Anonymous
11/04/2024 00:13
Subject: Cost paying OOS college, what are options?
Anonymous wrote:You can also just withdraw 401k if over 59.5. Given massive bull market last 15 years no penalty and on DCUM we all have 2-3 million in there by 60
Horrible advice. 401k is for RETIREMENT.
Anonymous
11/03/2024 22:29
Subject: Cost paying OOS college, what are options?
You can also just withdraw 401k if over 59.5. Given massive bull market last 15 years no penalty and on DCUM we all have 2-3 million in there by 60
Anonymous
11/03/2024 22:19
Subject: Cost paying OOS college, what are options?
Basic principles:
- In-state public universities are probably the best option for most students.
- Brilliant or unusual students might really need other schools, but part of them showing that they’re worthy of the other options is that they have to go out and find the other options and help figure out how to pay for the other options.
- Parents shouldn’t have to take out PLUS loans or raid their retirement accounts to send their kids to college, but they should be willing to use the money they’re already spending on a kid for college and scrape up an extra $500 per month. The kid should be willing to take out a $7,000 guaranteed student loan and earn about $5,000 per year from work. For parents with $200,000 in annual income and one kid in college, that should produce about $35,000 to $40,000 per year in college money.
- If kids from high-income broke parents want to spend more than $35,000 per year, they need to look into ROTC, merit aid, the military academies or other creative options. But they need to take the lead in figuring that stuff out. Them being able to figure out the admissions and aid programs is one sign that their desire to do something unusual for college makes sense.
- In-state public universities are probably the best option for most students.
- Brilliant or unusual students might really need other schools, but part of them showing that they’re worthy of the other options is that they have to go out and find the other options and help figure out how to pay for the other options.
- Parents shouldn’t have to take out PLUS loans or raid their retirement accounts to send their kids to college, but they should be willing to use the money they’re already spending on a kid for college and scrape up an extra $500 per month. The kid should be willing to take out a $7,000 guaranteed student loan and earn about $5,000 per year from work. For parents with $200,000 in annual income and one kid in college, that should produce about $35,000 to $40,000 per year in college money.
- If kids from high-income broke parents want to spend more than $35,000 per year, they need to look into ROTC, merit aid, the military academies or other creative options. But they need to take the lead in figuring that stuff out. Them being able to figure out the admissions and aid programs is one sign that their desire to do something unusual for college makes sense.
Anonymous
11/03/2024 22:12
Subject: Cost paying OOS college, what are options?
Anonymous wrote:Anonymous wrote:Anonymous wrote:You're doing this backwards OP.
YOU decide what you can afford
then, college options are considered
DC says, "don't worry, when I graduate, I will pay it all back"......
I said, I only have 120k for you, so if you really want OOS, your monthly is $$$$. What is that monthly?
If you are cosigning the loans, it is your debt. It doesn’t matter what some 17/18 year old promises you. He has no idea what $3k a month means.
+1
Impose limits.
Anonymous
11/03/2024 21:55
Subject: Cost paying OOS college, what are options?
Anonymous wrote:There are several schools luring high stats kids with auto merit.
Alabama
https://afford.ua.edu/scholarships/out-of-state-freshman/
Kentucky
https://studentsuccess.uky.edu/financial-aid-and-scholarships/academic-scholarships/incoming-freshmen-scholarships
Some of these are full tuition or even full ride
Anonymous
11/03/2024 21:54
Subject: Cost paying OOS college, what are options?
Anonymous wrote:A good college counselor will say as the first question: What is your budget? Even our public over-streched counselor did that. You are supposed to assess this first, then tell your kid what you cannot afford and they look only at affordable options. Always. Don't ever look at a school you cannot afford
Kids with good stats should always apply to schools they love. The ways of merit aid are mysterious, and schools like Princeton will often cheaper than going to community school.