Rice tuition announcement

[Anonymous]

They get you with assets though.. One of us can quit our jobs and take the income to under $200K. But then we have assets > $2M. Would this work? Would assets still come into play?

[Anonymous]

Anonymous wrote:They get you with assets though.. One of us can quit our jobs and take the income to under $200K. But then we have assets > $2M. Would this work? Would assets still come into play?

Here's what the website says:

Beginning in fall 2019 under The Rice Investment, middle-income families with typical assets will receive grant aid to cover full tuition if they earn up to $130,000 per year, and half tuition for families earning between $130,001-$200,000. In addition, students with family incomes below $65,000 will receive grant aid covering not only their full tuition, but also all of their mandatory fees and room and board. Students receiving aid under The Rice Investment will have all demonstrated need met without any loans.

Not sure what "typical assets" means..

[Anonymous]

Anonymous wrote:

Anonymous wrote:They get you with assets though.. One of us can quit our jobs and take the income to under $200K. But then we have assets > $2M. Would this work? Would assets still come into play?

Here's what the website says:

Beginning in fall 2019 under The Rice Investment, middle-income families with typical assets will receive grant aid to cover full tuition if they earn up to $130,000 per year, and half tuition for families earning between $130,001-$200,000. In addition, students with family incomes below $65,000 will receive grant aid covering not only their full tuition, but also all of their mandatory fees and room and board. Students receiving aid under The Rice Investment will have all demonstrated need met without any loans.

Not sure what "typical assets" means..

Usually reteirement assets do not count. Fill up the retirenemt coffers, defer income and manage it to be below the limit. If u can’t, you are rich enough to pay full price.

[Anonymous]

Anonymous wrote:OP, if u can defer income at your company, then definitely do so to bring your income down to under $200k

Yeah, way to already start exploiting the system. Nice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, you are a great example of privilege. Just because OTHER people get something for free, it does not hurt you. Yet you are still upset by it. Because you are UMC and used to the world bending in YOUR favor and not the poor kid's favor. You feel threatened and attacked even when your lot in life has not changed.

And you sound like a complete idiot. I'm not the person you are referring to but we have 3 kids entering College 2 years after each other. We don't qualify for any assistance and we certainly are not independently Wealthy by any stretch of the imagination. We've been saving since the boys were born but we will have to pay a majority of these cost out of pocket. The boys will likely take out loans if they don't qualify for any Merit Aid. Why would I pay a University where I am supplementing another child for free while we are going to be barely scraping by so that our kids aren't graduating with massive amount of debt

And you made my point perfectly. Thank you.[/quote

You're most welcome! Why not just have admission based on Merit? You think because a child was born into a family that makes less than $65,000 a year is worthy of graduating without debt but a child that happened to have been born into a family that makes $251,000 should incur debt? The issue is that everyone deserves an education without crushing debt. My kids work their ass off in school, work jobs, and are involved in all sorts of activities. Why are they less Worthy of getting free tuition? You also assume that wealthy parents are all paying for their kids to go to college. You need a reality check.

This. x 1 million.

I went to university in Europe where the fees were probably under $100 - $200 yearly. There were none of the conveniences or extras we take for granted at even the most basic state school. You got a professor, a room with chairs and tables, a blackboard and cork board (upon which they publicly displayed your grades) and that was that. Our American model college experience does not exist in Europe. Be careful what you wish for.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Well, if we quit our jobs now, we can live off of our savings until the kids finish college, then go back to work when they are finished. Otherwise, I'm the idiot paying 80K a year when other people pay nothing.

You meant to type,

"we can live off of our savings until the kids finish college, then go back to work when they are finished. Otherwise, I'm the FORTUNATE GUY paying 80K a year when other people HAVE nothing."

...so I fixed it for you because I am nice.

Nice is letting someone cut in front of you at the grocery store if they have fewer items than you do, or lying about someone’s haircut....not willingly giving someone else $80k. That $80k came out off of our collective asses in Billable hours and missed bedtimes and hard-ass work. That money is real and really hard to earn.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, if we quit our jobs now, we can live off of our savings until the kids finish college, then go back to work when they are finished. Otherwise, I'm the idiot paying 80K a year when other people pay nothing.

You meant to type,

"we can live off of our savings until the kids finish college, then go back to work when they are finished. Otherwise, I'm the FORTUNATE GUY paying 80K a year when other people HAVE nothing."

...so I fixed it for you because I am nice.

Nice is letting someone cut in front of you at the grocery store if they have fewer items than you do, or lying about someone’s haircut....not willingly giving someone else $80k. That $80k came out off of our collective asses in Billable hours and missed bedtimes and hard-ass work. That money is real and really hard to earn.

LOL!!!!! You think your tuition is subsidizing financial aid?

Snort.

[Anonymous]

This isn’t going to be sustainable unless they have a huge endowment. Why would a full pay family pay a premium to go to Rice when they don’t have to do so at other schools? I certainly wouldn’t.

[Anonymous]

Anonymous wrote:This isn’t going to be sustainable unless they have a huge endowment. Why would a full pay family pay a premium to go to Rice when they don’t have to do so at other schools? I certainly wouldn’t.

And what would those schools be?

[Anonymous]

Anonymous wrote:

Anonymous wrote:This isn’t going to be sustainable unless they have a huge endowment. Why would a full pay family pay a premium to go to Rice when they don’t have to do so at other schools? I certainly wouldn’t.

And what would those schools be?

Any that is not adopting this tuition plan. They are going to get an influx of students paying nothing or next to nothing. Thry have to pay operating costs somehow, and tuition will have to go up much faster than at peer schools. I’ll just cross it off the list for my kids since we are full pay.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This isn’t going to be sustainable unless they have a huge endowment. Why would a full pay family pay a premium to go to Rice when they don’t have to do so at other schools? I certainly wouldn’t.

And what would those schools be?

Tuition at any Canadian university is less than $25k for US students (and waaay cheaper for Canadians).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This isn’t going to be sustainable unless they have a huge endowment. Why would a full pay family pay a premium to go to Rice when they don’t have to do so at other schools? I certainly wouldn’t.

And what would those schools be?

Any that is not adopting this tuition plan. They are going to get an influx of students paying nothing or next to nothing. Thry have to pay operating costs somehow, and tuition will have to go up much faster than at peer schools. I’ll just cross it off the list for my kids since we are full pay.

No.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:They get you with assets though.. One of us can quit our jobs and take the income to under $200K. But then we have assets > $2M. Would this work? Would assets still come into play?

Here's what the website says:

Beginning in fall 2019 under The Rice Investment, middle-income families with typical assets will receive grant aid to cover full tuition if they earn up to $130,000 per year, and half tuition for families earning between $130,001-$200,000. In addition, students with family incomes below $65,000 will receive grant aid covering not only their full tuition, but also all of their mandatory fees and room and board. Students receiving aid under The Rice Investment will have all demonstrated need met without any loans.

Not sure what "typical assets" means..

Usually reteirement assets do not count. Fill up the retirenemt coffers, defer income and manage it to be below the limit. If u can’t, you are rich enough to pay full price.

From their FAQ:

I noticed the “typical assets” notation on the Rice Investment website. What exactly does that mean?

Families with significant assets above what is typical for their income level may not qualify for The Rice Investment, but Rice is still committed to funding 100 percent of demonstrated need. A family’s assets might include cash and savings, investments, home equity, business net worth, other real estate and any other assets. We exclude qualifying retirement accounts.


So, if you scrounged all your life and saved beyond what they think you ought to for your income level, they will just take it from you.

[Anonymous]

Very annoyed by this. There seems to be no incentive to saving your way through life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This isn’t going to be sustainable unless they have a huge endowment. Why would a full pay family pay a premium to go to Rice when they don’t have to do so at other schools? I certainly wouldn’t.

And what would those schools be?

Any that is not adopting this tuition plan. They are going to get an influx of students paying nothing or next to nothing. Thry have to pay operating costs somehow, and tuition will have to go up much faster than at peer schools. I’ll just cross it off the list for my kids since we are full pay.

No.

Wait and see. Off our list regardless.