than any other group. just an FYI.
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Post by 950nancy on Jun 10, 2015 3:03:05 GMT
I finally had to explain to my very white male child that scholarships for him in engineering are extremely limited. My dad left me $ and I put it into our state College Invest savings program. He did get two small scholarships, and I am thankful for those. I think we have enough for three/four years. Thankfully his high school was big on kids earning college credits and several of his teachers offered college credit classes. He was also able to attend the local college this year between classes. His high school paid for those. He has 27 credits before he starts his freshman year. That is like a huge scholarship in and of itself. You should check with your local Society of Professional Engineers, my brother was the president of his local chapter and they gave a big scholarship... it went almost completely to white males, he is always lamenting the number of women and ethnic minorities that apply. Statistically white males get more scholarship money for college than any other group. just an FYI. I know that many scholarships go to white males in many areas. It has always been that way. However, my son's graduating class had a lot more money go to females and minorities this year. I know they are trying to even the playing field. As a female, I can appreciate some of it for sure. It was just very apparent that the valedictorian (female) got a full ride medical scholarship (or a pre med) and the salutatorian (male) got 2K. They were less than a tenth of a percent away in GPA and scored within one point on the ACT. We knew in advance that scholarships would be very limited which is why I put most of my inheritance towards my sons' educations. It was the one thing that my parents truly believed in since my dad couldn't go to college and had to stay home and help with the family business (WWII era). I don't know of a single female that is going into engineering from his class. There are several minorities going into engineering that are going to other colleges in state.
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Deleted
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Jul 3, 2024 23:04:15 GMT
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Post by Deleted on Jun 10, 2015 3:11:25 GMT
It is a huge burden on students, but, nothing is stopping a parent from paying the student's loan. The upside to the loan in the student's name is the student may be eligible for later loan forgiveness based on income or job where the parent loan will never be eligible for forgiveness or adjustments. Then, if mom wants to use the ex's money to pay down the students loan she can.
Student loans only are a burden of the parents don't help pay them off.
banking on the "possibility" of loan forgiveness is not an incentive for my sister to put a loan in her daughter's name. she doesn't want her daughter carrying student debt even if she will pay for it. she feels, as a parent, it is her total responsibility. while some people use student loans as their personal ATM machines, my parents didn't believe in student loans and for now, neither does my sister. of course the cost of education is higher now and she is a single parent so who knows what next year will bring. but for now she wants to maintain that philosophy for as long as she can. for our family, there is no "upside" to any student loan when cash can do the trick. again, that's our family and I realize the same doesn't apply for many other families. I've decided you are trying to be obtuse. All I was speaking toward was the differences between a student loan in a student's name and the student loans in the parent's name. A loan in a student's name has options later for payment deferment if a job is lost, outright forgiveness, or can be paid by someone else. My daughter took a loan to finish her degree last semester. She landed a job this month. Her employer will pay up to $10,000 per year on her loans for her. But they wouldn't pay any parental loans. Nor will they raise her salary if she didn't have student loans. It would have been foolish for me to take out the loan because I felt a sense of duty. I never said there was an upside to a loan IF you have the cash available. But originally you said (or sounded like) your sister does NOT have the cash available. You made it sound like her only two choices will be a loan in the student's name or a loan in her name. I am pointing out to anyone who will listen (since you aren't) that there are some legitimately good reasons for as much of the load to be in the student's name as possible. Then you, as the parent, can pay on their loans as if it were a parental loan without loosing the benefits of a student loan.
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PLurker
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Jun 28, 2014 3:48:49 GMT
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Post by PLurker on Jun 10, 2015 3:17:52 GMT
Good advise, voltagain. Going through this now and I knew there was a reason to be in kids name (other than not being liable) but I had forgotten. Thanks for the reminder.
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Deleted
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Jul 3, 2024 23:04:15 GMT
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Post by Deleted on Jun 10, 2015 3:28:26 GMT
Good advise, voltagain. Going through this now and I knew there was a reason to be in kids name (other than not being liable) but I had forgotten. Thanks for the reminder. You're welcome.
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tiffanytwisted
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Jun 26, 2014 15:57:39 GMT
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Post by tiffanytwisted on Jun 10, 2015 3:37:38 GMT
So voltagain, not only are you writing my kid's admissions essay, you will be holding my hand when it comes time for financial aid issues. He's at the end of his freshman year in HS. Just giving you a heads up . . .
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Post by Basket1lady on Jun 10, 2015 3:39:45 GMT
Good advise, voltagain. Going through this now and I knew there was a reason to be in kids name (other than not being liable) but I had forgotten. Thanks for the reminder. I agree-very good advice. If it doesn't work for your family, that's ok. But it does give us something to consider. DS is considering a program in engineering called a 3-2 program where he gets 2 degrees in 5 years. If he goes a 5th year, I'm pretty sure we will need to take out a loan, as DD will be in her 3rd year. I'm glad to have this to consider, as I really haven't looked at loans since we won't need one this year.
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Post by ktdoesntscrap on Jun 10, 2015 11:44:44 GMT
I haven't thought much about the specifics of financing college other than putting money away, my daughter is only in 6th grade... but I would think if you take out a loan in your child's name and you pay it off.. you will be helping them establish good credit...seems like a win-win. great advice voltagain
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MsKnit
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Post by MsKnit on Jun 10, 2015 12:06:22 GMT
banking on the "possibility" of loan forgiveness is not an incentive for my sister to put a loan in her daughter's name. she doesn't want her daughter carrying student debt even if she will pay for it. she feels, as a parent, it is her total responsibility. while some people use student loans as their personal ATM machines, my parents didn't believe in student loans and for now, neither does my sister. of course the cost of education is higher now and she is a single parent so who knows what next year will bring. but for now she wants to maintain that philosophy for as long as she can. for our family, there is no "upside" to any student loan when cash can do the trick. again, that's our family and I realize the same doesn't apply for many other families. I've decided you are trying to be obtuse. All I was speaking toward was the differences between a student loan in a student's name and the student loans in the parent's name. A loan in a student's name has options later for payment deferment if a job is lost, outright forgiveness, or can be paid by someone else. My daughter took a loan to finish her degree last semester. She landed a job this month. Her employer will pay up to $10,000 per year on her loans for her. But they wouldn't pay any parental loans. Nor will they raise her salary if she didn't have student loans. It would have been foolish for me to take out the loan because I felt a sense of duty. I never said there was an upside to a loan IF you have the cash available. But originally you said (or sounded like) your sister does NOT have the cash available. You made it sound like her only two choices will be a loan in the student's name or a loan in her name. I am pointing out to anyone who will listen (since you aren't) that there are some legitimately good reasons for as much of the load to be in the student's name as possible. Then you, as the parent, can pay on their loans as if it were a parental loan without loosing the benefits of a student loan. Volt, I appreciate your advice. My first semester of college was Spring 2015. I had taken a few classes to see if I could do this, in the semesters leading up to full-time. We've been paying out of pocket. Having not been down this road. We simply have no idea how this works. So, I am listening and appreciative. ![:)](//storage.proboards.com/5645536/images/MNrJDkDuSwqIMVw33MdD.jpg) My son is starting college in the fall. We will be paying tuition, whatever his meager scholarships won't cover, out of pocket. For his first two years, he will be attending the local college. We will be commuting together. LOL! Between the 2 of us, after the scholarships' portions are covered, we will pay between $2K & $2500 for the semester for both of us. (I have more in scholarship money than he does.) We are lucky that tuition is on the cheap side locally. To the poster who mentioned miss lazy pants: I have one of those, only he is male. He couldn't be bothered with high school. Missed out on taking the SAT & ACT in school, because he 'forgot.' I've been riding his ss for 5 years...8 to 12. Quite frankly, I am tired of asking and reminding and pushing when he doesn't care. He has been warned that he has a semester of college. If his performance is going to remain the same, we are not paying for any more of his education. He could have had tuition paid, at any in-state school. But, he couldn't be bothered to make an effort. Grrr!
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Deleted
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Post by Deleted on Jun 10, 2015 12:28:52 GMT
I've decided you are trying to be obtuse. All I was speaking toward was the differences between a student loan in a student's name and the student loans in the parent's name. A loan in a student's name has options later for payment deferment if a job is lost, outright forgiveness, or can be paid by someone else. My daughter took a loan to finish her degree last semester. She landed a job this month. Her employer will pay up to $10,000 per year on her loans for her. But they wouldn't pay any parental loans. Nor will they raise her salary if she didn't have student loans. It would have been foolish for me to take out the loan because I felt a sense of duty. I never said there was an upside to a loan IF you have the cash available. But originally you said (or sounded like) your sister does NOT have the cash available. You made it sound like her only two choices will be a loan in the student's name or a loan in her name. I am pointing out to anyone who will listen (since you aren't) that there are some legitimately good reasons for as much of the load to be in the student's name as possible. Then you, as the parent, can pay on their loans as if it were a parental loan without loosing the benefits of a student loan. Volt, I appreciate your advice. My first semester of college was Spring 2015. I had taken a few classes to see if I could do this, in the semesters leading up to full-time. We've been paying out of pocket. Having not been down this road. We simply have no idea how this works. So, I am listening and appreciative. ![:)](//storage.proboards.com/5645536/images/MNrJDkDuSwqIMVw33MdD.jpg) My son is starting college in the fall. We will be paying tuition, whatever his meager scholarships won't cover, out of pocket. For his first two years, he will be attending the local college. We will be commuting together. LOL! Between the 2 of us, after the scholarships' portions are covered, we will pay between $2K & $2500 for the semester for both of us. (I have more in scholarship money than he does.) We are lucky that tuition is on the cheap side locally. To the poster who mentioned miss lazy pants: I have one of those, only he is male. He couldn't be bothered with high school. Missed out on taking the SAT & ACT in school, because he 'forgot.' I've been riding his ss for 5 years...8 to 12. Quite frankly, I am tired of asking and reminding and pushing when he doesn't care. He has been warned that he has a semester of college. If his performance is going to remain the same, we are not paying for any more of his education. He could have had tuition paid, at any in-state school. But, he couldn't be bothered to make an effort. Grrr! Good for you for going!!! It isn't easy to get started as a non traditional student! I finished my bachelors in December. It was sooo much fun. Now I'm trying to decide if I want to chase a masters or not.
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scrapaddie
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Post by scrapaddie on Jun 10, 2015 12:48:20 GMT
I was fortunate. My dad set up a trust fund and my case is paid by the earnings from the trust fund. When I graduated from college, the trust fund was dissolved and my dad still had all of the principal plus.
The case my daughter, she earned a full scholarship. (Merit-based). We were able to pay cash for everything else needed and for her fifth year of college since she did not graduate in four years.
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Post by choppedliver on Jun 10, 2015 13:01:45 GMT
I'm not much help because this is all new to me and we're apparently in very different financial situations but one thing I have learned is to stay in state if at all possible. Micaela is getting almost $11,000 a year in state aid alone, plus the in state tuition and no room and board. It's saving well over $35,000 per year.
Obviously, this varies by state.
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MsKnit
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Post by MsKnit on Jun 10, 2015 17:05:03 GMT
Volt, I appreciate your advice. My first semester of college was Spring 2015. I had taken a few classes to see if I could do this, in the semesters leading up to full-time. We've been paying out of pocket. Having not been down this road. We simply have no idea how this works. So, I am listening and appreciative. ![:)](//storage.proboards.com/5645536/images/MNrJDkDuSwqIMVw33MdD.jpg) My son is starting college in the fall. We will be paying tuition, whatever his meager scholarships won't cover, out of pocket. For his first two years, he will be attending the local college. We will be commuting together. LOL! Between the 2 of us, after the scholarships' portions are covered, we will pay between $2K & $2500 for the semester for both of us. (I have more in scholarship money than he does.) We are lucky that tuition is on the cheap side locally. To the poster who mentioned miss lazy pants: I have one of those, only he is male. He couldn't be bothered with high school. Missed out on taking the SAT & ACT in school, because he 'forgot.' I've been riding his ss for 5 years...8 to 12. Quite frankly, I am tired of asking and reminding and pushing when he doesn't care. He has been warned that he has a semester of college. If his performance is going to remain the same, we are not paying for any more of his education. He could have had tuition paid, at any in-state school. But, he couldn't be bothered to make an effort. Grrr! Good for you for going!!! It isn't easy to get started as a non traditional student! I finished my bachelors in December. It was sooo much fun. Now I'm trying to decide if I want to chase a masters or not. Thank you! I have enjoyed it so much. At present, I am taking a Biology class and lab. Summer school. Yay! For now, my goal is an AA. General Studies because my class choices have been so eclectic. I've been trying a little bit of everything. Learning is such a gift! Congratulations on attaining your masters!
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