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Paying for College


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15 hours ago, Nomad said:

Asking for a friend...;) If you had a 401K and could withdraw without penalty do you think this would be a good time to take some out to pay for college?  It's up high right now and he is  thinking of taking enough out to pay for the first two years of college just in case it crashes.  At least the first two years will be taken care of with some of the earnings.    Interested in hearing some thoughts on this.  

Never touch the 401k, unless its life-saving surgery or something of that nature.

Take as much Federal Loans out as you can because that is the area where Loan Forgiveness is, and the rates will always be the lowest, bc the banks literally wants no part of it. Student Loans are riskier than mortgages and credit cards, they hate them, yet still take advantage when they can.

 

Investing is about compiling, among other things.  I leave my 401ks alone, I have an investment account on Robinhood that i took my earnings out this year for bills. It doesn't have as much as the the 401K or anything but if your friend is into investing start with that. Don't touch the 401k - being up in that now, means he will be up further in the future. Reallocate some of those earnings.

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Thanks everyone for the replies! I think I’m just going to  use my home-equity line of credit to pay a portion of it and get some loans under his name for the rest. Unfortunately I don’t think he’s going to qualify for any federal loans because of my income, but I’ll look into the best private ones.And I’ll just try to pay down my home equity line a little here and there when I can. Let the 401K stay and hope it goes up.Thanks again!

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9 minutes ago, Nomad said:

Thanks everyone for the replies! I think I’m just going to  use my home-equity line of credit to pay a portion of it and get some loans under his name for the rest. Unfortunately I don’t think he’s going to qualify for any federal loans because of my income, but I’ll look into the best private ones.And I’ll just try to pay down my home equity line a little here and there when I can. Let the 401K stay and hope it goes up.Thanks again!

You mean your "friend" is going to do those things Mark?

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1 hour ago, Nomad said:

Thanks everyone for the replies! I think I’m just going to  use my home-equity line of credit to pay a portion of it and get some loans under his name for the rest. Unfortunately I don’t think he’s going to qualify for any federal loans because of my income, but I’ll look into the best private ones.And I’ll just try to pay down my home equity line a little here and there when I can. Let the 401K stay and hope it goes up.Thanks again!

Discover Student Loans and Citibank are pretty good.  They will resell the loans, but the terms remain the same.  I used them to finance my MBA in its entirety.

Edited by Haskell_Hunter
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1 hour ago, Nomad said:

Thanks everyone for the replies! I think I’m just going to  use my home-equity line of credit to pay a portion of it and get some loans under his name for the rest. Unfortunately I don’t think he’s going to qualify for any federal loans because of my income, but I’ll look into the best private ones.And I’ll just try to pay down my home equity line a little here and there when I can. Let the 401K stay and hope it goes up.Thanks again!

If he's playing football and the college really wants him, they often will give extra consideration with a package that includes "grants," even if your income appears to high for financial aid or even if it's not the sort of place that gives out big scholarships. Simply calling or emailing the director of financial aid often works. I did it for my son, and got results. A friend of mine in college came from a really wealthy family but they wanted him as basketball center. He somehow got financial aid, and I didn't. And the college, at least officially or in name, didn't give out athletic scholarships. 

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My daughter will hit college next year which is a very scary thought.  My take on this is that provided the program quality is high (she wants to pursue Medicine) then she will go to wherever offers the lowest NET price.

I see it as I am Harvey Keitel and she is Jodie Foster.  If the money ain’t right then she ain’t getting in that car (college).

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On 1/12/2021 at 9:23 PM, OldMenRule said:

Truth is ( as mentioned on this post ) the fiscal flood gates are wide open and I can envision a future time when there will be student loan forgiveness. Perhaps a trickle at first but given the pandering nature of our political class I can see full forgiveness. It's Monopoly money, spend away.

 

On 1/12/2021 at 9:53 PM, megavites said:

with the incoming administration.....take out as many loans as you can.

Yes, the flood gates may open but based on the current rhetoric it may end up that if you aren't of the correct class, color, creed you aren't getting a dime. 

 

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On 1/13/2021 at 8:03 AM, Stan Putz said:

Just my opinion, but before I paid 10 cents for college, I'd want to be convinced that my kid was committed & dedicated to whatever field of study he decided to pursue. With the price of college these days, it shouldn't be looked at as a "life experience", but rather an investment to help get a place in the job market.

Agreed

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22 hours ago, Nomad said:

Thanks everyone for the replies! I think I’m just going to  use my home-equity line of credit to pay a portion of it and get some loans under his name for the rest. Unfortunately I don’t think he’s going to qualify for any federal loans because of my income, but I’ll look into the best private ones.And I’ll just try to pay down my home equity line a little here and there when I can. Let the 401K stay and hope it goes up.Thanks again!

I Highly recommend still filling out the FASFA. Even if its only part of the cost its still worth it. Do some research im sure theres a way to qualify for the loans from the government.  Also do not take out variable rate loans if you go private, take the Fixed as we are headed for inflation and rate have to go up at some point after being down for so long.

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22 hours ago, Nomad said:

Thanks everyone for the replies! I think I’m just going to  use my home-equity line of credit to pay a portion of it and get some loans under his name for the rest. Unfortunately I don’t think he’s going to qualify for any federal loans because of my income, but I’ll look into the best private ones.And I’ll just try to pay down my home equity line a little here and there when I can. Let the 401K stay and hope it goes up.Thanks again!

How bout some football info!?!?

I wish I played in college!!  Parents were a no show for college stuff n I ended up going to East Stroudsburg orientation n met Coach Dowd by myself!  Didn’t end up playing tho  

what position, HS stats, pics, newspaper articles, college team so we can follow his play??

im sure u r one proud dad!!

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9 hours ago, Bonefreak said:

How bout some football info!?!?

I wish I played in college!!  Parents were a no show for college stuff n I ended up going to East Stroudsburg orientation n met Coach Dowd by myself!  Didn’t end up playing tho  

what position, HS stats, pics, newspaper articles, college team so we can follow his play??

im sure u r one proud dad!!

Yes, very proud of him.  Thank you.

He played quarterback at a small school in North Jersey.  His team struggled with few players and most playing both ways, with nearly no replacements.  He and his team played with a lot of heart.  It was hard for players on the team to get much recognition. A great group of kids and they never quit.  They did manage a few wins.

He is pretty much narrowed down to two D3 schools.  Norwich University and Albright College.  Both have offered him a roster spot.  

He actually got a lot of recognition for his long snapping ability.  One of his coaches said he could be a pro long snapper. lol

So, we are going to look over the final numbers and make a decision.  

I'll post a follow up.

 

 

Edited by Nomad
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3 hours ago, ithaca10 said:

Agree with Tarhunt join the military and get free education.

My son joined the army for the tuition and found out there was little money there.  But you fill out the FAFSA anyway because many scholarships want a form in making their decisions.  He applied for every scholarship he could find.  He got huge money because he is an Eagle scout ($1000} My daughter got $10,000 because she was in the Honor Society.  She got more because she was in the french honor society. She also skipped college languages because she took AP courses in high school.  There's money out there. But you have to look for it.

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