Michelle singleterry article yesterday

[Anonymous]

Anonymous wrote:

Anonymous wrote:My complaint with the column was that she focused exclusively on the sticker price for the schools and did not explain the importance of merit and financial aid in determining the actual net price. Many times, schools with the higher sticker price will end up being less expensive than other schools because they out together a better package.

This is especially true if your DC is a really strong student. The Ivies are all rich enough to offer very generous financial aid packages for nearly everyone from a family earning less than $125K. If you're a National Merit semifinalist, you can get a full-tuition merit scholarship to most land grant colleges and SLACs.

I don't know how much Michelle Singletary makes, but if she and her husband earn over $200k, I find it interesting that she isn't a little more generous on her child's college options. It's not like college should have been a surprise expense and that she couldn't have predicted a long time ago that she might need to save up some serious assets. For those parents lucky enough to make substantial incomes, what is more important to spend money on than your kids' education? Parents shouldn't go into debt, but when you make a lot of money, it is relatively easy to save up $200-300k over 18 years.

I think she gives 10% per year to her church, so she definitely could have afforded it with different priorities.

One of her priorities is her church. She marches to and answers to a higher authority. That is her prerogative.

[Anonymous]

Does her older son attend college?

[Anonymous]

Anonymous wrote:When the time comes, the money we have will be what it will be, and we will take a similar approach to that described in the WaPo piece, because we are unwilling to incur (or allow our kids to incur) debt for undergrad education. Our kids may not get merit aid. If they are Harvard material, we will be expected to foot more of the bill than what we have available.

All I was suggesting was to keep an open mind. Why forbid your DC from taking on any debt for college? It is their life. Federal student loans are pretty good deals, especially considering they offer income based repayment that would forgive much of the debt if DC goes into public service or a lower paid profession. I agree that it is generally a good idea to stay away from private student loans and parental loans.

BTW, it seems to me that you have done really well saving up $250k for your kids' college funds. You're probably also going to be able to afford to pay a decent slice of college expenses out of current income. If the kids earn work-study and summer employment, you've covered tuition and a part of living expenses. Federally subsidized student loans (not parental debt) would pretty much cover the rest, assuming they aren't eligible for any grants.

[Anonymous]

She sure dodged a bullet when her DD was not accepted to the school of her dreams. My son was accepted to many schools as well as UMD,but no one offered him comparable financial aid and I had to have the difficult conversation about the cost (I got no dough) and for one night he was upset with me and the situation.
Off to UMD he went and low and behold he got a job to pay for his portion (1/3) and will graduate debt free, with good grades, and he still partied like crazy. I had not counted on him maturing, accepting his situation and making the best of it. As a parent, the most difficult thing to say is usually the right thing.

[Anonymous]

Wow, this kid must be really dumb not to have gotten a scholarship.

[Anonymous]

My youngest son did not have very good grades his last two years of high school and got himself into a lot of trouble. We sent him to NOVA and had him follow the courses for transfer to Virginia Tech, University of Virginia and William and Mary. He woke up, worked hard and has been accepted to Tech and UVA. We saved two years of tuition and he learned to apply himself. There are many ways to have your cake and eat it too.

[Anonymous]

Anonymous wrote:My youngest son did not have very good grades his last two years of high school and got himself into a lot of trouble. We sent him to NOVA and had him follow the courses for transfer to Virginia Tech, University of Virginia and William and Mary. He woke up, worked hard and has been accepted to Tech and UVA. We saved two years of tuition and he learned to apply himself. There are many ways to have your cake and eat it too.

You should be very proud of him. He learned a life lesson that will serve him well.

[Anonymous]

There are certainly reasonable amounts of debt to take on. 20 K total or less is a no brainer. The salary bump you get from being a college grad should cover the payments. Between 20 and 40 k is more difficult. The payments will approach 500 per month. Over 40 k in total loans is probably only appropriate if you are attending a top school and plan on a career in management consulting, investment banking, or engineering.