[quote=flu][quote=scaredyclassic]but here’s a contrarian plan.
JUST BORROW BOATLOADS OF MONEY.
in fact, try to maximize debt. assuming you and your family dont have much in the way of assets, it might not be irrational. With law school or med school, you might very well be able to climb up t the 400 or 500k in debt range.
then just put it all on IBR
(income based repayment).
basically, at huge debt levels, the gov. doesnt want you to defailt. there are all sorts of plans to stop defaulting, including IBR PAYE and public service forgivenemess.
IBR is based on income, its almost like a tax…but it takes the risk of the debt away from you, because your payment is only based on what you can pay.
of course, this is a giant governmental scam that only serves to prop up absurd tuition prices.
when the debt level gets high enough its the banks problems, not yours.
the main obstacle to this plan would be in not fretting over the debt, or, in the parlance of young debtors over at http://www.jdunderground.com , to “stop giving any fucks”.
its a daring, bold strategy, no t one i personally would have the cojones to engage in…[/quote]
Unfortunately, that strategy would go against the grain of every bone in my body. Heck, I can’t even get enough cojones to take out a close to 0% loan if I were to buy a new car, all else being equal. Somehow, I don’t think my kid will be qualifying for financial assistance one way or the other. Heck, I didn’t even like having an outstanding balance on my HELOC for the past couple of months, even though rates are at 3% capped +3%, while the rental returns about 6-7%. Damn being financially responsible.[/quote]
flu, I won’t take out a ~0% auto loan either, because the new vehicle prices are too high. The best way to for your kid to get admitted to any UC/CSU, IMO (if you don’t have any legacies or are of cultures/nationalities that they are seeking for diversity purposes) is to NOT file a FAFSA. We never have and never will. A FAFSA seeking aid from the school complicates the admission process for the student, when their app should be considered on merit.
If you already know filing a FAFSA won’t do you or your student any good, then don’t file one.
