Tx-Husker, we were just talking about that same thing a few days ago.......I'm just not sure if a school would take an RA who they knew would be 'gone' quite a bit from Feb-May for road trips. It's something I think we'll look into at some point (mine's a FY so can't do it now anyway), and I'll be curious to see what 'they' say about the immediate 'on-site' requirements for the job.
I'm sure the competition is high for these RA spots now with the stock market decline. I know a dad would never want to have to suggest this trade off, but he may have to quit baseball to focus on school and funding it. Those sorts of trade-offs are not fun decisions to make, but it's a part of life and growing up...unfortunately.
Krak brings up a good point. Myson has 2 jobs. One as a P coach and the other as a waiter in the college cafe. The cafe job came with a free full meal plan. The cafe job also got him an offer by the managemnt to pay for his post secondary education if he would commit to work for them. They are a large international company. It pointed out to him that everything you do can open doors and reduce the financial burden. I have a freind who graduated from Canisius and took a year off to earn some money for post grad school. His Dad is a laid off GM worker and can't afford the tuition. This guy was a top student with a large academic schollarship. It is very tough out there. I definitely agree that changing colleges could present a few problems.
ILVBB,
You asked a great question, and were very gracious in being willing to share your own family's specific details.
This thread also illustrates this point:
It's a great benefit when parents who have "been there, done that" share their specific stories. However, what worked or was acceptable for their family will not work for everyone.
I had mentioned that my husband and I both worked over 40 hrs/week due to our sons' college costs. Obviously that approach doesn't fit a family where one parent is laid off/unemployed, or disabled. We also re-mortgaged our house - but that probably would not have been a reasonable option if one of us was permanently disabled!
Each family has to do what fits their own circumstances, and our kids will learn valuable lessons from making that work for them. My good friends have 4 children and tough circumstances financially, and they simply are not able to help with college costs. So far, the oldest son has worked his way through a JUCO, second son won a full scholarship for combined academics and a special-interest extracurricular, and third son who is a HS senior has decided to join the Marines (though he did have other low-cost college options).
ILVBB, thank you for starting this thread which obviously is helpful to many!
Julie
You asked a great question, and were very gracious in being willing to share your own family's specific details.
This thread also illustrates this point:
It's a great benefit when parents who have "been there, done that" share their specific stories. However, what worked or was acceptable for their family will not work for everyone.
I had mentioned that my husband and I both worked over 40 hrs/week due to our sons' college costs. Obviously that approach doesn't fit a family where one parent is laid off/unemployed, or disabled. We also re-mortgaged our house - but that probably would not have been a reasonable option if one of us was permanently disabled!
Each family has to do what fits their own circumstances, and our kids will learn valuable lessons from making that work for them. My good friends have 4 children and tough circumstances financially, and they simply are not able to help with college costs. So far, the oldest son has worked his way through a JUCO, second son won a full scholarship for combined academics and a special-interest extracurricular, and third son who is a HS senior has decided to join the Marines (though he did have other low-cost college options).
ILVBB, thank you for starting this thread which obviously is helpful to many!
Julie
ILVBB, thank you so much for starting this thread, it is very timely and relevant to many at this time.
I share your concern for scaring/scarring the kid about the situation many of us face. My daughter is a senior (softball player) at a private college, and cannot be scared. She sincerely believes that if you can't outthink it, kick it's arse (or vice versa). But son is a freshman (baseball player) at a state uni and if he thought situation was dire enough, he would offer to cut back every expense possible and/or quit/delay until things got back to normal. Therefore I have given thought to how to approach him if time comes, and can only tell you that my approach will be to carefully, and in a non-threatening, non hand-wringing way lay out the facts. Facts are just that and learning to deal with them is part of life. I would also have several avenues of dealing with these facts lined up for discussion. You can be sure that he will want to have some input and he should.
Thanks again for beginning this thread, there is no easy blanket answer, best wishes, luck and prayers to you and all.
I share your concern for scaring/scarring the kid about the situation many of us face. My daughter is a senior (softball player) at a private college, and cannot be scared. She sincerely believes that if you can't outthink it, kick it's arse (or vice versa). But son is a freshman (baseball player) at a state uni and if he thought situation was dire enough, he would offer to cut back every expense possible and/or quit/delay until things got back to normal. Therefore I have given thought to how to approach him if time comes, and can only tell you that my approach will be to carefully, and in a non-threatening, non hand-wringing way lay out the facts. Facts are just that and learning to deal with them is part of life. I would also have several avenues of dealing with these facts lined up for discussion. You can be sure that he will want to have some input and he should.
Thanks again for beginning this thread, there is no easy blanket answer, best wishes, luck and prayers to you and all.
rz1 said:
In hindsight I have a bruised arse from self inflicted kicks for not preparing better. In real time I have to"get over it" because this payment is a reward for having the time off my life.[/QUOTE]
Amen rz1, amen
In hindsight I have a bruised arse from self inflicted kicks for not preparing better. In real time I have to"get over it" because this payment is a reward for having the time off my life.[/QUOTE]
Amen rz1, amen
This is a great thread that should be added as a sticky in the pre-high school forum.
We thought we were prepared for the college expense but that was us thinking he would most likely attend a state school. Our savings really only covered enough for the first two years. After that we were very fortunate that my father was willing and able to help. When a grand parent assists in tuition payment that is not considered part of the annual gifting limitations. This can be a good way to reduce estate taxes. Many grand parents might not know this so it could be a benefit for some if the situationis right.
We thought we were prepared for the college expense but that was us thinking he would most likely attend a state school. Our savings really only covered enough for the first two years. After that we were very fortunate that my father was willing and able to help. When a grand parent assists in tuition payment that is not considered part of the annual gifting limitations. This can be a good way to reduce estate taxes. Many grand parents might not know this so it could be a benefit for some if the situationis right.
i agree with mn-mom.......
so many students that i hear about are taking 5 years or more to graduate from public (state) universities.
if your son is on track to graduate in 2 years......that's a good thing. i would be concerned that a transfer now would add a 5th or 6th year to his undergrad degree.
my vote would be for him to stay put as long as he is getting the academic support that he needs to be successful and to graduate on track in 4 years.
he might consider a graduate program or law school, etc. as repayment of loans are typically, i think, delayed while the student remains in school. this would also increase his earning power for when he is no longer in school and having to start pay back those loans. if he's in a field like math and science though.....maybe an undergrad degree would be lucrative enough alone........but if not, taking a look at graduate schools, law schools, etc. would make sense.
another thought............some students at this point that i've heard of also will consider a change in majors........maybe switch to a health care field........because they are concerned about definitely having a job upon graduation and one that will pay well.
good luck to him and you......ilvbb.....let us know how things go
so many students that i hear about are taking 5 years or more to graduate from public (state) universities.
if your son is on track to graduate in 2 years......that's a good thing. i would be concerned that a transfer now would add a 5th or 6th year to his undergrad degree.
my vote would be for him to stay put as long as he is getting the academic support that he needs to be successful and to graduate on track in 4 years.
he might consider a graduate program or law school, etc. as repayment of loans are typically, i think, delayed while the student remains in school. this would also increase his earning power for when he is no longer in school and having to start pay back those loans. if he's in a field like math and science though.....maybe an undergrad degree would be lucrative enough alone........but if not, taking a look at graduate schools, law schools, etc. would make sense.
another thought............some students at this point that i've heard of also will consider a change in majors........maybe switch to a health care field........because they are concerned about definitely having a job upon graduation and one that will pay well.
good luck to him and you......ilvbb.....let us know how things go
Another point that was just made but want to expand on. My daughter graduated about 3 years ago. her first job(she lives in san francisco)(very expensive) but she was given a deferment even for her bachelors and they gave it to her becasue she didnt make enough money. She still has not paid any payments.
Maybe you should consider this alternative: Human Capital Contract Very interesting concept and eliminates the burden & risks associated with building large amounts of debt that under worst-case scenarios (disability) may never be repaid.
I mentioned this to my son as an alternative to fund law school.
I mentioned this to my son as an alternative to fund law school.
quote:Originally posted by 3FingeredGlove:
Since this is a baseball board, I suppose part of the question is: How much should parents sacrifice so that their son can play baseball in college?
Depends what sacrificing is, if you have to give up dinner out or a movie or some new clothes, that might be ok, but if you have to give up your home, mortgage it to the hilt, borrow money against your retirement, not sure if that would work for me.
BTW, those years creep up on you, all of a sudden my husband turned 60, and sure he will never retire, but doesn't like dipping into his retirement account for things that may not be necessary. Only you as a family can decide that together.
If baseball is helping reduce the cost, that's a good thing. If one sends their player off somewhere they can't really afford and had alternatives to less expensive state school, as suggested it will cost you less and he will still get an education.
If you read my first post, even with a good offer, some schools were just too far out of reach. UM, my son's dream school, 50% was 2O%+ back then, could just not see paying 80K plus expenses for son to play ball in Miami, didn't care how much he lived that dream. He had to consider other options and in doing so, he made out better in the end.
ILVBB,
It is a great question that definitely needs to be thought out especially for parents of younger kids.
In our situation the FASFA was an immense help. We also got a Home Equity Loan which helped as we have a lot of equity built up. That said, we had to make sure it was doable before we gave the okay.
Good luck with your situation. Stuff happens (bad economy, lay-offs, etc...) and while we might think the end is coming, our kids are usually a lot more resilent than we give them credit for. It's easy for us to give our advice, but given your situation, I would have a long sit-down with your son and let him in on your concerns. I know my son would have never wished for us to incur a lifetime of debt and I imagine your son will feel the same way.
My thoughts are with you.
It is a great question that definitely needs to be thought out especially for parents of younger kids.
In our situation the FASFA was an immense help. We also got a Home Equity Loan which helped as we have a lot of equity built up. That said, we had to make sure it was doable before we gave the okay.
Good luck with your situation. Stuff happens (bad economy, lay-offs, etc...) and while we might think the end is coming, our kids are usually a lot more resilent than we give them credit for. It's easy for us to give our advice, but given your situation, I would have a long sit-down with your son and let him in on your concerns. I know my son would have never wished for us to incur a lifetime of debt and I imagine your son will feel the same way.
My thoughts are with you.
Frank was that before of after this econonmic down turn ?
I have seen people losing hundreds of thousands of dollars in the last few months. Foreclosures are at an all time high as are bankruptcies.
I also see people that are prospering. Some in spite of the economy and others because of it. I had an import business during a recession and business was never so good. I had people begging me for jobs at min wages just to save their homes. You really have to think long and hard before you risk your built up equity.
I have seen people losing hundreds of thousands of dollars in the last few months. Foreclosures are at an all time high as are bankruptcies.
I also see people that are prospering. Some in spite of the economy and others because of it. I had an import business during a recession and business was never so good. I had people begging me for jobs at min wages just to save their homes. You really have to think long and hard before you risk your built up equity.
It was way before the economic downturn and of course while nothing is certain, having job security would need to be considered before incurring more debt. You are correct about thinking long and hard and knowing your own situation.
In our case the four years at Dartmouth cost us $28K total and our son's college debt is around $14K. This was doable for us. Our loan was a small fraction of our equity. We would have never borrowed the whole amount. As a side, our 14 yo car had over 240K miles on it so we used our home equity to purchase a new one which we can write the interest off come tax time.
I was just giving ILVBB our situation and hopefully some other options.
In our case the four years at Dartmouth cost us $28K total and our son's college debt is around $14K. This was doable for us. Our loan was a small fraction of our equity. We would have never borrowed the whole amount. As a side, our 14 yo car had over 240K miles on it so we used our home equity to purchase a new one which we can write the interest off come tax time.
I was just giving ILVBB our situation and hopefully some other options.
This thread really reflects life for many people across the nation during this economic downturn. Parents everywhere are trying to figure out how to pay for college now that many have lost their savings in the stock market and depressed economy.
Nationwide we are seeing record home forclosures. Not sure that using home equity is as feasible now due to declining home values.
Add to this a record number of high school students applying to colleges and things get even tougher. In CA state funding is in such bad shape that budgets are being slashed at all the state schools. This will result in fewer students being admitted while having more applicants. It will probably mean students will have a harder time getting necessary classes to graduate within 4-5 years. Things are gloomy overall.
For parents that will be facing this situation in the next few years I would highly recommend you make your child aware of the financial realities of the overwhelming expense of college and choose according to your family circumstances. In the past there has been alot of MERIT aid available for good grades but now I wonder how much that will change??
If colleges continue to offer academic money at near the same level they have that's one way for college to become more affordable.
As a babyboomer this is certainly the toughest time we've had to face and many people that did everything right to save for college have seen much of that investment decline. Unfortunately not going to get a whole lot better anytime soon so I guess we all have to just tighten our belts and do the best we can.
Good luck to all facing these problems.
Nationwide we are seeing record home forclosures. Not sure that using home equity is as feasible now due to declining home values.
Add to this a record number of high school students applying to colleges and things get even tougher. In CA state funding is in such bad shape that budgets are being slashed at all the state schools. This will result in fewer students being admitted while having more applicants. It will probably mean students will have a harder time getting necessary classes to graduate within 4-5 years. Things are gloomy overall.
For parents that will be facing this situation in the next few years I would highly recommend you make your child aware of the financial realities of the overwhelming expense of college and choose according to your family circumstances. In the past there has been alot of MERIT aid available for good grades but now I wonder how much that will change??
If colleges continue to offer academic money at near the same level they have that's one way for college to become more affordable.
As a babyboomer this is certainly the toughest time we've had to face and many people that did everything right to save for college have seen much of that investment decline. Unfortunately not going to get a whole lot better anytime soon so I guess we all have to just tighten our belts and do the best we can.
Good luck to all facing these problems.
I write everything off.
Here we are allowed to write off my son's tuition and his scholarships are not taxable. We write off up to $10500. of his tuition accumulated so far. That gives us enough money to pay almost all his student loan payments witch are at a reduced interest rate. It is cheaper than a MTG payment. I am not sure if you can do that. It might be worth talking to the IRS. Until my son starts earning enough money I will continue to do this.
Here we are allowed to write off my son's tuition and his scholarships are not taxable. We write off up to $10500. of his tuition accumulated so far. That gives us enough money to pay almost all his student loan payments witch are at a reduced interest rate. It is cheaper than a MTG payment. I am not sure if you can do that. It might be worth talking to the IRS. Until my son starts earning enough money I will continue to do this.
With all the "Bailout" money being passed out as bonuses to bank executives, maybe one of the many bright people we have up on the hill can earmark some of that money for education. But then again, how in the 
would the bridge to nowhere be built. 
would the bridge to nowhere be built.
What will the COLLEGES themselves do for their 'clients' during this time? Bailouts for big business, but who will help bail out our future 'human capital'? Will tuition possibly be lowered or will they just keep marching it upwards?
Those in the know, how do you think colleges will respond, if at all?
Those in the know, how do you think colleges will respond, if at all?
quote:Originally posted by Krakatoa:
What will the COLLEGES themselves do for their 'clients' during this time? Bailouts for big business, but who will help bail out our future 'human capital'? Will tuition possibly be lowered or will they just keep marching it upwards?
Those in the know, how do you think colleges will respond, if at all?
They will probably do what California and Florida schools are doing, raise tuition and fees, cut services and payroll.
City and state governments facing increased needs for law inforcement and other services due the economic climate are actually laying off cops and teachers. I think I'm going to Walmart and buy 50# of rice and another box of shotgun shells.
For those of you with 529 accounts for your kiddos, there's a tax angle you may want to check into with your accountant. It may help you offset the Obama "tax cuts" that are coming (but that's another thread).
But you may be able to cash in and close your 529s and write off the loss. I don't know the ins and outs, and am no tax accountant, but from what I have heard it is well worth checking into with your tax expert. The only downside I have heard of is the loss of state tax deductions you have taken...which would be more than offset by the savings in federal taxes.
But you may be able to cash in and close your 529s and write off the loss. I don't know the ins and outs, and am no tax accountant, but from what I have heard it is well worth checking into with your tax expert. The only downside I have heard of is the loss of state tax deductions you have taken...which would be more than offset by the savings in federal taxes.
A point for the original post:
Instead of a parent going into further debt to keep their kid in a happy place, why not put that debt on the college kid. Have the student take out the loans in their name. If he is really sure that he wants to stay at the origianl college, have him take the loans out himself. It doesn't mean the parent can't repay them in the end, but I think it makes the student take some responsibility for his decision. It also helps them realize that they better be coming out of college with job prospects, not just 4 years of socializing and playing baseball.
A second point about more kids applying to college:
Somewhere I read that each student is applying to a larger number of schools making it appear that there are more kids, when in reality, each kid will only be going to one school after they make their decision. Not sure where I read that, but it makes sense that there could be some misleading data out there if they are just looking at the total number of applications.
Instead of a parent going into further debt to keep their kid in a happy place, why not put that debt on the college kid. Have the student take out the loans in their name. If he is really sure that he wants to stay at the origianl college, have him take the loans out himself. It doesn't mean the parent can't repay them in the end, but I think it makes the student take some responsibility for his decision. It also helps them realize that they better be coming out of college with job prospects, not just 4 years of socializing and playing baseball.
A second point about more kids applying to college:
Somewhere I read that each student is applying to a larger number of schools making it appear that there are more kids, when in reality, each kid will only be going to one school after they make their decision. Not sure where I read that, but it makes sense that there could be some misleading data out there if they are just looking at the total number of applications.
http://www.amazon.com/gp/reader/0670031356/ref=sib_dp_pop_fc?ie=UTF8&p=S001#
Interesting read.
In our neck of the woods, our JC's are fine institutions for an academic or baseball beginning.
One would be surprised how many high achieving students attend Junior College. Many have two year programs dovetailed with UC requirements, saves lots of $$$$$$$ to transfer to UC after two years.
Baseball at our JC's is at the highest level.
Everyone has their own path. I come from a family of six children. My parents were middle class, would have been upper middle had they not had six children. All of us applied to college on our own, my two brothers had football scholarships, parents did not even have anything to do with it.
One sister was a gifted artist, and out of need found a way to get herself transferred to the Chicago Art Institute from our local four year college,and received her Ph.D, all by herself.
Me, I just had a full time job with full benefits out of high school, fell into it from a relative, attended night classes at JC my first two years,
my employer offered to pay my tuition when I transferred to earn my degree.
One other sister attended JC while her husband was in the Marines, then transferred to University where she earned her degree in ECE and started her own DayCare business that she ran for 20 years, very lucrative. Little sis (being an only child by now) earned herself four degrees, Business, Accounting, Landscape Architecture, and Design. Her employer also offered educational grants.
My point is, that my parents did not fund our education. We were very lucky to get a $50.00 check whenever the financial situation allowed.
My dad was a ball player who got called into the Navy, mom went to Cal. When dad got out of the Navy, the skills and education he received in communications, paid off well for him when entering the workforce. He attended college at night as well.
They put us all through private school until high school, and then....it was up to us. We all did fine. No, none of us is rich, (we all are, but maybe not how others see it).
My point is, I know times have changed, tuition has skyrocketed, and the cost of being a young adult is overwhelming, BUT, the best thing we can do for our kids, is have them pay their way. They need to develop values of their own and learn what it means to be self reliant. Technology has not been our friend in many ways $$$$$ wise. They are dependant on their phones, ipods, laptops, etc. which all cost! The sooner they realize how much work it takes to pay for these necesseties, the better, and the best way....for them to pay! They won't shrivel up and die because they have to be responsible!!! REALLY!
Interesting read.
In our neck of the woods, our JC's are fine institutions for an academic or baseball beginning.
One would be surprised how many high achieving students attend Junior College. Many have two year programs dovetailed with UC requirements, saves lots of $$$$$$$ to transfer to UC after two years.
Baseball at our JC's is at the highest level.
Everyone has their own path. I come from a family of six children. My parents were middle class, would have been upper middle had they not had six children.
All of us applied to college on our own, my two brothers had football scholarships, parents did not even have anything to do with it.One sister was a gifted artist, and out of need found a way to get herself transferred to the Chicago Art Institute from our local four year college,and received her Ph.D, all by herself.
Me, I just had a full time job with full benefits out of high school, fell into it from a relative, attended night classes at JC my first two years,
my employer offered to pay my tuition when I transferred to earn my degree.
One other sister attended JC while her husband was in the Marines, then transferred to University where she earned her degree in ECE and started her own DayCare business that she ran for 20 years, very lucrative. Little sis (being an only child by now) earned herself four degrees, Business, Accounting, Landscape Architecture, and Design. Her employer also offered educational grants.
My point is, that my parents did not fund our education. We were very lucky to get a $50.00 check whenever the financial situation allowed.
My dad was a ball player who got called into the Navy, mom went to Cal. When dad got out of the Navy, the skills and education he received in communications, paid off well for him when entering the workforce. He attended college at night as well.
They put us all through private school until high school, and then....it was up to us. We all did fine. No, none of us is rich, (we all are, but maybe not how others see it).
My point is, I know times have changed, tuition has skyrocketed, and the cost of being a young adult is overwhelming, BUT, the best thing we can do for our kids, is have them pay their way. They need to develop values of their own and learn what it means to be self reliant. Technology has not been our friend in many ways $$$$$ wise. They are dependant on their phones, ipods, laptops, etc. which all cost! The sooner they realize how much work it takes to pay for these necesseties, the better, and the best way....for them to pay! They won't shrivel up and die because they have to be responsible!!! REALLY!
Looks like at least some schools will try to alleviate any hardships for their students' families: http://www.naicu.edu/news_room/private-colleges-respond...he-economic-downturn
Here's more, which I haven't had a chance to look through, based on keywords 'colleges respond economic downturn': http://www.google.com/search?hl=en&q=how+colleges+respo...ogle+Search&aq=f&oq=
Here's more, which I haven't had a chance to look through, based on keywords 'colleges respond economic downturn': http://www.google.com/search?hl=en&q=how+colleges+respo...ogle+Search&aq=f&oq=
We are also in a poor financial situation because of the economic downturn.
Grants and student loans cover the tuition, books, ect. We have to cover the living expenses. Luckily, it is a state university where the costs are not currently as high as many other institutions. (about $8000 per year)
We have had discussions with our son about returning home and commutting to college, to save some money. He will do it, if need be. That's another good reason to stay local. The other is that we get to watch his team play.
Grants and student loans cover the tuition, books, ect. We have to cover the living expenses. Luckily, it is a state university where the costs are not currently as high as many other institutions. (about $8000 per year)
We have had discussions with our son about returning home and commutting to college, to save some money. He will do it, if need be. That's another good reason to stay local. The other is that we get to watch his team play.
quote:Originally posted by Dooer:
We have had discussions with our son about returning home and commutting to college, to save some money. He will do it, if need be. That's another good reason to stay local. The other is that we get to watch his team play.
Realistically, you have a good attitude.
I happen to know of a few folks who have told their sons/daughters that unless they can secure a scholly closer to home, sports may have to come to an end. I know a few folks who have told their non athlete student that they have to stay in state to attend, regardlees or start at JUCO and commute. I have a friend who has told me that pro ball opportunities that may arise (drafted) are looking better and better, they may not be able to afford school.
We are now in a similar era than our grandparents were, where many could not afford to send their kids to college. They adjusted, they made things work.
Most of all be honest with your kids, don't tell them afterwards that you went broke putting them through school, seek solutions, it doesn't make them feel any better that you scarificed, or sometimes be as grateful as you feel they should be.
iheartBB I agree that kids have to learn to be responsible. I also believe in cutting the strings as far as keeping them local. If you can it is better to have some distance between your student and the family. There is so much to learn by being far away and allowing them to make new friends etc. To me the most significant part of college is becoming self reliant.
My son was told right up front that he would have to pay for college. He went out and got a job on his own and until this year could only work on campus. I call him waiter boy since he works in the cafe and caters to the football games and weddings. Now he has a second job as a P coach when he can squeeze it in. $15 per half hr lesson teaching HS pitchers to pitch.
You are also an example how doors will open if you make the effort. Great story !
My son was told right up front that he would have to pay for college. He went out and got a job on his own and until this year could only work on campus. I call him waiter boy since he works in the cafe and caters to the football games and weddings. Now he has a second job as a P coach when he can squeeze it in. $15 per half hr lesson teaching HS pitchers to pitch.
You are also an example how doors will open if you make the effort. Great story !
it seems to me that it's a supply and demand kind of thing...........
if the tuition costs at school A are too high and applications are down, enrollments are down......demand is down.....then wouldn't they lower their tuition to make it more affordable and get applications up and enrollments up ?
kind of like gasoline.......the price came down once demand went down.
if the tuition costs at school A are too high and applications are down, enrollments are down......demand is down.....then wouldn't they lower their tuition to make it more affordable and get applications up and enrollments up ?
kind of like gasoline.......the price came down once demand went down.
High ho
High ho
I owe and it's off to work, I go!
The antics of every elected Congressmen, and
especially the belligerent and bellicose
Speaker of the House; B Frank who used the regulations of the Community Reinvestment Act to threaten lenders into making these loans enabling the mortgage crisis; and one of the CBS news anchors, (who should leave as anchor of the low-rated CBS Evening News well) need be removed (and at the earliest of times).
Who is more incompetent?
N. Pelosi or K Couric News at 11:00.
postscript:
"I predict the future happiness of Americans if they can prevent the government wasting the labors of the people under the pretense of taking care of them. " -- Thomas Jefferson
High ho
I owe and it's off to work, I go!
The antics of every elected Congressmen, and
especially the belligerent and bellicose
Speaker of the House; B Frank who used the regulations of the Community Reinvestment Act to threaten lenders into making these loans enabling the mortgage crisis; and one of the CBS news anchors, (who should leave as anchor of the low-rated CBS Evening News well) need be removed (and at the earliest of times).
Who is more incompetent?
N. Pelosi or K Couric News at 11:00.
postscript:
"I predict the future happiness of Americans if they can prevent the government wasting the labors of the people under the pretense of taking care of them. " -- Thomas Jefferson
quote:Originally posted by Tx-Husker:
For those of you with 529 accounts for your kiddos, there's a tax angle you may want to check into with your accountant. It may help you offset the Obama "tax cuts" that are coming (but that's another thread).
But you may be able to cash in and close your 529s and write off the loss. I don't know the ins and outs, and am no tax accountant, but from what I have heard it is well worth checking into with your tax expert. The only downside I have heard of is the loss of state tax deductions you have taken...which would be more than offset by the savings in federal taxes.
I approached my tax person with this idea (since both of my kids 529s are now worth less than what I put into the account) and she said there is another alternative which she liked better for me.
What I have done is
1) open new 529s for both kids with "new money" taken out of the money I have set aside for retirement (not IRA money - simply savings).
2) The old 529 accounts are still in my kid names but I am treating them like part of my retirement portfolio and investing them appropriately. When they get back to slightly under the original investment, then I will close the accounts and take the money back into my regular retirement savings account (replacing the money that I used to open the "new 529s")
What this allows me to do is to have the growth in the old 529s be tax free.
As an example - let's say I put $10,000 into the account originally - and it is now worth $6,000. When it grows back to $9,999, I pull it out - and the $3,999 is not taxed. Had I left the money in the retirement account, I would have paid taxes on that growth - this way I don't.
The kids are no better or worse off - they still have the same amount of money for college in their new 529s as they did in their old 529s.
Hope this helps someone else - it is one of the few bright spots in my financial life in 2008.
08
This is great info. It has been a long time since I did US tax returns and that was mainly for Canadians playing Pro hockey in the US.
It is important to sit with a accountant and get good advice. You may be missing avenues that could help even if you don't think you make enough to wrrant the small expenditure. I am not talking about a finacial advisor here who is trying to sell you something backed by a sub prime mtg etc.
It is important to sit with a accountant and get good advice. You may be missing avenues that could help even if you don't think you make enough to wrrant the small expenditure. I am not talking about a finacial advisor here who is trying to sell you something backed by a sub prime mtg etc.
As my son got older and it was obvious he wanted to play baseball in college I made it very clear that we could not pay $50K/yr for him to attend a private school just to play baseball. We saw this happen with some of his friends and financially we weren't prepared to make those kinds of sacrifices.I had always read there's more $ available for academics than sports in many cases.
So, he did his part with grades/SAT to get a merit scholarship. This along with his baseball scholly is enabling him to attend the college of his choice.
Merit scholarships vary as to the GPA needed in college to continue to receive the academic money. Check this carefully because you do hear of athletes losing their academic money.
My son only needs to maintain a 2.0 to stay eligible for his academic money. He's not in engineering so this is not a challenge for him. He has come home with a new phrase " C's get degrees!".
Guess that's what they learn @ college. I of course have said C's won't get you into grad school and you never know what you might want to do in the future. He didn't get any C's his 1st semester but time will tell.
So, he did his part with grades/SAT to get a merit scholarship. This along with his baseball scholly is enabling him to attend the college of his choice.
Merit scholarships vary as to the GPA needed in college to continue to receive the academic money. Check this carefully because you do hear of athletes losing their academic money.
My son only needs to maintain a 2.0 to stay eligible for his academic money. He's not in engineering so this is not a challenge for him. He has come home with a new phrase " C's get degrees!".
Guess that's what they learn @ college. I of course have said C's won't get you into grad school and you never know what you might want to do in the future. He didn't get any C's his 1st semester but time will tell.
08Dad:
I am looking for any good news relative to paying for the kido's school. I apreciated your asking the question, but your answer is only partially correct. There are effectively 3 issues; loss in basis, classification (i.e. subject to a 2% AGI limitation) and potentially AMT issues.
The following link will take you to a very good article that I received from a CPA.
Section 529 Plan Options
I am looking for any good news relative to paying for the kido's school. I apreciated your asking the question, but your answer is only partially correct. There are effectively 3 issues; loss in basis, classification (i.e. subject to a 2% AGI limitation) and potentially AMT issues.
The following link will take you to a very good article that I received from a CPA.
Section 529 Plan Options
You may be mixing my post up with Txhuskers... Actually the article you provided is a great summary of why my CPA advised me NOT to liquidate the account.
Instead what I am doing is waiting until it is back to essentially break even and then cashing it in and taking the money back rather than using it on the kids. They get the new 529 money (which I opened in a different state to avoid confusion).
I won't declare a loss of more than a few dollars - which avoids most if not all of the issues you cite.
Whatever course someone might take, talking to a CPA is always a good idea rather than going on what I might say. All I am trying to do is pass on some advice that I found useful in hopes that someone else may also find that it fits their situation.
08
Instead what I am doing is waiting until it is back to essentially break even and then cashing it in and taking the money back rather than using it on the kids. They get the new 529 money (which I opened in a different state to avoid confusion).
I won't declare a loss of more than a few dollars - which avoids most if not all of the issues you cite.
Whatever course someone might take, talking to a CPA is always a good idea rather than going on what I might say. All I am trying to do is pass on some advice that I found useful in hopes that someone else may also find that it fits their situation.
08
quote:Originally posted by fsmjunior:
No offense to teachers, but you don't go into that profession for the pay.
But depending where you live, you can do alright as a teacher. Where I live, they make very good salaries, some make as much as engineers and their contract is based on 10 months. Plus all their medical is paid, which most public sector companies won't pay and is very expensive. Plus they can retire with a good pension and accumulate sick time lumped in one big payout at retirement and teachers are tenured so they don't have to worry about losing their job unlike the public sector where in a bad economy, that's up in the air. There's a lot of skilled employees who lost their job in the public sector in this bad economy but those teachers jobs are well secure. And if they need to make more money, they can get summer work or take on coaching jobs that can pay an extra 5 or 10 grand a year.
Thanks, 08Dad....good idea/angle I had not thought of.
quote:Originally posted by Bear:
High ho
High ho
I owe and it's off to work, I go!
The antics of every elected Congressmen, and
especially the belligerent and bellicose
Speaker of the House; B Frank who used the regulations of the Community Reinvestment Act to threaten lenders into making these loans enabling the mortgage crisis; and one of the CBS news anchors, (who should leave as anchor of the low-rated CBS Evening News well) need be removed (and at the earliest of times).
Who is more incompetent?
N. Pelosi or K Couric News at 11:00.
postscript:
"I predict the future happiness of Americans if they can prevent the government wasting the labors of the people under the pretense of taking care of them. " -- Thomas Jefferson
Bear, you said it best. N Pelosi and B Frank are almost single handedly responsible for the the mortgage crisis. That crisis is the basis of our current economic crash.
Pelosi is resposible for a lot, but you can't hang the mortgage crisis on her. It's Sen. Dodd from CT you're looking for.
.
While I have my own VERY emotional politcal viewpoint...and it comes down very solidly on one side, and I can make great arguments for it...and I agree with one poster...
Any chance of staying on task here?...
I'd hate to see such a great and valuable thread degenerate into political name calling and mudslinging that will see no purpose...
Thanks.
44
.,
While I have my own VERY emotional politcal viewpoint...and it comes down very solidly on one side, and I can make great arguments for it...and I agree with one poster...
Any chance of staying on task here?...
I'd hate to see such a great and valuable thread degenerate into political name calling and mudslinging that will see no purpose...
Thanks.
44.,
O44 - Jiminy C-Mas : Several viewpoints
and are spot on to ILVBB initial blog
The original poster and son, have a relatively short term issue. And with many years to recover 'educatonal investments', student loans are readily available (and at very low risk!)
I am unable to think of a better reason to invest,
than in a family member investment to improve his educaton.
The long term concern is will our children, who could go into debt of $200,000 or more, be employable at better compensation, had not invested in their education.
With financial crisis, this is the best of times
to literal run to college for two or higher degrees.
Who the frick is bailing out our generation?
And with fourty years of lost retirement savings?
Is it Pelosi? Franks? Dodd? And since each are sitting on big bucks government backed pensions, why would each care?
Time to get rid of the cancers in government and seek financial basics.
From Shakespeare's Troilus and Cressida, 1609:
THERSITES: I will see you hanged, like clotpoles, ere I come any more to your tents: I will keep where there is wit stirring and leave the faction of fools.
PATROCLUS: A good riddance.
Or maybe Charles Dickens in his 1848 novel Dombey and son:
"A good riddance of bad rubbish!" said that wrathful old lady [speaking of Susan Nipper]. "Get along with you, or I'll have you carried out!"
Goodby and good riddance 2008!
and are spot on to ILVBB initial blog
quote:Originally posted by ILVBB:
....However, with the economic downturn ..burden..
....We have sought financial assistance...
....he will need to borrow even more.
....I would apreciate everyone's thoughts.
....the investment value has dropped nearly 80%
The original poster and son, have a relatively short term issue. And with many years to recover 'educatonal investments', student loans are readily available (and at very low risk!)
I am unable to think of a better reason to invest,
than in a family member investment to improve his educaton.
The long term concern is will our children, who could go into debt of $200,000 or more, be employable at better compensation, had not invested in their education.
With financial crisis, this is the best of times
to literal run to college for two or higher degrees.
Who the frick is bailing out our generation?
And with fourty years of lost retirement savings?
Is it Pelosi? Franks? Dodd? And since each are sitting on big bucks government backed pensions, why would each care?
Time to get rid of the cancers in government and seek financial basics.
From Shakespeare's Troilus and Cressida, 1609:
THERSITES: I will see you hanged, like clotpoles, ere I come any more to your tents: I will keep where there is wit stirring and leave the faction of fools.
PATROCLUS: A good riddance.
Or maybe Charles Dickens in his 1848 novel Dombey and son:
"A good riddance of bad rubbish!" said that wrathful old lady [speaking of Susan Nipper]. "Get along with you, or I'll have you carried out!"
Goodby and good riddance 2008!
I stumbled across this article which I thought would fit into this thread...
http://www.alternet.org/workplace/106445/college_loan_s...of_hand/?page=entire
Essentially talks about the other end of student loans - what happens when it is time to repay and the graduate can't afford the payments.
Well worth the read.
http://www.alternet.org/workplace/106445/college_loan_s...of_hand/?page=entire
Essentially talks about the other end of student loans - what happens when it is time to repay and the graduate can't afford the payments.
Well worth the read.