<p>What I found funny is that Fluffy decried the posting of a “sensationalist article.” I almost did a spit take w/my morning coffee!</p>
<p>Black kettles and pots?</p>
<p>Student loans forgiveness after 10 years of working in public service is not taxable. Forgiveness after 20/25 years of paying but just never getting anywhere is taxable. Debt forgiven because of a disability is also taxable.</p>
<p>Did not read the article. Did they say where the kids go? </p>
<p>We sent both of ours to probably the most expensive private Us. The total subsidized loan is less than 1/3 of the first year salary. </p>
<p>That was achieved without a $160K a year income to begin with. </p>
<p>Yes, people have options for colleges. It is good to know they are about to pay off the loans. </p>
<p>I also think these sensational titles are there to attract readers. The latest average loan amount is about $29,000 per student. </p>
<p>DadII…it sounds like the parents accurately reported their income/assets and therefore didnt qualify for any aid, therefore they turned to loans to fund.</p>
<p>M2CKS, do you know the basics of college financial aid system? If the family could not qualify for any aid, then that mean they have the meanings to pay for it. </p>
<p>Also, do you know any parents who do not “accurately reported their income/assets” for sure? You should know the aid is mostly depending on income, right? And the income is stated on the W-2s, right? You should also know that only 5% of parents assets count toward the expenses, right? </p>
<p>You do know there is an audit system for CSS profile, right? I don’t think anyone could risk their kids out of college for some FA.</p>
<p>“M2CKS, do you know the basics of college financial aid system? If the family could not qualify for any aid, then that mean they have the meanings to pay for it.”</p>
<p>Uhm, this is false. Many families do not have their EFC in a bank account somewhere. It’s a formula not a fact.</p>
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M2CKS, do you know the basics of college financial aid system? If the family could not qualify for any aid, then that mean they have the meanings to pay for it.
<<<<</p>
<p>are you serious? are you seriously asking ME that question???</p>
<p>family contribution is based on past/present/future earnings and assets. the family had no savings, so that would mean that any contribution would have to come from current income, impossible for them…or loans.</p>
<p>If this family had a good number of assets (for instance rentals) that were providing the family income, then the value of those rentals would likely mean no aid, yet they cant be sold to pay tuition. </p>
<p>why dont you ask yourself that question…if your intl homes/assets had been included when your kids’ need was being calculated, do you think you would have gotten enough aid? do you think that you would have been able to afford what those schools expected you to pay?</p>
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<p>Don’t forget: the vast majority of colleges do not meet full financial need. Some colleges, like NYU and BU, place a lot of their financial aid into merit money – most others can pay sticker, either out of pocket, and/or with loans. (The colleges don’t care where the money comes from.)</p>
<p>^^^</p>
<p>true…very likely the schools did not meet need. Certainly they would have had some need with 3 in college at the same time. </p>
<p>We dont know what these kids stats were. they may not have had the stats to get into the need-met schools.</p>
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<p>Oh please. Every year there are parents who have the means to pay for college who inquire over on the financial aid forum about hiding those means. And every year there are others who report about seemingly wealthy families who get need based aid. </p>
<p>Somewhere in the mix are some misunderstood finances…but my guess is there are also those who successfully game the system.</p>
<p>And even more nauseating are those who appear to have gamed the system and then come back to brag about it… Someone please hold back my hair while I barf my cookies. Makes me sick.</p>
<p>Question, how the heck can the system be gamed? They ask for every financial detail! No stone is left unturned! Especially with the CSS profile! I was beginning to think that the next page of questions was going to be about recent lab tests & my last colonoscopy! LOLOL </p>
<p>Don’t get me wrong, I didn’t mind it, but I don’t see how folks can lie…I would be afraid to. God forbid if it’s found out! The student is up a creek without a paddle. I would hate to put my child in that kind of position. And always looking over ones shoulder! And then, the lie has to continue for how many years after that. Not worth it. No way. </p>
<p>There are loopholes.</p>
<p>I know, with certain programs and the like, a student can receive scholarships thousands (up to $10,000 even) over their COA. When in reality they only use a percentage of it, leaving thousands in their pocket each semester. </p>
<p>But don’t most scholarships get sent to the college?? I know DDs big scholarships are. And they also want the students SS# before they hand over the check. Again, too much finagling. I feel like it catches up to them eventually. </p>
<p>Whoops! Wait. Slip of the tongue! </p>
<p>“Thousands over their need…” </p>
<p>In some cases it really isn’t much finagling. It’s just about being in the right programs, school, etc… “Bob”, for example, was able to receive about $26K in scholarships for his first year of college, but his expenses were really $18K for the year. That’s $8K that he got to pocket. He was able to get expenses waived and the school doesn’t readjust COA per student so the university’s cost of attendance was his ceiling. </p>
<p>I mean…it’s not illegal…but if people heard they wouldn’t be too happy. </p>
<p>It is very easy to lie about assets that are overseas. </p>
<p>Ooooooo okay! Not something I ever have to worry about!</p>
<p>I was just chatting to a friend and asked her about it. She says that many people file 2 tax returns. Wow, that takes some brass ones to mess with Uncle Sam like that! </p>
<p>Apparently some are exquisite at lying about being “dirt poor”. I wouldn’t be able able to sleep at night. But that’s me. </p>
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<p>I guess we’re not supposed to remember the facts as bragged upon in one thread and apply them to another. Good for you calling it out. </p>
<p>I have a theory that if we got money my family didn’t deserve, I’d buy a slice of pizza with a couple bucks of the ill-gotten gains and choke to death on it. It’s a theory, but apparently it only applies to people like us, because I’m surrounded by players who aren’t ashamed to hide assets.</p>
<p>wanna join me at the barf bag, ixnayBob?</p>