topic Re: Your child gets into MIT.... in Community Chat

Your child gets into MIT....

SahmIam — Thu, 13 Jun 2019 22:28:26 GMT

Your child is accepted into MIT. You can NOT afford the tuition. Your child has a college trust that will cover in-state tuition for all 4 years and but will only cover 1/2 year at MIT. Your child does NOT qualify for financial aid. Your child does NOT qualify for any type of scholarship. You will NOT co-sign a loan.

As a parent, how do deal with the fact that your child can't go to a college he/she has dreamed about but won't be able to attend. Yes, the child can go into debt: their loan would be approximately $254,000 plus.

There are those who believe the debt is justified and will be paid off soon after graduation.

There are those who believe the debt is not justified in any way and is a waste of money.

I'm impressed the child ignored the nay-sayers (not smart enough, not talented enough, etc) and was accepted. But the reality of the cost...OMG.

Re: Your child gets into MIT....

Maxine49 — Thu, 13 Jun 2019 22:31:45 GMT

The MIT education is worth the loans with the connections and job opportunities that will be made. Go for it, and worry about the money later. They have at least 10 years to pay off the loan, possiby more.

Re: Your child gets into MIT....

willdob3 — Thu, 13 Jun 2019 22:32:17 GMT

@SahmIam

I would think that the child has a plan to cover the cost of the school. I hope the plan is not that the parents will go into debt to pay for it.

I’m not so sure applying to go to a school one cannot afford to attend is a sign of a bright child.

Re: Your child gets into MIT....

patbz — Thu, 13 Jun 2019 22:33:28 GMT

@SahmIam : I firmly believe that no young adult should assume a quarter million dollars in debt. For most people, in most professions, a public education (community college and then state university) works just fine.

Re: Your child gets into MIT....

pigletsmom — Thu, 13 Jun 2019 22:34:25 GMT

I'd say that kid must be pretty smart so she should understand how absurd that kind of debt would be. What if she goes for just one year and changes her mind? She be 63 thousand in the hole. Or does the enitre 4 years and then finds a job she really loves but it doesn't pay what she expects.

Re: Your child gets into MIT....

alicedee — Thu, 13 Jun 2019 22:34:36 GMT

I guess I would tell my child...do a year, and see what financial and educational shape you are in at that time....then he/she can decide if they want to do another year or transfer elsewhere.

Most college kids nowadays are working a job while attending school...and come out in debt. If this young person is smart and focused, they will figure it out. If it's their dream and they are willing to sacrifice and work for it...I wouldn't tell them it was the wrong thing to do.

Re: Your child gets into MIT....

ALRATIBA — Thu, 13 Jun 2019 22:41:22 GMT

This is all theoretical ... I don't have any kids.

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By the time my son/daughter got to high school, he/she would be aware that I would not pay for them to attend any secular university.

If they want me to pay - they'd have to select a Catholic university.

If they had their heart set on MIT ... study hard and get a scholarship!

Re: Your child gets into MIT....

lovesrecess — Thu, 13 Jun 2019 22:45:18 GMT

There are plenty of schools that are as good if not better than MIT....he should get a pell grant or be prepared to graduate in heavy debt. Most students gladly go into debt for their tuition because they are idealistic enough to think they will land a 6-7 figure job as soon as they graduate and will just write a check to pay off the loan. Then reality sets in.

Did he even apply to other schools? Sounds like he feels the prestige is worth the cost....but he should bear the burden, not someone else.

Re: Your child gets into MIT....

sidsmom — Thu, 13 Jun 2019 22:45:56 GMT

For every ‘it’s worth it’, there will be 1000+s of ‘no way.’

Life is not guaranteed, no matter how many initials are

behind your name. The financial burden is overwhelming

for many...and that’s if everything goes according to a

very well scripted Life plan.

I love the way many successful people are now saying...

education is over-rated. If one has the fire in their belly,

they will be successful with...or without...the degree.

Re: Your child gets into MIT....

Maxine49 — Thu, 13 Jun 2019 22:59:53 GMT

Let me add that they could go to a good State University for two years and if they have stellar grades, they could transfer to MIT (so big tuition cut in half). In addition, if they emancipate themselves (would take 6 mos to a year), then their financial aid would not be dependent on parents' income.

Re: Your child gets into MIT....

Vivian — Fri, 14 Jun 2019 18:07:34 GMT

Timing is everything. The time to have discussed, and decided about, applying to MIT has long since passed. The cost of an elite private university is no secret. I worked at such an institution and I wondered why students and parents were willing to amass mind numbing debt in order to live a dream that can easily become a nightmare.

The time to discuss that dream-school is well before that application is submitted. It’s Important for parents and their children to look at the financial implications of going after an illusion, i.e., that somehow this will all work out. My two oldest grandchildren went to state schools. They have not one cent of debt. My youngest granddaughter, an excellent student-athlete, has her hopes set in an Ivy League school (Ivies do not have athletic scholarships). My daughter is working two jobs and sacrificing contributions to her retirement so that her only child’s dream might come true. I stay out of it.

Re: Your child gets into MIT....

lovesrecess — Thu, 13 Jun 2019 22:49:49 GMT

Hopefully parents have set up 529 accounts for their children. We have them set up for all of our grands.

Re: Your child gets into MIT....

stevieb — Thu, 13 Jun 2019 22:50:06 GMT

There is a middle ground... If the kid is able to be accepted at and afford other solid schools then, to me, the wise thing is to accept one of them and make the best of it... Not all dreams come true and it's probably time to start leaning that lesson when one is ready for college... Also worth mentioning is that merely getting into MIT doesn't guarantee staying in MIT and even if one does and graduates, the prestige factor might or might not parlay into success... For either the parent or the child to walk into over a quarter millon dollar debt for a 'dream' college education is just plain nuts...

Re: Your child gets into MIT....

Anonymous032819 — Thu, 13 Jun 2019 22:50:43 GMT

I would never stomp on my child's dream, but I would be realistic with them, then let them decide.

Re: Your child gets into MIT....

Daludog — Thu, 13 Jun 2019 22:57:28 GMT

I think getting in is so worth it in the end. My son has 1 more year in grad school at UCSD. He has been in collage for 10 years !! When he graduates hoping next year, he will owe over 100,000 in loans. His previous girlfriend is in med school at 100,000 a year. But they do have programs to help pay off some of the loans, and also some employers pay off some when employed. It really all works out in the end, i know it seems impossible and SO expensive, but middle class kids are really getting a raw deal now days. Education is never a waste, and it will work out if you want it to.

Re: Your child gets into MIT....

PA Mom-mom — Thu, 13 Jun 2019 22:58:51 GMT

SahmIamm I'm surprised the applicant has not received any grants or other scholarships. My DD received $6,000 against a $25,000 tuition just coming off of a straight A community college education. Also, there are many companies out there who are willing to help with tuition for people who have interned with them or who have promise.

Re: Your child gets into MIT....

Mz iMac — Thu, 13 Jun 2019 23:05:55 GMT

I'm a tad confused. If the parents cannot afford the tuition, how come the child cannot get any grants, scholarships and/or grants?

MIT also has a work study program. Why isn't the child entitled?

Am I missing something?

Re: Your child gets into MIT....

BirkiLady — Thu, 13 Jun 2019 23:09:29 GMT

@lovesrecess Our son had a 50% scholarship to a private school of his choice. We applied for a Pell Grant, but were turned down FLAT for making too much money. Many people fall into that same boat. We ended up paying his tuition which was 50% and dorm costs. He paid for all his student fees, car expenses and insurance.

Re: Your child gets into MIT....

Meowingkitty — Thu, 13 Jun 2019 23:10:25 GMT

@Mz iMac wrote:
I'm a tad confused. If the parents cannot afford the tuition, how come the child cannot get any grants, scholarships and/or grants?
MIT also has a work study program. Why isn't the child entitled?

Am I missing something?

Plus if the kid is smart enough to get into MIT he should be smart enough to qualify for some kind of finance assistance. If not and he still wanted to attend MIT I would say go for it but it’s on your dime.

Re: Your child gets into MIT....

SahmIam — Thu, 13 Jun 2019 23:12:41 GMT

@Mz iMac The parents make too much money but not enough to pay the outrageous tuition. Parents income is considered until the child turns 26 of age. At MIT, the household income of $90,000 and below is when financial aid when will be considered. Work/study is also based on household income.

The work-study requirement is the same at many colleges in my state; only those who qualify for financial aid are considered. I don't know about other states.