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anyone else pissed they can't afford their tuition?
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Parents do not have to be rich to get denied. Middle class can easily get shafted.
Decent income with multiple kids previous year. Layoff and the college kid is SOL. Financial aid is calcualted based on previous year tax return, not current financial level.
StormRider
Diamond Member
I just donated $100 to my alma mater (UMD) to help people like you.
I think schools -must- begin to teach economics. Start young like around grade 9 when kids are 14 years old and can work minimum wage jobs (at least in Ontario). Teach them to enjoy money and live a little but also to save.
If a kid worked 4 years in high school part time at 30 hours per week at $6.50/hour average thats around 10K/year. By the end of high school they've saved 40k up. Now lets be realistic an say they want to enjoy themselves... take off 10k for 4 years (2500 per year for clothes, entertainment and video games is reasonable nevermind christmas money and crap their parents provide like a couple clothing items) they still have 30k saved.
Take that 30k invest it for a year in a good mutual fund and work you're ass off at a grunt work "adult" job (over 18 years of age). Hospitals around here pay $17-19/hour just for janitor and kitchen work. $17/hour @ 50 hours per week (pick up an extra shift or two on top of full time hours) and you have 44k/year which is about 30k after tax. Since your an adult you spend 5k now for entertainment (alcohol, partying), clothes and computer junk and another 5k for rent and food to your parents cause you're over 18 and you're a "man" (or woman 😛)
That is $50k CAN right there ($38k US).
If you do some creative financiang and get student loans @ no interest (WHILE you're in school) then use that money to pay for your education while that other chunk is rolling over mutual funds and making more than inflation. Say you get average of 8% on your fund. That is 1.36 times the principle you started with (50k) and now becomes 68k.
While your in university (I'm using 4 years as the average time at school) you may decide you get so much school work (AKA partying) that you can't work like you did in high school so you work summers (4 months) each year (4 years x 4 months = 16) at a coop job placement because you've got good grades. 16 months x 170 hours/month x $15/hour (being modest) that is 41k and because that is spread over 4 years you fit in a lower tax bracket and take home 32k.
32k + 68k = 100k
In Canada you can expect to spend 15k/year for tuition, books, residence, food, entertainment. After 4 years thats 60k of loans you owe and all of a sudden when you graduate you pay it off immediately with your savings so you have your education and 40k left over for a house down payment and a cheap car to commute and have a better, debt-free (of course the mortgage not withstanding) start then the majority of other people you know.
Bleh long rant but I got into it and maybe it will help those kids on AT that are still in high school!
If a kid worked 4 years in high school part time at 30 hours per week at $6.50/hour average thats around 10K/year. By the end of high school they've saved 40k up. Now lets be realistic an say they want to enjoy themselves... take off 10k for 4 years (2500 per year for clothes, entertainment and video games is reasonable nevermind christmas money and crap their parents provide like a couple clothing items) they still have 30k saved.
Take that 30k invest it for a year in a good mutual fund and work you're ass off at a grunt work "adult" job (over 18 years of age). Hospitals around here pay $17-19/hour just for janitor and kitchen work. $17/hour @ 50 hours per week (pick up an extra shift or two on top of full time hours) and you have 44k/year which is about 30k after tax. Since your an adult you spend 5k now for entertainment (alcohol, partying), clothes and computer junk and another 5k for rent and food to your parents cause you're over 18 and you're a "man" (or woman 😛)
That is $50k CAN right there ($38k US).
If you do some creative financiang and get student loans @ no interest (WHILE you're in school) then use that money to pay for your education while that other chunk is rolling over mutual funds and making more than inflation. Say you get average of 8% on your fund. That is 1.36 times the principle you started with (50k) and now becomes 68k.
While your in university (I'm using 4 years as the average time at school) you may decide you get so much school work (AKA partying) that you can't work like you did in high school so you work summers (4 months) each year (4 years x 4 months = 16) at a coop job placement because you've got good grades. 16 months x 170 hours/month x $15/hour (being modest) that is 41k and because that is spread over 4 years you fit in a lower tax bracket and take home 32k.
32k + 68k = 100k
In Canada you can expect to spend 15k/year for tuition, books, residence, food, entertainment. After 4 years thats 60k of loans you owe and all of a sudden when you graduate you pay it off immediately with your savings so you have your education and 40k left over for a house down payment and a cheap car to commute and have a better, debt-free (of course the mortgage not withstanding) start then the majority of other people you know.
Bleh long rant but I got into it and maybe it will help those kids on AT that are still in high school!
Cuda1447
Lifer
What does my knowledge of college have to do with anything? I realize that the price is insane, which is the basis of my rant. If I weren't out of state it wouldn't be so insane. Currently though its my only option, especially since out of state tuition for a university would be EVEN MORE insane.
Oh well, wait a few months until Im in-state and then be able to go then.
Where are you getting 8% on your fund? Or is that in Canadian too? The only fund of my kid's college money that's still getting 8% is on an old 7-year CD. All the mutuals are lower.
However, that's a minor question - you are absolutely right, of course - except that financial education should start way before 9th grade.
For those interested in investing, I highly suggest checking out this:
Bridgeway Funds
The fund manager is one of those rare geniuses who is actually honorable and runs the fund with integrity.
Bridgeway Funds
The fund manager is one of those rare geniuses who is actually honorable and runs the fund with integrity.
I worked my way through school and it really sucked (30 or so hours a week at minimum wage plus full time classes). I only took out a loan to cover part of my last year because I was just tired of not having much of a life. When you get through, you'll really appreciate not having to repay all those loans for the next several years.
Dave
Dave
mithrandir2001
Diamond Member
Heh, heh. You're in Florida. All the old people down there suck the government cow dry so there isn't much left over for education.
BladeWalker
Senior member
3k for a semester is not too bad. I'm taking a Catia V5 class which last for two months at a small engineering firm for a whopping $12,000. Catia is a common drafting software used by major aerospace companies. Good thing the government is helping me out.
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