flyingpylon wrote:
The thing about the college financial aid formula is that it weighs income more heavily than assets. They expect parents to contribute 5.64% of non-retirement assets above the asset protection allowance per year. Here's a chart that shows the expected family contribution based on income:
Keep in mind that the chart shows EFC based on income only and does not include assets or contributions to retirement accounts (which actually get added back in and drive up your total EFC). Of course just like the federal tax code there are a boatload of variables, dependencies, and "gotchas" that will affect what you ultimately will pay.
Thanks for the chart. This is basically used to figure Pell Grant eligibility plus whatever the school may decide to kick in?
There's always unemployment or divorce if one wants to squeeze a little extra juice out of a funded school, not that anyone would ever do that in real life.
Colleges or universities have the legal authority to lower the EFC if there are unusual circumstances, usually brought to the financial aid office's attention as the result of an appeal of a financial aid award. These circumstances include:
Loss of Employment
Loss of Child Support, Alimony, etc.
Separation or Divorce
Death of Parent or Spouse
Medical and Dental Expenses not covered by insurance
Income was increased the applicable year because of a one-time lump sum that will most likely not occur again.
flyingpylon wrote:
I am by no means an expert on any of this, just a parent with a kid entering 9th grade next year trying to figure it all out before it bites me in the ass.
MediumTex wrote:
Another good way to get a good education at the least possible expense is to figure out how many classes you have to take at the Big Expensive School to get a degree, and take the rest of the classes at area community colleges and other inexpensive state schools.
My bachelors degree is from Southern Methodist University, but I only really went there for two years. The other two years were spread around six other (MUCH cheaper) colleges and universities.
I still finished in three and a half years, so that approach didn't slow me down at all. It was actually kind of fun putting the pieces together the way that I did.
I even got a "transfer student" scholarship from SMU.
A fellow SMU alumn! I knew you were smart, but now it all makes sense.
FWIW, my girlfriend at the time (now wife) worked for a while in the scholarship office. She often commented on how much money they give out for transfer scholarships, and wondered why more people don't do the same thing. You save money not just on the first two years at a community college but also on the last two on campus.
Another strategy: A fairly high-income friend of mine told his son he'd buy him any car he wanted (within reason obviously) if he earned a full-ride academic scholarship. It worked out well for both of them... his son is now enjoying his new bright-red Dodge Charger in his freshman year at Auburn University and my friend dodged an expensive bullet. Obviously the kid needs to have more than just a desire for a nice car, but it's a good plan for a very small number of families.
Libertarian666 wrote:
There is one way of organizing society that doesn't have these drawbacks.
Hint: it's not government.
You're obviously oblivious to the endless wars between tribes that we all had before government.
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
TennPaGa wrote:
I suppose part of the appeal of Trump to someone like me is that, while I'm certainly a member of the elite professional class, my immediate family roots are in the world of Trump-supporting types.
So you're a sell out, Mr. Transnational Elitist? Worthless. No vote from me!
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Pointedstick wrote:
How can somebody with average or below-average levels of intelligence, direction, or drive survive in this kind of world? Liberals like to talk up a big game about his societies will be judged by how they treat the least fortunate, and by that measure, ours is pretty rotten to people who could contribute something, anything, if things were arranged differently.
+1 This is why I could never be a conservative or elitist with my head up my butthole. They're just selfish pricks.
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Pointedstick wrote:
How can somebody with average or below-average levels of intelligence, direction, or drive survive in this kind of world? Liberals like to talk up a big game about his societies will be judged by how they treat the least fortunate, and by that measure, ours is pretty rotten to people who could contribute something, anything, if things were arranged differently.
+1 This is why I could never be a conservative or elitist with my head up my butthole. They're just selfish pricks.
You've been on a bit of a tear lately, posting incendiary comments all over the place.
Trumpism is not a philosophy or a movement. It's a cult.
Tyler wrote:
FWIW, my girlfriend at the time (now wife) worked for a while in the scholarship office. She often commented on how much money they give out for transfer scholarships, and wondered why more people don't do the same thing. You save money not just on the first two years at a community college but also on the last two on campus.
Because its not that easy to get into a 4-year from a community college. CA is loaded with failed, lower-class Hispanics trying that angle.
Anyway, MT's story is pretty nifty for his time (early 90's), but nowadays DIY is the modern approach: http://www.doityourselfdegree.com/
You can go as fast or as slow as you want, but one credit per month is the typical pace. Unfortunately, the degree to get 100% exclusively by testing out -- a business degree -- is also the most worthless (well, maybe not as much as a social science liberal arts degree or useless tripe like that). Employers just want to see that you made an effort and survived, not what you got a degree in. I think the stats are now that like 75% of college entrants drop out. I regret not having the "college experience" so that should play a significant factor in deciding where to go because the alumni network and dating prospects are arguably far more important than the degree now. Kids also need to get away from their parents, fuck up and make mistakes or they will not learn the skills necessary to be resilient.
Last edited by MachineGhost on Sat Mar 26, 2016 7:16 pm, edited 1 time in total.
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Ad Orientem wrote:
You've been on a bit of a tear lately, posting incendiary comments all over the place.
Maybe time to adjust the supplements?
Naw, I think after 17 of the 20 pages of unread topics, its definitely time to take that break for a few months again!
Seriously, do you people have a life? How do you get anything done? Yeah, rhetorical question.
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Ad Orientem wrote:
You've been on a bit of a tear lately, posting incendiary comments all over the place.
I didn't mean you. This is the "in group" and are excluded.
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Good luck.
