https://www.irs.gov/individuals/aotc
Up to full education tax credit of $2500 when modified AGI is $160k or less for married filing jointly:
Ok… submitted the FAFSA.
@mommdc You need 30 credit hours of coursework and no lower than a B to get into Kelley. He has 12 credits from AP classes that will count. (5 that won’t count).
He is going to take a class at IUPUI in the summer, go one semester at IU with B’s or better, and apply to Kelley in the Spring of 2018 for the following fall.
IUPUI is offering him $6k, so after his loans (only $3k per year), it is basically free for me if he lives at home.
I told him if he doesn’t get into Kelley, he is coming home and commuting to IUPUI
That may seem harsh, but from my perspective, it isn’t worth it to pay the extra money unless he is striving for excellence.
It may sound crazy coming from a guy with no degree, but I have no degree because he was born when I was 19. There was no way we could stay together as a family AND his mother and/or I get a degree. Circumstances wouldn’t allow.
It was my own/our doing, but that was the choice we made.
He has a choice and if he doesn’t rise to the occasion and ends up at IUPUI, that will be his choice. We all make our choices.
I just don’t see the sense in paying all that money to graduate and not be in any better position than you would have been in without spending it in the first place.
This thread started because I was mislead by my wife’s text into thinking he had been accepted to Notre Dame. I encouraged him to apply but he wouldn’t. I have always pushed him to shoot high and if he was accepted to a school like Notre Dame I would have considered private loans or whatever it took because contrary to what another poster said, I believe if he did attend Notre Dame he would be able to write his ticket. But I had to push him into applying to schools other than IU.
That text I received from my wife this morning was totally wrong. However, it motivated me to post this thread. In turn, you all motivated me to take some necessary steps I had been putting off. Thank you!!
<<<Ahh, that is the 1% that I was referring to. Wall Street.
For virtually any other career goal, the name of the school wouldn’t matter.>>>
1%? Is this a political statement? LOL
I work in finance, and encounter many people who are successful and make a lot of money. I assure you, this matters.
No, I don’t have a degree, I know, but I am the extreme exception.
No I am not really worried about IU but I was worried about the prospect of Notre Dame. LOL
The tax credit is not means-tested.
And to the poster who suggested we open an account for each tax id-- it is “per-taxpayer” in Indiana. My wife and I filing joint makes us one tax payer. $1000 is the max tax credit.
Yes that will help also. Thank you.
This opportunity has been great for many kids and offer outstanding opportunities. In fact the placement compares favorably to IUB placement. You had mentioned IUPUI as a fall back position. It is s good option in its own right.
https://kelley.iupui.edu/recruiters-companies/recruiters/salary-statistics.html
Name of school matters for an undergraduate degree in the sense that some schools draw a lot of recruiters onto campus, and some don’t. If you are at a school that doesn’t draw a lot of recruiters, the search for employment will be more burdensome.
The Big Ten schools all attract enormous quantities of recruiters from quality companies. There have been studies concluding that many employers prefer graduates from large, public flagships to graduates from smaller, “elite” privates. Something about surviving the large school process vs perceived handholding.
IU will provide good opportunities, and particularly graduates of its highly touted business program. Fingers crossed that your S gets into it.
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.@mom2collegekids
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<<<Ahh, that is the 1% that I was referring to. Wall Street.
For virtually any other career goal, the name of the school wouldn’t matter.>>>
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1%? Is this a political statement? LOL
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I work in finance, and encounter many people who are successful and make a lot of money. I assure you, this matters.
<<<<
No! Lol. If you look at my earlier post, I said that the name of the undergrad doesn’t matter for 99% of careers.
Then you mentioned Wall Street Banking. That’s the 1% where the name of the school matters.
If you had said that your child was interested in becoming an engineer, doctor, teacher, nurse, dentist, programmer, or some other profession, then the undergrad school’s name wouldn’t matter.
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Up to full education tax credit of $2500 when modified AGI is $160k or less for married filing jointly: <<<
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Looks like he’ll miss this for fed tax credit, but may get the state one.
Can Federal and state tax credits be cumulative?
The institution matters for more than Wall Street finance : for performing arts (connections are essential); for international relations; for most humanities (depending on institution that major could connote high rigor or in the contrary blow off major). For foreign language and math, the actual offerings matter too if the student is advanced in high school.
Being premajor is risky. There’s a class called Finite Math that’s weed out - it’s * designed * to ‘weed’ half the class from Kelley contention, period. I think the requirement is only waived if you have a high AP calculus score - check because it’s become stricter recently. If he’s got to enroll in that class, I strongly suggest he buy the textbook and studies over the summer. The half that’s weeded out aren’t lazy or stupid - but regardless of how well-prepared and hard working they are, the class is designed to keep students out if Kelley and it does. Forewarned is forearmed. 
As for why employers prefer large state schools : the 'hand holding ’ explanation offered above was actually floated by a poster on a thread but has no basis in the actual report. Mostly, it’s because it’s more cost efficient (more students in one place) and good students have good skills for entry-level positions.
Be aware that the scholarship he has to IUPUI won’t be there once he’s enrolled at Indiana U. So, if he comes home and commutes after his first year, the costs will be much lower than at Indiana U but still won’t be nothing.
Have him look into Living Learning communities asap - spots in those go fast.
Also, if he has to clear the first year entry hurdle to Kelley - and, remember : most don’t - you may want to tell him he should wait till sophomore year to rush a fraternity if that’s his interest. Rushing usually results in a lower GPA because much time is dedicated to the fraternity duties, and in a competitive environment such as a weed out first year, students really ought to be 100% focused on getting in. Clubs and activities are healthy and necessary but not huge time commitment activities such as rush (with heavy daily time commitment )
Doubt and FA at IU in your case. Sounds like you are in fairly good shape to pay for IS in Indiana. If you focus on paying the tuition in two chunks, then do the monthly payments for RB, you should be fine. You are used to living on less income, so you are in a good place. If you get a tax credit (fed and state) even better.
Admire your goal to avoid loans. I feel bad for kids stuck with them! I had massive loans, and the essentially delay your loan from and force your career choices.
Good luck!
Thanks for the heads up on Finite Math. I believe I have heard that somewhere before.
My son is advanced in everything but Math. He didn’t take any AP math. I erred in allowing him to pursue the things that he was most interested in and being average at the things he was not. I learned that this was a mistake when he took the ACT/SAT. I will not repeat that one with the younger kids.
We will get the Finite Math text book and study this summer. He is only taking pre-calc in his senior yr of HS… do you know if he will be able to take Finite Math before he takes Calculus?
College is not like high school, unless a student has taken AP or dual enrollment college classes and has done very well in them, you cannot always expect them to get As and Bs in college, especially in college math and science classes.
I don’t think Kelley admission is automatic, even if you meet the 30 credits and nothing less than B, not even B-, requirement, it seems to be competitive.
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We will get the Finite Math text book and study this summer. He
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You might have him work with a math tutor over the summer with that book since the class is a weeder. The tutor can work on any shortcomings.
If Calc is a prereq for that class, then he can take that over the summer at a CC.
Thanks for the info @mommdc.
He has 17 AP credits. And he got a 3 or higher on every AP exam. I think he can do it if he applies himself.
Some schools don’t give AP credit for a 3. He will have to check.
https://admissions.indiana.edu/apply/freshman/ap-exam-credit.html
Also it says that each school within IU determines credit awarded for each AP exam and score.
This is what the requirements are for current IU student admission to Kelley:
https://kelley.iu.edu/Ugrad/Admissions/CurrentIU/page39067.html
quote:
For Kelley both calculus and finite math are required. DS was able to place out of calc with AP credits, but is still required to take finite.
So @MYOS1634 if you have kids interested in any of the above fields, they really should consider taking out massive loans to actually be able to accomplish their ambitions? Or should they find a more practical major if cost for these institutions are beyond a families finances?
They shouldn’t take massive loans but a lot of prestigious institutions have excellent financial aid so the dichotomy isn’t “English at Kenyon with major debt vs. English at Central Arkansas without”. It may well be "Kenyon with federal loans, or central Arkansas without ", in which case Kenyon is the better value for an English major.
If the family can afford the school without parent loan, it’s worth it for the child even if sh/e could go for cheaper at a 'lower ranked ’ school. For those from higher income brackets who need merit aid, the trick is in leveraging what one has (cultural capital) to find what is needed - Chinese at West Kentucky, IR combined to IB at usc Columbia Honors, etc.
Well, I know in our case, even excellent aid is not going to be enough, and the schools where it could work would be next to impossible to get into, very low acceptance rates.
So we are back to borrowing too much, or taking a different major.
Parent I know had a daughter in the performing arts. She couldn’t afford the schools where daughter would most likely have the “connections,” though she still borrowed for the school daughter did attend. Daughter graduated, lived in NY for awhile trying to get work, had to come home with rather large loans to pay off.
Mother now wishes she had insisted daughter had taken a different major.
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Income of $125k in 2015, probably $180k for 2016, probably over $200k thereafter. Family of 6, filed joint return. <<<
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Clueless, I don’t think I need to state the obvious to you since you are in finance and I don’t know your family budget, but my suggestion is save every penny of your income increases. You will be happy you did so in the coming years with retirement and your kiddos’ upcoming college expenses.
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1250 sat, 28 act, 4.01weighted gpa, 3.75 unweighted <<<
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Clueless, your son should petition to be a direct admit to IU Kelley. His weighted GPA meets the criteria, but his test scores do not. However, your son’s GPA allows him to be eligible to petition. Here’s the information: https://kelley.iu.edu/Ugrad/Admissions/Future/page39066.html.
If your son is truly interested in business, being a Kelley graduate vs an IUPUI graduate will make a world of difference for immediate job opportunities following graduation. https://kelley.iu.edu/Ugrad/Career/page39076.html
If Op’s son has the GPA, if he should retake the SAT in January and score better, would that help his application to Kelly? If son were to get some tutoring and intense prep, while he still has a day to register for the exam, maybe this will help bolster his appeal.