College: attending, paying for, etc.

Blue&White
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Re: College: attending, paying for, etc.

Postby Blue&White » Tue Dec 18, 2018 7:19 am

1540 is pretty impressive. It may not get him into MIT, though. My college roommate is a professor at MIT and we are still friends. I saw him this summer and he was telling me that every kid at MIT was #1 or #2 in their class. There is no #3. But, with those numbers he will not only get in to most of the schools he applies to but should get money to help pay for it. If he wants to go to PSU his SAT score should turn that bill into a more manageable $25k, maybe less. He should look at Pitt too. My niece graduated with a 4.0 and ended up with an SAT at 1470. She got a really great scholarship offer to Pitt in their engineering school. She ended up going to Michigan but the Pitt offer was really, really good.

Crowbar - to your point, there have been several studies and academic papers written over the past 10 years that talk about how all this student debt will have long term impacts on the larger economy. Millennials are holding off moving out, buying houses and all the industries that survive on people buying houses. There is a whole documented ripple effect around student loans that never gets talked about. But, it's impacting all of us.
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psu_dad
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Re: College: attending, paying for, etc.

Postby psu_dad » Tue Dec 18, 2018 10:11 am

I'm sure Congress will fix it. They're really smart.
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Blue&White
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Re: College: attending, paying for, etc.

Postby Blue&White » Tue Dec 18, 2018 11:27 am

I don't think a majority of Congress even thinks anything is broken that needs to be fixed. To use my favorite phrase again, I think having the upcoming generation so saddled with debt that they have no choice but to work their whole lives simply to survive while paying down this crushing, irremovable debt is a feature and not a bug. People that are in that situation are more likely to be compliant with whatever nonsense is thrown their way. They can't afford to loud about it. They can't take the risk of losing their job.
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hbendle
Posts: 205
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Re: College: attending, paying for, etc.

Postby hbendle » Tue Dec 18, 2018 1:01 pm

Hey! I was #2 in my class and got rejected at MIT. WTF????

Blue&White
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Re: College: attending, paying for, etc.

Postby Blue&White » Tue Dec 18, 2018 1:53 pm

Not every #2 gets in you were apparently on the "not" list.
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sameoldlama
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Re: College: attending, paying for, etc.

Postby sameoldlama » Tue Dec 18, 2018 4:31 pm

A friend of mine with multiple kids told each one he would budget a fixed amount for their college (adjusted for inflation so in essence each kid got same amount). If they selected a school where between tuition and aid cost less than that amount the surplus was theirs to do as they saw fit (car, spring break, whatever) and if they went over that amount they would need to take loans for the remainder. I think this was good idea as it likely drove home the concept that the kids had ownership in managing and responsibility for costs.
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tempe
Posts: 260
Joined: Thu Aug 17, 2017 8:54 pm

Re: College: attending, paying for, etc.

Postby tempe » Tue Dec 18, 2018 10:02 pm

Well - I'm just in Arizona. Both kids qualified for merit based free rides to the three state universities. - thank goodness. I think they still have some applications in some universities back east - but no one tells me much. I just hear them talking.

Blue&White
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Re: College: attending, paying for, etc.

Postby Blue&White » Thu Dec 20, 2018 9:00 pm

The Remarkable Case of Vicky Jo Metz

Forget the legal implications of this case. Just read this for the fact pattern, which is consistent with the courts official record and are not in question.

Hole
Lee
Shit

The government is worse than the mob. Even Tony Soprano would be embarrassed to lay a vig like that out there. Student loans are an absolute scam on the public.
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tempe
Posts: 260
Joined: Thu Aug 17, 2017 8:54 pm

Re: College: attending, paying for, etc.

Postby tempe » Thu Dec 20, 2018 10:06 pm

fills me with rage.
I am still paying.
That is why I told my kids from a pretty early age - if you do not earn top scholarships - you do not go.
I would never "let" me kids take out loans -
I have no issues with Arizona schools - I live five minutes from Tempe campus. They can walk.

psu_dad
Posts: 1914
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Re: College: attending, paying for, etc.

Postby psu_dad » Fri Dec 21, 2018 7:50 am

The Remarkable Case of Vicky Jo Metz

The other case linked in that article (Murray v ECMC) was similar. But in that case, the couple agreed to participate in the Income-Based Repayment Plan (IBRP) offered by ECMC. Payments due were then based on their income. But the payments thus calculated were insufficient to service the interest accruing at 9%, never mind the principal. So (duh) the unpaid interest was added to the balance due, which constantly increased. They eventually filed for bankruptcy relief when they owed 4x the amount originally borrowed.

I didn't understand how the federal government could allow one of their authorized lenders to offer an IBRP that guarantees a lifetime of payments and increasing debt. But 5 minutes of research indicated that ECMC is not a lender. They're in the collection business. The Department of Education hires them to put the squeeze on people whose loans have gone sideways.

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