Re: Your child gets into MIT....

CelticCrafter · ‎03-09-2010

@MarieIG wrote:

If he/she got into MIT, he/she probably got into other good, more affordable, schools.

The "child" is an adult. He/she is fortunate enough to have enough tuition put aside for a state school. Go there, graduate top of the class, and have your employer cover your grad degree.

If he/she wants to take out loans, I would not co-sign either. (I would help with tuition to the extent that I could, but would not co-sign.) If he/she decides to take on and will be approved on his own for the loans, that is his/her decision.

Parents still have their own expensives and have to save for planned or unexpected retirement. Frequently, those incomes which factor against financial aide go away when the parents can no longer work.

I know a grandmother at age 70 who is still working to pay for her granddauther's student loans.

Well, call us mean because there was no way we would have been able to afford a $250,000 education nor would we have co-signed for one that expensive.

Yes, we did pay for our daughters college education but she received partial scholarships,went to an affordable university and we started saving for it the day she was born.

blackhole99 · ‎08-22-2013

@NYCLatinaMe wrote:
@stevieb and @blackhole99 it is not stupid as a high school student to apply to MIT if the student doesn't have the ability to pay. MIT is one of many schools that offer financial aid sufficient to cover the cost to attend if the student is admitted. The school will, however, expect parents to make a contribution they believe the parent can afford. They have formulas. If more than one child is going to college, the school will also take that into account in their financial aid package..

@NYCLatinaMe let me know how many kids who are in need actually get accepted and don't come out without loads of debt. It sounds like weasel words to me.There are plenty of smart kids out there, they are not all rich, so if what you say is true, why don't we all know about it. I know if you apply to a college that is more expensive you get to borrow more money, but they are not giving anything away. I can see if your kid is a genius, that gift will open many doors, other wise, not so much.

CrazyDaisy · ‎03-20-2010

Graduating debt free offers many more opportunities. The student can accept the job they want instead of the one that pays the most. Travel, a family, buying a house are all possible without a $250,000 loan hanging over your head.

Someday, when scientists discover the center of the Universe....some people will be disappointed it is not them.

SANNA · ‎04-23-2010

@SahmIam wrote:
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.

Congratulations and go for it! This kind of education will repay your child! Not everybody has talent and a brain to get there... so your kid should not be punished for the parents are not being millionaires... We teach them to dream big! Enjoy your smart kid!

Burnsite · ‎03-10-2010

It took me until age 40 before I paid off my grad student loans. They were worth it. I saw them as an investment.

People pay off on mortgages all the time. I did that, too.

Why is it OK to buy fancy houses and/or cars, but not OK to train your mind?

conlt · ‎03-16-2010

My brother in law went to MIT for a couple of years then transferred to another college because of the tuition cost. His family did not have money and he was basically on his own. He became an engineer and has done very well for himself. I am not sure if he regrets leaving MIT or not. They are very comfortable.

PickyPicky3 · ‎10-22-2018

@blackhole99 I graduated from high school in 1965. My father earned about $6,000 a year. I received a 35% scholarship, my father paid 25%, I was given a 25% loan and I worked a work/study job at the university and in my hometown over the summer. These kinds of financial aid packages still exist. Outrageously higher costs today, but there are ways to make it happen.

stevieb · ‎03-10-2010

@Anonymous032819 wrote:
@CrazyDaisy wrote:
@Anonymous032819 wrote:
@CrazyDaisy wrote:
@Anonymous032819 wrote:
If my child dreamed of going to MIT, had the grades to get in, and was accepted, I would do whatever it took, to make sure that they went.

After all, what if it was my child, who helped to discover the cure to a disease?

Think of all the people who help build robots and whatnot to help us with space exploration.

My kid could be a part of that, and I would never throw up a road block to them reaching their full potential.

Even with space travel mostly going private, who do you think helps to build those rockets, and everything?

People.

Who do you think helps to build robots?

People.

My child could be one of those people, and no way in hell would I stand in their way, and say, "No, you can't go."

MIT is not the only school that have amazing programs.

I never said that it was, but MIT is the school that we're talking about here, isn't it?
You are equating the persons success to this school. The student can be just as successful, perhaps even more and also attend a different school. One more affordable.

Yes, they can, but if my child wanted to go to MIT, and was accepted by MIT, I would make sure that they attended MIT, which could be the first step to them discovering something that helps all of man (and woman!) kind.

And my thinking is that if your kid is capable of an important discovery, he or she is going to be just as capable of making that discovery at another, less costly, university with a solid program in whatever field of study they might choose... Important discoveries are made all the time and they are not all coming out of MIT...

In my pantry with my cupcakes...

stevieb · ‎03-10-2010

@NYCLatinaMe wrote:
@stevieb wrote:
@NYCLatinaMe wrote:
@stevieb and @blackhole99 it is not stupid as a high school student to apply to MIT if the student doesn't have the ability to pay. MIT is one of many schools that offer financial aid sufficient to cover the cost to attend if the student is admitted. The school will, however, expect parents to make a contribution they believe the parent can afford. They have formulas. If more than one child is going to college, the school will also take that into account in their financial aid package..
@NYCLatinaMe I think we all understand the financial aid factors, but the quote here was a cost to the student and his family of a quarter of a million dollars, which they can't afford... It was already noted the student doesn't qualify for aid... It might not have been stupid to apply if he didn't understand the potential costs and the limits of what was available, but there would seem to be something amiss at this point...
I think something is missing in the OP story about why this family states they can't afford it. MIT provides generous financial aid, as @Isobel Archer stated in her post: "From the MIT website: For students with family incomes under $90,000 a year and typical assets, MIT guarantees that scholarship funding from all sources will allow them to attend the Institute tuition-free. ... even families earning more than $250,000 may qualify for need-based financial aid based on their family circumstances, such as if two or more children are in college at the same time."

So if the family can't afford it, the school will pay. If the issue was one of affordability, the student should have by all means applied because the school provides financial assitance to all admitted students with affordability issues. Many people go to school with stident aid when the family can't afford it. I did. In this case, it just appears the family will not help, and that is why the student would have to borrow to attend.

The OP has already said the family has a trust that will cover the kid's full education at another school, but will only cover a semester at MIT... Unless MIT is truly willing to pick up the entire rest of that tab, then the family, ostensibly, can't offer further help without going into serious debt... That seems to be the crux of the matter... It appears they are considering whether or not to do so... Some apparently feel they MUST do whatever is necessary to fulfill this dream while others are indicating they should help to the extent they can but not break the bank to do so, especially considering there are other kids after this one they will have to educate... I'm of the opinion that the kid can get an excellent education elsewhere and that the mere fact that he or she got in at MIT doesn't mean it's mandatory that he or she matriculate... Dreams must often be tempered by reality, as unfortunate as that might be...

In my pantry with my cupcakes...

Anonymous032819 · ‎03-29-2019

@stevieb wrote:
@Anonymous032819 wrote:
@CrazyDaisy wrote:
@Anonymous032819 wrote:
@CrazyDaisy wrote:
@Anonymous032819 wrote:
If my child dreamed of going to MIT, had the grades to get in, and was accepted, I would do whatever it took, to make sure that they went.

After all, what if it was my child, who helped to discover the cure to a disease?

Think of all the people who help build robots and whatnot to help us with space exploration.

My kid could be a part of that, and I would never throw up a road block to them reaching their full potential.

Even with space travel mostly going private, who do you think helps to build those rockets, and everything?

People.

Who do you think helps to build robots?

People.

My child could be one of those people, and no way in hell would I stand in their way, and say, "No, you can't go."

MIT is not the only school that have amazing programs.

I never said that it was, but MIT is the school that we're talking about here, isn't it?
You are equating the persons success to this school. The student can be just as successful, perhaps even more and also attend a different school. One more affordable.

Yes, they can, but if my child wanted to go to MIT, and was accepted by MIT, I would make sure that they attended MIT, which could be the first step to them discovering something that helps all of man (and woman!) kind.
And my thinking is that if your kid is capable of an important discovery, he or she is going to be just as capable of making that discovery at another, less costly, university with a solid program in whatever field of study they might choose... Important discoveries are made all the time and they are not all coming out of MIT...