<p>
Huh?
Has nothing to do with taxes.</p>
<p>Huh?
Has nothing to do with taxes.</p>
<p>College funding has nothing to do with taxes?
In what state?</p>
<p>[Stand</a> Up For Education - Higher Ed Issues](<a href=“http://www.standupmontana.org/hEDissues.htm]Stand”>http://www.standupmontana.org/hEDissues.htm)
[Regents</a> seek overhaul of college funding | The Salt Lake Tribune](<a href=“Regents seek overhaul of college funding - The Salt Lake Tribune”>Regents seek overhaul of college funding - The Salt Lake Tribune)
[Concerns</a> Rise Over Funding of Public Colleges, Universities](<a href=“http://yubanet.com/california/Concerns-Rise-Over-Funding-of-Public-Colleges-Universities.php]Concerns”>http://yubanet.com/california/Concerns-Rise-Over-Funding-of-Public-Colleges-Universities.php)</p>
<p>I am not talking about college funding. You are.</p>
<p>but colleges need to strive to make college more affordable for everyone.</p>
<p>How are they supposed to do that? where are they supposed to get the money from? they are already hitting up alumni and other supporters as much as they can.</p>
<p>Running a college is costing more and more money these days. Campus and housing security alone is very costly.</p>
<p>outdated FASFA formulas do not help the situation</p>
<p>Even if FAFSA formulas were changed and everyone’s EFCs were reduced by - say 33%, that wouldn’t cause schools to have more money to give away. </p>
<p>My EFC is ridiculous, but even if it were somehow magically reduced to - say $15k - that isn’t going mean that colleges are going to magically have more money to give me.</p>
<p>
</p>
<p>Where do you think the money for Pell grants comes from? Taxes!</p>
<p>Whoa people, your running away with yourselves. Sorry, but colleges are a business and will spend their money on their priorities. Expansion plans, research, the best recruitment efforts teachers,etc. There should be better investments made in helping keep tuition cost down.
Stevensmama,
You haven’t read my posts. Government funding has nothing to do with my posts.</p>
<p>*rry, but colleges are a business and will spend their money on their priorities. Expansion plans, research, the best recruitment efforts teachers,etc. There should be better investments made in helping keep tuition cost down. *</p>
<p>So since you are speaking of private schools I agree, It is a business.
Whether you are looking at a private university, where students are paying a larger portion of their education than a public university which is underwritten by state residents- if there was not demand for the product/services, they would go * out* of business.</p>
<p>But as long as folks are lining up to pay full price for a school, whether or not they can “afford” it, why should costs be reduced?
It’s not like the same thing can’t be found anywhere else!</p>
<p>If you don’t want to pay the going rate for a Tesla roadster, buy a Kia- it is your choice.
But if your “special needs” can only be met with a Tesla, :rolleyes:, then don’t complain because the guy in the Kia got there in the same time.</p>
<p>^well that rationale may be true if you are the mind set that one size fits all. Every program is of equal value and that you come out on the same playing field, but reality is for many, that is not true, and in some cases you get what you pay for.</p>
<p>One can pay for the Tesla, but still complain that the parts cost too much. So if you buy the Kia, you shouldn’t complain because you got the bargain?</p>
<p>well that rationale may be true if you are the mind set that one size fits all. Every program is of equal value and that you come out on the same playing field, but reality is for many, that is not true, and in some cases you get what you pay for.</p>
<p>Or you get what you work for.
A student can enroll in an honors college in a larger university, they can get merit aid at a small private, they can fund their education through the military or other public service occupations.
Many, many different schools out there, many ways to attend, many ways to pay for it.</p>
<p>That I agree with. Back to what I originally said: every family has to evaluate their priority and figure out what is financially feasible for them. Its not one size fits all.</p>
<p>*If you don’t want to pay the going rate for a Tesla roadster, buy a Kia- it is your choice.
But if your “special needs” can only be met with a Tesla, , then don’t complain because the guy in the Kia got there in the same time. *</p>
<p>EK4…LOL…great line!</p>
<p>this is what happens when graduates from pricey schools (perhaps with debt) enter the work force and find out that their colleagues who went to inexpensive schools (with little-to-no-debt) are being paid that same as they are. It’s pretty frustrating to see a chunk of your take home check go to pay back big loans while your colleagues can use those same funds towards a new home.</p>
<p>The US News article states that the FAFSA formulas are outdated, in part because “The antiquated budget also can’t account for modern technological expenses such as cell phones, computers, or internet access.” Um… those things are luxuries, not necessities! Similarly cable or satellite TV which people pay a fortune for while claiming that they can barely make ends meet…</p>
<p>The US News article states that the FAFSA formulas are outdated</p>
<p>Even if the FAFSA formulas were updated to the point that everyone’s EFC decreased, that would not cause schools to have more money to give away.</p>
<p>An “ideal” FAFSA formula would decrease the EFCs of the “right” people and raise other people’s EFCs. The local variance in cost of living issue is a real one.</p>
<p>I’m not proposing that the government or schools necessarily give out MORE free money. And I know they already try to be as fair as possible in decided who to give it to. But any formula will get that wrong some of the time.</p>
<p>I agree with the OP. The FAFSA is a joke. So is college merit aid, for that matter.</p>
<p>We pay taxes to support the UNC system here in NC. It’s a great system, but many of its member schools have stinky merit aid. DS was accepted at UNC Chapel Hill, UNC Asheville, and Appalachian State, but he will probably go out of state for his undergraduate education – to Univ of Alabama, which offers full rides to National Merit Finalists. </p>
<p>I guess our instate schools are so besieged by NMFs that they can afford to beat 'em away with a stick. /sarc</p>
<p>I predict a brain-drain in states that stick it to parents / students in the fin-aid area.</p>
<p>BTW–FAFSA definitely does not take into account parental age, although it claims to do so. We had our kids late in life, and we are now at retirement age. FAFSA says that means $68K of our assets can be excluded fron their EFC calculations.</p>
<p>Who on earth can retire on $68K? In this rocky, uncertain economy???</p>
<p>It’s totally unrealistic. We’re expected to blow our retirement savings, thereby impoverishing both ourselves and our kids. After 35-plus years of hard work, frugality, and savings. Gee, thanks, FAFSA.</p>
<p>$68K plus all of your IRAs and 401Ks. I would think that’s where the bulk of a retiree’s money is. </p>
<p>I think a lot of school’s realize that performance on a single test to be a NMF doesn’t mean a lot except for bragging rights. State schools generally have a low enough COA to be reasonable for the middle class. </p>
<p>It was your choice to have kids late in life just as it was for us.</p>
<p>I’ve read most of the posts in this strand and it seems there are many of you who are “pros”, having btdt. I would love to pick your brains as to how we should approach this year and next year, having come late into the game but still wanting to be as prepared as we can be. Clearly, the best way to pay without debt would be to have the income and savings for college but we don’t. Here are some stats and thoughts and I’d love to hear advice on strategies. I’ve read a few books on paying for college but need to reread them and my notes.</p>
<p>Income 2010: Dad-78K Mom- $300 HS Junior- $1500</p>
<p>Have not looked at FAFSA. Collegeboard website EFC comes in around 10K but if income goes over 80K for 2011, that will increase.</p>
<p>Parents savings: 0 (We don’t expect this ever to change much as there are medical needs and a 53 year old house in need of much repair like new roof, etc)</p>
<p>Dad’s 401K: 46K</p>
<p>Home equity: 70K<br>
J
unior’s savings: $2,600</p>
<p>Junior’s 529 (grandparents set it up): 5K </p>
<p>2 more younger kids at home. </p>
<p>529 account will probably be used in senior year for more CC classes and maybe one or two university classes, so it will probably finish around 3K.</p>
<p>Junior, homeschooled/some college courses, has potential to make good money, 3K+, this year and either save it or buy a used car. Junior uses income for most discretionary costs (car insurance, phone, clothes, netbook, sports fees, musical instruments, etc)</p>
<p>Juniors stats: PSAT 225 so will be NMF most likely; 4.0 GPA 2320 SAT; some national awards and UMR status. Overall, possibility of going to highly selective college decent.</p>
<p>Right now on the list are 4 safeties that give full rides for NMF (and one school that offers combo full rides for another talent, chess), local UC, and some reaches such as Princeton that say they’ve eliminated loans.</p>
<p>Local state univ. isn’t an option as junior is now auditing upper division courses in intended major so coursework wouldn’t work.</p>
<p>Junior is interested in looking for scholarships this summer and might do science research and go for one of the “biggie” science scholarships (a real longshot!). Has applied for a 6K scholarship through father’s work and has a small (under 1K) bowling scholarship waiting.</p>
<p>Given these stats, what would be the best way to think about paying for college?</p>
<p>1) How should junior use his income? Should he spend his savings? Should he try to work as much as possible and save it all, fully knowing he’ll be expected to use it to pay for college?
2) Should we use up as much of 529 now or should we hang onto as much of it as we can?
3) Should junior try to find as many smaller scholarships as he can?
4)If junior somehow made it into a highly selective college and also got some merit scholarships, how would that effect what family is expected to pay? Say, COA is 50K and college says family should be able to come up with 9K and junior get the 6K scholarship, is family still on the hook for 9K? If so, how does family come up with that since there are no savings? Is it inevitable that family would have to take personal loans? Would this be a time to borrow from other relatives?</p>
<p>I know I have many more questions but I’m trying to wrap my head around it all. Thanks!</p>
<p>sbjdorlo, you should really start a new thread. Have you run your family’s numbers through one of the FAFSA forecasters to get your Estimated Family Contribution (EFC)? That’s an important number for seeing roughly what your family will be expected to contribute. [FinAid</a> | Calculators | QuickEFC](<a href=“http://www.finaid.org/calculators/quickefc.phtml]FinAid”>http://www.finaid.org/calculators/quickefc.phtml) You can also look at the Princeton financial aid website and run your numbers through their estimator to see what private colleges that require the college board’s Profile will estimate your family should contribute. </p>
<p>On to question 4:</p>
<p>
</p>
<p>Some schools will allow the student to use outside merit money to reduce the family contribution. Others won’t. It’s going to vary from school to school. My two cents worth of financial advice is that your number one priority should be retirement savings. There are also two younger children, so you do not want to blow the bank and your borrowing power on kid number 1. You’re in California, and we have no idea what will happen with the state budget and the cost (let alone the caliber 
) of a UC education. My personal opinion on borrowing from relatives is that it’s best saved for emergencies, and college is not an emergency.</p>
<p>Your son has the stats to apply to top schools that offer to meet full need. That also means he has the stats to apply to a variety of schools that will offer a great deal of merit aid, comparable to the NMF offers. Do a lot of reading here, and on the parents forum, to figure out what schools would be worth considering. For starters, I’ll suggest Rice. But really, start new threads. You’ll get more eyeballs that way.</p>
<p>It was your choice to have kids late in life just as it was for us.</p>
<p>With all due respect…how on earth would you know that? ;)</p>