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bearishgurl.
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May 6, 2011 at 1:22 PM #694158May 6, 2011 at 1:31 PM #692981
bearishgurl
Participant[quote=Scarlett]Errr…. I have no experience with college loans, but I am very surprised that students are allowed to even borrow more than strictly tuition+books/materials. Don’t they have to justify the expenses?[/quote]
No, they can borrow extra money over and above tuition, fees, books and parking for “living expenses.” What is left of the loan after these items are paid can be spent on anything and everything and often is. No one will ask the student where the money went. Also, a student can still qualify for a loan even though a parent or other relative is helping them. The rules are not the same as a for a grant and they don’t have to submit a FAFSA to obtain a loan. They are not based upon need. Often they take out student loans without these relatives’ knowledge, in order to live a “better lifestyle” than is funded by their benefactors without having to work while in school.
May 6, 2011 at 1:31 PM #693059Participant[quote=Scarlett]Errr…. I have no experience with college loans, but I am very surprised that students are allowed to even borrow more than strictly tuition+books/materials. Don’t they have to justify the expenses?[/quote]
No, they can borrow extra money over and above tuition, fees, books and parking for “living expenses.” What is left of the loan after these items are paid can be spent on anything and everything and often is. No one will ask the student where the money went. Also, a student can still qualify for a loan even though a parent or other relative is helping them. The rules are not the same as a for a grant and they don’t have to submit a FAFSA to obtain a loan. They are not based upon need. Often they take out student loans without these relatives’ knowledge, in order to live a “better lifestyle” than is funded by their benefactors without having to work while in school.
May 6, 2011 at 1:31 PM #693664Participant[quote=Scarlett]Errr…. I have no experience with college loans, but I am very surprised that students are allowed to even borrow more than strictly tuition+books/materials. Don’t they have to justify the expenses?[/quote]
No, they can borrow extra money over and above tuition, fees, books and parking for “living expenses.” What is left of the loan after these items are paid can be spent on anything and everything and often is. No one will ask the student where the money went. Also, a student can still qualify for a loan even though a parent or other relative is helping them. The rules are not the same as a for a grant and they don’t have to submit a FAFSA to obtain a loan. They are not based upon need. Often they take out student loans without these relatives’ knowledge, in order to live a “better lifestyle” than is funded by their benefactors without having to work while in school.
May 6, 2011 at 1:31 PM #693811Participant[quote=Scarlett]Errr…. I have no experience with college loans, but I am very surprised that students are allowed to even borrow more than strictly tuition+books/materials. Don’t they have to justify the expenses?[/quote]
No, they can borrow extra money over and above tuition, fees, books and parking for “living expenses.” What is left of the loan after these items are paid can be spent on anything and everything and often is. No one will ask the student where the money went. Also, a student can still qualify for a loan even though a parent or other relative is helping them. The rules are not the same as a for a grant and they don’t have to submit a FAFSA to obtain a loan. They are not based upon need. Often they take out student loans without these relatives’ knowledge, in order to live a “better lifestyle” than is funded by their benefactors without having to work while in school.
May 6, 2011 at 1:31 PM #694163Participant[quote=Scarlett]Errr…. I have no experience with college loans, but I am very surprised that students are allowed to even borrow more than strictly tuition+books/materials. Don’t they have to justify the expenses?[/quote]
No, they can borrow extra money over and above tuition, fees, books and parking for “living expenses.” What is left of the loan after these items are paid can be spent on anything and everything and often is. No one will ask the student where the money went. Also, a student can still qualify for a loan even though a parent or other relative is helping them. The rules are not the same as a for a grant and they don’t have to submit a FAFSA to obtain a loan. They are not based upon need. Often they take out student loans without these relatives’ knowledge, in order to live a “better lifestyle” than is funded by their benefactors without having to work while in school.
May 6, 2011 at 1:42 PM #692986Participant[quote=Scarlett]I don’t think many parents now close(r) to the retirement (in their 50s) would up and go just for the kid to get residency in a certain state. Jobs for “older” people are harder to find too. So that leaves the kids having to borrow a boatload of money to pay for an out-of-state and/or private college.
Coming back to California – if there will be many more in-state QUALIFIED applicants, wouldn’t that translate in more money paid to the universities => more money to hire/expand teachers/classes etc.?[/quote]
You are correct in that it is very difficult anywhere for a 50+ year old to obtain another job after leaving or losing one. I was thinking more along the lines of the parent(s) moving back to their home state to help in a family business, transferring to a new intallation thru the military or Federal Civil Service or corporate workers transfering to “headquarters” or a new regional office of their companies. These types of job transfers, if strategically planned in advance, aren’t that difficult to make happen.
There is already an overflow of qualified applicants for CA university billets and this DID NOT translate into more admissions or classes for students. In addition, the fees have been raised at least 10 times in the CSU system in the last eight or so years. It appears to me that the two systems are trying to eliminate more pension obligations so are letting go instructors before they vest. Meanwhile, the ones that are retiring are not being replaced. One business department head at SFSU told me that he had never been asked to lay off as many instructors as he had to in 2010 in his 30+ years in the system.
May 6, 2011 at 1:42 PM #693064Participant[quote=Scarlett]I don’t think many parents now close(r) to the retirement (in their 50s) would up and go just for the kid to get residency in a certain state. Jobs for “older” people are harder to find too. So that leaves the kids having to borrow a boatload of money to pay for an out-of-state and/or private college.
Coming back to California – if there will be many more in-state QUALIFIED applicants, wouldn’t that translate in more money paid to the universities => more money to hire/expand teachers/classes etc.?[/quote]
You are correct in that it is very difficult anywhere for a 50+ year old to obtain another job after leaving or losing one. I was thinking more along the lines of the parent(s) moving back to their home state to help in a family business, transferring to a new intallation thru the military or Federal Civil Service or corporate workers transfering to “headquarters” or a new regional office of their companies. These types of job transfers, if strategically planned in advance, aren’t that difficult to make happen.
There is already an overflow of qualified applicants for CA university billets and this DID NOT translate into more admissions or classes for students. In addition, the fees have been raised at least 10 times in the CSU system in the last eight or so years. It appears to me that the two systems are trying to eliminate more pension obligations so are letting go instructors before they vest. Meanwhile, the ones that are retiring are not being replaced. One business department head at SFSU told me that he had never been asked to lay off as many instructors as he had to in 2010 in his 30+ years in the system.
May 6, 2011 at 1:42 PM #693669Participant[quote=Scarlett]I don’t think many parents now close(r) to the retirement (in their 50s) would up and go just for the kid to get residency in a certain state. Jobs for “older” people are harder to find too. So that leaves the kids having to borrow a boatload of money to pay for an out-of-state and/or private college.
Coming back to California – if there will be many more in-state QUALIFIED applicants, wouldn’t that translate in more money paid to the universities => more money to hire/expand teachers/classes etc.?[/quote]
You are correct in that it is very difficult anywhere for a 50+ year old to obtain another job after leaving or losing one. I was thinking more along the lines of the parent(s) moving back to their home state to help in a family business, transferring to a new intallation thru the military or Federal Civil Service or corporate workers transfering to “headquarters” or a new regional office of their companies. These types of job transfers, if strategically planned in advance, aren’t that difficult to make happen.
There is already an overflow of qualified applicants for CA university billets and this DID NOT translate into more admissions or classes for students. In addition, the fees have been raised at least 10 times in the CSU system in the last eight or so years. It appears to me that the two systems are trying to eliminate more pension obligations so are letting go instructors before they vest. Meanwhile, the ones that are retiring are not being replaced. One business department head at SFSU told me that he had never been asked to lay off as many instructors as he had to in 2010 in his 30+ years in the system.
May 6, 2011 at 1:42 PM #693816Participant[quote=Scarlett]I don’t think many parents now close(r) to the retirement (in their 50s) would up and go just for the kid to get residency in a certain state. Jobs for “older” people are harder to find too. So that leaves the kids having to borrow a boatload of money to pay for an out-of-state and/or private college.
Coming back to California – if there will be many more in-state QUALIFIED applicants, wouldn’t that translate in more money paid to the universities => more money to hire/expand teachers/classes etc.?[/quote]
You are correct in that it is very difficult anywhere for a 50+ year old to obtain another job after leaving or losing one. I was thinking more along the lines of the parent(s) moving back to their home state to help in a family business, transferring to a new intallation thru the military or Federal Civil Service or corporate workers transfering to “headquarters” or a new regional office of their companies. These types of job transfers, if strategically planned in advance, aren’t that difficult to make happen.
There is already an overflow of qualified applicants for CA university billets and this DID NOT translate into more admissions or classes for students. In addition, the fees have been raised at least 10 times in the CSU system in the last eight or so years. It appears to me that the two systems are trying to eliminate more pension obligations so are letting go instructors before they vest. Meanwhile, the ones that are retiring are not being replaced. One business department head at SFSU told me that he had never been asked to lay off as many instructors as he had to in 2010 in his 30+ years in the system.
May 6, 2011 at 1:42 PM #694168Participant[quote=Scarlett]I don’t think many parents now close(r) to the retirement (in their 50s) would up and go just for the kid to get residency in a certain state. Jobs for “older” people are harder to find too. So that leaves the kids having to borrow a boatload of money to pay for an out-of-state and/or private college.
Coming back to California – if there will be many more in-state QUALIFIED applicants, wouldn’t that translate in more money paid to the universities => more money to hire/expand teachers/classes etc.?[/quote]
You are correct in that it is very difficult anywhere for a 50+ year old to obtain another job after leaving or losing one. I was thinking more along the lines of the parent(s) moving back to their home state to help in a family business, transferring to a new intallation thru the military or Federal Civil Service or corporate workers transfering to “headquarters” or a new regional office of their companies. These types of job transfers, if strategically planned in advance, aren’t that difficult to make happen.
There is already an overflow of qualified applicants for CA university billets and this DID NOT translate into more admissions or classes for students. In addition, the fees have been raised at least 10 times in the CSU system in the last eight or so years. It appears to me that the two systems are trying to eliminate more pension obligations so are letting go instructors before they vest. Meanwhile, the ones that are retiring are not being replaced. One business department head at SFSU told me that he had never been asked to lay off as many instructors as he had to in 2010 in his 30+ years in the system.
May 6, 2011 at 1:42 PM #692991Scarlett
ParticipantThen I think a first step should be changing those rules. Somehow they remind me too much of the income-stated loans for houses…How about documenting all that?
I understand even if family helps them it may not be enough, but, then loan amount should be correspondingly less. I guess it is impossible to know how much the familly helps.
But anyhow loans for living expenses should really cover bare minimum – like for housing an average rent in student housing or half the rent (you get 1 roommate) of a 1 bdr place close to univ; for food – just the equivalent of 2 meal a day at the cafeteria. A small transportation allowance if not living on campus. Really, if he needs more, then the student can take odd jobs or tutoring. or help from family.
Actually the first thing the high-school students should be taught is the compound interest calculation and how much debt they would acquire in college and how long it takes to pay it off, and how long it takes to save for retirement (I know, who think about that at 18?) – so they are not completely duped and avoid college loans like the plague they are.
May 6, 2011 at 1:42 PM #693069ParticipantThen I think a first step should be changing those rules. Somehow they remind me too much of the income-stated loans for houses…How about documenting all that?
I understand even if family helps them it may not be enough, but, then loan amount should be correspondingly less. I guess it is impossible to know how much the familly helps.
But anyhow loans for living expenses should really cover bare minimum – like for housing an average rent in student housing or half the rent (you get 1 roommate) of a 1 bdr place close to univ; for food – just the equivalent of 2 meal a day at the cafeteria. A small transportation allowance if not living on campus. Really, if he needs more, then the student can take odd jobs or tutoring. or help from family.
Actually the first thing the high-school students should be taught is the compound interest calculation and how much debt they would acquire in college and how long it takes to pay it off, and how long it takes to save for retirement (I know, who think about that at 18?) – so they are not completely duped and avoid college loans like the plague they are.
May 6, 2011 at 1:42 PM #693675ParticipantThen I think a first step should be changing those rules. Somehow they remind me too much of the income-stated loans for houses…How about documenting all that?
I understand even if family helps them it may not be enough, but, then loan amount should be correspondingly less. I guess it is impossible to know how much the familly helps.
But anyhow loans for living expenses should really cover bare minimum – like for housing an average rent in student housing or half the rent (you get 1 roommate) of a 1 bdr place close to univ; for food – just the equivalent of 2 meal a day at the cafeteria. A small transportation allowance if not living on campus. Really, if he needs more, then the student can take odd jobs or tutoring. or help from family.
Actually the first thing the high-school students should be taught is the compound interest calculation and how much debt they would acquire in college and how long it takes to pay it off, and how long it takes to save for retirement (I know, who think about that at 18?) – so they are not completely duped and avoid college loans like the plague they are.
May 6, 2011 at 1:42 PM #693821ParticipantThen I think a first step should be changing those rules. Somehow they remind me too much of the income-stated loans for houses…How about documenting all that?
I understand even if family helps them it may not be enough, but, then loan amount should be correspondingly less. I guess it is impossible to know how much the familly helps.
But anyhow loans for living expenses should really cover bare minimum – like for housing an average rent in student housing or half the rent (you get 1 roommate) of a 1 bdr place close to univ; for food – just the equivalent of 2 meal a day at the cafeteria. A small transportation allowance if not living on campus. Really, if he needs more, then the student can take odd jobs or tutoring. or help from family.
Actually the first thing the high-school students should be taught is the compound interest calculation and how much debt they would acquire in college and how long it takes to pay it off, and how long it takes to save for retirement (I know, who think about that at 18?) – so they are not completely duped and avoid college loans like the plague they are.
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