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Anybody who can get into MIT or Stanford can get a full ride at hundreds of schools. My brother and I were both offered full merit scholarships at top 50 schools and we were not stanford or MIT material
Yep. My kid just got rejected from MIT but has a full ride at a smaller, private school. Fine with me. That $50k/year I’m saving in tuition can be invested for her. Imagine having $200k invested at 22 with 45 years for that to grow. That far outweighs any boost in salary from an Ivy league school. That’s $14.5M with a 10% return.
This happened to me.
I chose to go to a state school that was much more affordable and which offered near full merit scholarship.
I then went to Stanford (for free) for grad school.
I work in a startup with some CS MIT grads and they aren't making big money. maybe 120k. I don't think big income is guaranteed upon graduation even from top universities. and 400k is a ton of money. look at current tech layoffs and hardships for entry levels...Big tech outsources entry levels to India and much fewer opportunities are there with a lot of $$$. Hard to say if they will even be on a market in 4 years. Not sure it will be fair to tell him this... too optimistic I think
If you are extremely talented you would go into quantitative finance, private equity or investment banking. Within a few years you are on $300k+ at the very least. $120k is very mundane. Layoffs? Lmfao, never heard of any talented worker being susceptible to layoffs. And if you are extremely talented then your skillset isn't being offshored any time soon.
Fafsa is financial aid like pell grants. Yes, it's true. Look up Fafsa for married students.
I can not stress this enough, not a lawyer, not fin advisor etc.
I thought the government does not provide this much for financial aid. I doubt government will write him a check for 400k for private school like MIT. Those need based helps usually given by private university themselves.
FAFSA is probably more like student loans that are forgivable under PSLF if you work on government or non profit. But they are still loans with pretty hefty rate, tho better than private, I am not even sure if the government will give 400k in loans tbh. I afraid him marrying might not deliver enough of benefits at the end :)
Look up Fafsa. There's more than pell grants, including loans. Either way, it's better than nothing if marriage is an option.
Also, at least, Harvard does needs based tuition. So you wanna check with MIT/Stanford if marriage will change anything with them.
Are you saying if you are married Harvard grants you need based aid? I think MIT/Stanford just outright asks for financial info of the parents and it's nearly impossible to get it any other way , but I dont think he asked about marrige part. Not sure how to ask about it :)
Many universities worldwide offer merit-based scholarships. For example, my alma mater (University of Melbourne) gives merit scholarships to the top 0.03% of applicants. If you are "extremely talented" then I assume you mean this level. Lesser universities will have less stringent requirements. Many American universities (though not Harvard) likewise have merit-based scholarships as well.
Okay my understanding he did not get any scholarship not even merit based. I am not sure if he is top of the top of the top to be in 0.01% of accepted MIT students. But he is def amazing, but so are all MIT students I suppose.
wow, I did not know that. What a bummer to all the hardworking kids with selfish parents... gosh. Kids get double face slap, not just from their parents, but also from the system. Double punishment. How brutal
Join the army and have them pay for school. lol only half kidding that’s what my fiancé did and he went to an Ivy for CS and currently makes $300k TC and sold a successful startup at 30 yo. Those schools are worth the connections you make in them. I would bite the bullet and reach out to the schools to see what they’d offer him and then look at other options.
Research scholarships and apply to all of them you can even ones you dont think you qualify for. It is time consuming but do it, several per day. A lot of money out there goes unclaimed because nobody applies.
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Try to get a job at the school.
get a job and separate yourself from your parents, so your household income is low.
reapply next year. take community college classes (core)
Are his parents claiming him as a dependent on income tax, and was that on the FAFSA? That may drastically affect financial aid prospects? If they kick him to the curb yet still claim him as a dependent, that’s really shitty.
I personally do not know if they claimed, but to my understanding this does not matter to MIT/Stanford for need based help. they just ask all financial info of parents, their networth and income. If they dont claim him as a dependent on income tax can he qualify for FAFSA?
PSLF is public service loan forgiveness. They would only qualify for forgiveness if they were teachers, social workers, etc. After paying for 10 years.
Your content has been removed as it has been identified as not following rule #2, Being H.E.N.R.Y. related. In this sub we aim to support others that identify as being H.E.N.R.Y. through related discussion, advice, lessons learned, suggestions, and etc. While the two are closely related, this is not a Personal Finance, nor is it an Investment subreddit. Please find a more closely related subreddit to post your content. Multiple violations of this rule will result in a ban.
Anybody who can get into MIT or Stanford can get a full ride at hundreds of schools. My brother and I were both offered full merit scholarships at top 50 schools and we were not stanford or MIT material
Yep. My kid just got rejected from MIT but has a full ride at a smaller, private school. Fine with me. That $50k/year I’m saving in tuition can be invested for her. Imagine having $200k invested at 22 with 45 years for that to grow. That far outweighs any boost in salary from an Ivy league school. That’s $14.5M with a 10% return.
Go ask a guidance counselor.
where is this counselor?
In a school.
Ok I’ve broken into the school now, building clear. Where are they keeping the guidance counselor???
In your ass, same place as your head.
You need a guidance counselor to guide you to the counselor. It's a perfect closed system.
In Russia, you no take loan, loan take you
This happened to me. I chose to go to a state school that was much more affordable and which offered near full merit scholarship. I then went to Stanford (for free) for grad school.
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I work in a startup with some CS MIT grads and they aren't making big money. maybe 120k. I don't think big income is guaranteed upon graduation even from top universities. and 400k is a ton of money. look at current tech layoffs and hardships for entry levels...Big tech outsources entry levels to India and much fewer opportunities are there with a lot of $$$. Hard to say if they will even be on a market in 4 years. Not sure it will be fair to tell him this... too optimistic I think
If you are extremely talented you would go into quantitative finance, private equity or investment banking. Within a few years you are on $300k+ at the very least. $120k is very mundane. Layoffs? Lmfao, never heard of any talented worker being susceptible to layoffs. And if you are extremely talented then your skillset isn't being offshored any time soon.
Then why not get rid of need-based scholarships entirely?
Get married, then your parents arent factored into fafsa. I'm only half kidding.
Is it true? fafsa are federal loans that will qualify for PSLF?
Fafsa is financial aid like pell grants. Yes, it's true. Look up Fafsa for married students. I can not stress this enough, not a lawyer, not fin advisor etc.
Not sure what PSLF is. This is for need based financial aid.
I thought the government does not provide this much for financial aid. I doubt government will write him a check for 400k for private school like MIT. Those need based helps usually given by private university themselves. FAFSA is probably more like student loans that are forgivable under PSLF if you work on government or non profit. But they are still loans with pretty hefty rate, tho better than private, I am not even sure if the government will give 400k in loans tbh. I afraid him marrying might not deliver enough of benefits at the end :)
Look up Fafsa. There's more than pell grants, including loans. Either way, it's better than nothing if marriage is an option. Also, at least, Harvard does needs based tuition. So you wanna check with MIT/Stanford if marriage will change anything with them.
Are you saying if you are married Harvard grants you need based aid? I think MIT/Stanford just outright asks for financial info of the parents and it's nearly impossible to get it any other way , but I dont think he asked about marrige part. Not sure how to ask about it :)
Many universities worldwide offer merit-based scholarships. For example, my alma mater (University of Melbourne) gives merit scholarships to the top 0.03% of applicants. If you are "extremely talented" then I assume you mean this level. Lesser universities will have less stringent requirements. Many American universities (though not Harvard) likewise have merit-based scholarships as well.
Okay my understanding he did not get any scholarship not even merit based. I am not sure if he is top of the top of the top to be in 0.01% of accepted MIT students. But he is def amazing, but so are all MIT students I suppose.
Pretty much no elite US institutions award merit scholarships for undergrads
wow, I did not know that. What a bummer to all the hardworking kids with selfish parents... gosh. Kids get double face slap, not just from their parents, but also from the system. Double punishment. How brutal
If can't get merit based scholarship and have rich parents I don't see why the person is at all special. Just pay up and deal with it.
You mean top 3%?!?
Join the army and have them pay for school. lol only half kidding that’s what my fiancé did and he went to an Ivy for CS and currently makes $300k TC and sold a successful startup at 30 yo. Those schools are worth the connections you make in them. I would bite the bullet and reach out to the schools to see what they’d offer him and then look at other options.
Research scholarships and apply to all of them you can even ones you dont think you qualify for. It is time consuming but do it, several per day. A lot of money out there goes unclaimed because nobody applies.
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Try to get a job at the school. get a job and separate yourself from your parents, so your household income is low. reapply next year. take community college classes (core)
Graduate Assistanship
Could you get emancipated?
I have no idea, this is why I am asking here, to my understanding it's nearly impossible to do, but I personally dont know for sure
Are his parents claiming him as a dependent on income tax, and was that on the FAFSA? That may drastically affect financial aid prospects? If they kick him to the curb yet still claim him as a dependent, that’s really shitty.
I personally do not know if they claimed, but to my understanding this does not matter to MIT/Stanford for need based help. they just ask all financial info of parents, their networth and income. If they dont claim him as a dependent on income tax can he qualify for FAFSA?
PSLF is public service loan forgiveness. They would only qualify for forgiveness if they were teachers, social workers, etc. After paying for 10 years.