Just Curious: Post if you have a Masters, Law or MD and your parents did not pay for college

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ugh, parents who make a million a year should pay for their kids' colleges! First, you are screwing your kids if not because they can't qualify for most of the aid that is out there! Second, that aid should be reserved for kids who otherwise couldn't afford it, not for people whose parents are making a million a year. Absurd.

I'm a PP whose parents did not pay for college. I think the attitude is largely a generational one. My parents felt that when I became an adult at age 18, I had all the rights and responsibilities of an adult. I could do whatever I wanted with my life without interference from them, and they were under no obligation to care for me. Of course they were still my parents, so they'd invariably try to meddle in my life in ways I did not appreciate, and they'd also offer to help me in ways I did appreciate. But that relationship was between two autonomous adults, not an adult-child relationship. My parents both grew up in relatively rural areas in the 1940s and 1950s, so lots of their peers and older siblings (and certainly their own parents) got married and started their own families around age 18-23. My parents were (respectively) the first and the second people in their families to ever attend college. So it's entirely understandable to me that they would not pay for college for me. That was my responsibility.

I must admit, I'm sort of surprised to learn that so many people here (who I assume are in the same 35-45 year old cohort I am) had parents who paid for college. I just assumed that most people went to college on federal loans, with only minimal supplements of "free money" financial aid, like I did. I assumed many others who came from wealthier families had bigger family subsidies, but I also assumed nearly everyone took out federal loans.

You still have not answered the question:

1) if your parents did not pay for college, did they also have an annual income of 1 million dollars declared on their Fed Tax return? ( obvious if your parents were poor they could not have paid) The question is not that. The question is : who in this town had millionaire parents who refused to pay, refused to c-sign AND claimed you as a dependent.

2) how did you qualify for loans without them co-signing on the loan ?

3) how did you get grants , given you being declared their dependent and them having an annual income of 1 million dollars?

[Anonymous]

My parents paid for 2 kids through private college on 200k/year in the mid 90s

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did your parents have access to 1 Million a year in income or not ? Was your scholarship FA based , academic or athletic ?

I am still waiting for some one to come on here and say, "yes, my parents were millionaire's and refused to pay/ or co-sign for a loan for college and had to work from age 18 on to pay all of rent, college tuition , etc..."

I'd also like to know, if such a person posts, how they did it: how did you get a loan as a 17 year old with no credit history and no assets if parents refuse to co-sign ?

How did you get PEll Grant to over look your parents 1 million dollar income on their joint fed tax return in which you were claimed as a dependent ?

Do share.

You're not paying attention, are you? Several people have answered you that they took care of college on their own, but you seem unwilling to accept that response.

How did I get loans at age 17 with no credit history and no assets? It was the standard federal govt loan programs run by Sallie Mae and some other organization. I can't recall the details since it was 25 years ago. I think my parents co-signed for me, but my recollection is that Sallie Mae would still give loans without a co-signer, but at a higher interest rate. The loans are paid directly to the colleges, so Sallie Mae is ensuring the borrower is not blowing the money on hookers and coke.

I got Pell Grants because I wrote to Pell Foundation and explained that I had limited parental support. I guess they believed me enough to give me $500, but not enough to fund the other 98% of my college costs. Those I paid for with loans.

Are you trying to claim college is impossible to afford unless parents are paying? If so, that's just false.

You seem fixated on the $1m mark. Are you trying to argue that all students with wealthy parents are getting parental support? If so, that's false too.[/quote

No, there is no granting of student loans without a co-signer, and that co-signer also better be credit qualified with assets.

My point is that there are soooo many people on this forum who think that they "made it on their own" when in fact THAT co-signer was KEY. So what, you paid back the loan. I am not impressed. The point is, you had A LOT of help. Your parents under wrote your loan or flat out gave you the money by paying for school.

[Anonymous]

No, there is no granting of student loans without a co-signer, and that co-signer also better be credit qualified with assets.

My point is that there are soooo many people on this forum who think that they "made it on their own" when in fact THAT co-signer was KEY. So what, you paid back the loan. I am not impressed. The point is, you had A LOT of help. Your parents under wrote your loan or flat out gave you the money by paying for school.

[Anonymous]

03/27/2013 20:09 Subject: Just Curious: Post if you have a Masters, Law or MD and your parents did not pay for college

Anonymous wrote:
Ugh, parents who make a million a year should pay for their kids' colleges! First, you are screwing your kids if not because they can't qualify for most of the aid that is out there! Second, that aid should be reserved for kids who otherwise couldn't afford it, not for people whose parents are making a million a year. Absurd.

And if the HHI of 1 million is mainly from a step-parent ?

[Anonymous]

Anonymous wrote:No, there is no granting of student loans without a co-signer, and that co-signer also better be credit qualified with assets.

My point is that there are soooo many people on this forum who think that they "made it on their own" when in fact THAT co-signer was KEY. So what, you paid back the loan. I am not impressed. The point is, you had A LOT of help. Your parents under wrote your loan or flat out gave you the money by paying for school.

You are uninformed. Here are 500,000 websites that discuss college loans without co-signers. https://www.google.com/search?q=sallie+mae+co-sign+loan+necessary&aq=f&oq=sallie+mae+co-sign+loan+necessary&aqs=chrome.0.57.12575&sourceid=chrome&ie=UTF-8#hl=en&gs_rn=7&gs_ri=psy-ab&gs_mss=college%20loan%20wi&tok=7-5w6b9cDUhBk0xCFIY6BQ&pq=sallie%20mae%20co-sign%20loan%20necessary&cp=21&gs_id=2g&xhr=t&q=college+loan+without+cosigner&es_nrs=true&pf=p&safe=active&sclient=psy-ab&oq=college+loan+without+&gs_l=&pbx=1&bav=on.2,or.r_cp.r_qf.&bvm=bv.44342787,d.dmg&fp=87ac12bdcd9e5ec7&biw=1400&bih=961

Here is a quote from one of the first ones: "Federal loans are the prime example of college student loans with no cosigner and credit history checks."

[Anonymous]

parents made close to a million in 1980's and 1990's. They paid for my private undergrad (and two siblings), supported us with tuition and living expenses after college while we were 'finding ourselves in phD and Masters programs, and when we finally went to grad school(two siblings private, one public), paid for living expenses and made sure we got no private loans, but made us get the gov't loans for grad school. My wife's dad made more than 1 million a year---paid for her and her siblings undergrad and grad schools.

My parents have already told us that we won't get much of an inheritance, 500k each, only after their deaths---the rest is to be donated to various charities. Their thoughts were that they supported us during our formative (and past formative) years, so the rest of the money is for those that were less fortunate.

I don't make as much money as my parents did, but am planning on paying everything for my 3 kids as well. DD stars Sidwell this fall. I've already started the sleepless nights.

[Anonymous]

Anonymous wrote:parents made close to a million in 1980's and 1990's. They paid for my private undergrad (and two siblings), supported us with tuition and living expenses after college while we were 'finding ourselves in phD and Masters programs, and when we finally went to grad school(two siblings private, one public), paid for living expenses and made sure we got no private loans, but made us get the gov't loans for grad school. My wife's dad made more than 1 million a year---paid for her and her siblings undergrad and grad schools.

My parents have already told us that we won't get much of an inheritance, 500k each, only after their deaths---the rest is to be donated to various charities. Their thoughts were that they supported us during our formative (and past formative) years, so the rest of the money is for those that were less fortunate.

I don't make as much money as my parents did, but am planning on paying everything for my 3 kids as well. DD stars Sidwell this fall. I've already started the sleepless nights.

Thank you for being honest. Now can you answer another question:

If you were at a Sidwell function and you met a fellow parent who was say, a DCPS teacher, but you could gather that from meeting THEIR parents, that the GP's were very well off( perhaps they fly in from Europe for GP's weekend) . Would you assume these GP's must be helping with tuition, and how much of that assumption would be based on your own personal life experience ?

I ask in relation to another thread where it's been stated that "everyone just knew that the GP's were paying the tuition" I'm trying to understand where such assumptions come from.

[Anonymous]

I am not saying that parents should not help. I am saying that an 18 year old should not be given a free ride.

It was the 1980's so I don't exactly remember all the specifics but I do know that my father said "you can get a loan if I don't declare you as a dependent". My dad did not make a million a year but he made enough that I could not get a loan if he declared me on his taxes.

He did not cosign the loan.

I was a GS-4 working for the Federal Government. I made about $8/hour - which I thought was like a milliion dollars. I worked on campus during the school year making I think $5/hour.

My parents gave me $100/month for food, paid for healthcare (which my dad said would basically only pay for saving my life - Obamacare fixed that though), I used the campus health clinic, I was given a 15 year old car to drive and my parents paid the insurance. I lived off campus because it was much cheaper.

I am not saying that my parents did not help, they did. They just did not give me a free ride.

I think when an adult child is invested in making these decision and is responsible for funding some of their decision they learn from that. (I think there was a whole thread on this in the Off Topic forum last year.)

My teenager will work this summer. He needs to pay for things he wants. If he wants a college education he needs to pay for some of it.

Anonymous wrote:

Anonymous wrote:And I think kids should be invested in that education decision. So many of my friends who got a free ride just stayed in school until their parents cried uncle, or did nothing with their degree.

I think if kids have to al least pay something they look at it in a more responsible way.

Anonymous wrote:
Well, OP specifically asked what those of us with wealthy parents did and I responded. I honestly think parents should pay for a kid's college or not have so many kids.

Anonymous wrote:

Anonymous wrote:No, my parents didn't pay one single dime and we had 8 kids. Nor did we qualify for a dime of aid since my dad was a lawyer. I am a lawyer and I went to a state undergrad and state law school. Paid it all myself...husband had a multi-millionaire dad who paid zero. He went to a state undergrad (where we met) and private for MBA. We only had one kid so we could pay everything for them. We didn't want our kid to go thru what we did.

I wonder if your dad was not a lawyer and your husband's father was not a millionaire if you would feel this way. "go thru what we did".

My parents did not have money so "what I went thru" was tough but I would not categorize it as something I don't want my kids to go thru.

Again, please explain how you got the loans for college without a co-signer. Your post does not address that. I assume that as I 17 year old, you would have earned the minimum wage. For me, coming up with the $500/mos in rent was intimidating enough as a 17 year old earning minimum wage.

Yes, I managed to complete one undergrad degree, by waitressing and going to a city school, but not at the IVy that had recruited me for my sport( Ivy's do not offer scholarships for athletics). I was denied loans for grad school every where that I applied due to no assets, no credit history. That has affected my earning potential. How ironic that now, PP's on other threads assume that I am "gaming the system" by getting FA for my DC to Private ( on account of having met my parents)

[Anonymous]

Anonymous wrote:

Anonymous wrote:No, there is no granting of student loans without a co-signer, and that co-signer also better be credit qualified with assets.

My point is that there are soooo many people on this forum who think that they "made it on their own" when in fact THAT co-signer was KEY. So what, you paid back the loan. I am not impressed. The point is, you had A LOT of help. Your parents under wrote your loan or flat out gave you the money by paying for school.

You are uninformed. Here are 500,000 websites that discuss college loans without co-signers. https://www.google.com/search?q=sallie+mae+co-sign+loan+necessary&aq=f&oq=sallie+mae+co-sign+loan+necessary&aqs=chrome.0.57.12575&sourceid=chrome&ie=UTF-8#hl=en&gs_rn=7&gs_ri=psy-ab&gs_mss=college%20loan%20wi&tok=7-5w6b9cDUhBk0xCFIY6BQ&pq=sallie%20mae%20co-sign%20loan%20necessary&cp=21&gs_id=2g&xhr=t&q=college+loan+without+cosigner&es_nrs=true&pf=p&safe=active&sclient=psy-ab&oq=college+loan+without+&gs_l=&pbx=1&bav=on.2,or.r_cp.r_qf.&bvm=bv.44342787,d.dmg&fp=87ac12bdcd9e5ec7&biw=1400&bih=961

Here is a quote from one of the first ones: "Federal loans are the prime example of college student loans with no cosigner and credit history checks."

I clicked on the links you provided, and here is a direct quote, " if your application demonstrates genuine need, you may qualify....."

Doubtful that a 17 year old claimed as a dependent on a step fathers Fed return declaring annual income of 1 million , will be regarded as "demonstrating genuine financial need"

[Anonymous]

PP, it's clear you want to believe that there's no way someone from a well-off family can afford to attend college unless her parents help pay for it. But that's simply not true. It's hard work, but lots of people do it. At least 3-4 of them have posted here.

Part of me is tempted to spend time gathering articles to prove it to you, but I sense that will be a waste of time, because you will refuse to be convinced.

[Anonymous]

You must file "special conditions" with Financial Aid at the University. Or get academic scholarships that are independent of parental income. I did both.

[Anonymous]

Anonymous wrote:You must file "special conditions" with Financial Aid at the University. Or get academic scholarships that are independent of parental income. I did both.

Wanted to add that my parents did not claim me as a dependent! They weren't total assholes. They knew they could not have it both ways. My graduate degree was paid in full by the University and I had a teaching assistantship, btw.

[Anonymous]

My mom helped with college but not Law school. I had a lot of grants because she was a single mom w/o a lot of money. For law school I used my savings from working after college and scholarships, and DH was working too so we worked it all out- no debt and no help from mom!

[Anonymous]

Anonymous wrote:

Anonymous wrote:You must file "special conditions" with Financial Aid at the University. Or get academic scholarships that are independent of parental income. I did both.

Wanted to add that my parents did not claim me as a dependent! They weren't total assholes. They knew they could not have it both ways. My graduate degree was paid in full by the University and I had a teaching assistantship, btw.

And if your step father insisted on claiming you as a dependent so that you could "pay him back for prior years of room and board until age 17 " ?