4 ms·

Only for this year? Or for your net assets? Because I'm totally willing to go on a four year sabbatical to get free tuition for my kid :)

intrasight 10y ago
Believe you me - I am VERY tempted. I suggested that to my wife more than once.
- kchoudhu 10y ago
  So thanks for sending me down this rabbit hole :) Assuming Yale uses the IM calculation for financial aid, the problem isn't current income: it is savings and home equity. The financial aid formula actively penalizes savings in any form, as well as home ownership. If you have a meaningful nest egg in, say, the 1M+ range, you are guaranteed to have to pay full sticker price. Therefore, in addition to being unemployed when my kids make it to college in 2035-36, I'll either have to blow our retirement funds before we turn 50, or persuade my kids that the Ivies just aren't worth it. Given my slacker tendencies, they'll pick up on the latter course of action via osmosis; never before have I rooted so much for nurture over nature!
naveen99 10y ago
Probably cheaper to marry then off. Students with spouses don't have their parent's income considered. Of course my wife won't let me try this at home.
- kchoudhu 10y ago
  I'm from Bangladesh -- arranged marriages are still an option! (not really)
- Declanomous 10y ago
  A friend and I considered getting married for a similar reason. We actually both were receiving Pell Grants, but married students are allowed to live off campus and drop the meal plan, which would have saved us another ~$7,000 each (mostly in loans). As far as bad plans go, it wasn't exceptionally terrible, because we actually had an exit plan. Wisconsin allows you to annul a marriage if you haven't consummated it after a year. (I might not be 100% correct on that point, but the law was something like that.) Pretty glad I didn't go through with that plan.

4 ms·

Only for this year? Or for your net assets? Because I'm totally willing to go on a four year sabbatical to get free tuition for my kid :)

by kchoudhu 10y ago

intrasight 10y ago
Believe you me - I am VERY tempted. I suggested that to my wife more than once.
- kchoudhu 10y ago
  So thanks for sending me down this rabbit hole :) Assuming Yale uses the IM calculation for financial aid, the problem isn't current income: it is savings and home equity. The financial aid formula actively penalizes savings in any form, as well as home ownership. If you have a meaningful nest egg in, say, the 1M+ range, you are guaranteed to have to pay full sticker price. Therefore, in addition to being unemployed when my kids make it to college in 2035-36, I'll either have to blow our retirement funds before we turn 50, or persuade my kids that the Ivies just aren't worth it. Given my slacker tendencies, they'll pick up on the latter course of action via osmosis; never before have I rooted so much for nurture over nature!
naveen99 10y ago
Probably cheaper to marry then off. Students with spouses don't have their parent's income considered. Of course my wife won't let me try this at home.
- kchoudhu 10y ago
  I'm from Bangladesh -- arranged marriages are still an option! (not really)
- Declanomous 10y ago
  A friend and I considered getting married for a similar reason. We actually both were receiving Pell Grants, but married students are allowed to live off campus and drop the meal plan, which would have saved us another ~$7,000 each (mostly in loans). As far as bad plans go, it wasn't exceptionally terrible, because we actually had an exit plan. Wisconsin allows you to annul a marriage if you haven't consummated it after a year. (I might not be 100% correct on that point, but the law was something like that.) Pretty glad I didn't go through with that plan.