5 ms·

> disqualified from all financial aid. What does this mean? The government wouldn't issue them a loan at all? Or that they wouldn't subsidize the interest?

moate 7y ago
Loans =/= financial aid, at least in the US. IDK the specifics that OP was talking about, but my assumption is that instead of being able to get need based assistance (due to being unable to demonstrate "need" since their parents were so wealthy) these people would have been forced to take out loans. Depending on specific circumstances, this can mean anything from having to go to a different school, to being strapped with tens of thousands of dollars of additional debt, to being entirely unable to pay for school at all.
- weberc2 7y ago
  I guess I didn't qualify for financial aid then. I had a small scholarship, but I otherwise worked hard and lived frugally and earned my first degree with only $7K in debt. My peers came out with $40-90K in debt, but they often didn't work or only worked 8 hours/week (compared with my 20 hours/week) and they would spend money lavishly (partying, luxury clothes, daily starbucks lattes, 2-4 years in dorms, etc). I'm not sure if my experience was typical, but making one's children pay for their own education is hardly a cruelty (mind you, education in the US is still far too expensive).
  - moate 7y ago
    >>but making one's children pay for their own education is hardly a cruelty (mind you, education in the US is still far too expensive) Just to unpack a few things here (baring in mind I'm a true "eat the rich, tear them from their ivory towers" type socialist). 1- College is WAY too damn expensive, and that's the majority of the conversation. We do a terrible job teaching finance to children and then we expect them to graduate high school and understand what they're undertaking when they sign on for student loans. 2- "Cruelty" is about intent. Rich people can be cruel to other rich people by inflicting financial difficulties on them. They can also be entirely reasonable and attempting to teach them a lesson about hard work and "earning your keep" and what not. It's entirely situational and too difficult to throw a broad statement that covers every situation. This is more about philosophy than anything objective.
    - weberc2 7y ago
      Fully agree on 1. 2 is a semantic debate; this thread already assumes the rich parents had good intent.
iguy 7y ago
I believe "financial aid" here means from the college, either directly in the form of lower prices, or indirectly in the form of loans subsidised by them.
deleted 7y ago
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moate 7y ago

Loans =/= financial aid, at least in the US. IDK the specifics that OP was talking about, but my assumption is that instead of being able to get need based assistance (due to being unable to demonstrate "need" since their parents were so wealthy) these people would have been forced to take out loans. Depending on specific circumstances, this can mean anything from having to go to a different school, to being strapped with tens of thousands of dollars of additional debt, to being entirely unable to pay for school at all.

weberc2 7y ago
I guess I didn't qualify for financial aid then. I had a small scholarship, but I otherwise worked hard and lived frugally and earned my first degree with only $7K in debt. My peers came out with $40-90K in debt, but they often didn't work or only worked 8 hours/week (compared with my 20 hours/week) and they would spend money lavishly (partying, luxury clothes, daily starbucks lattes, 2-4 years in dorms, etc). I'm not sure if my experience was typical, but making one's children pay for their own education is hardly a cruelty (mind you, education in the US is still far too expensive).
- moate 7y ago
  >>but making one's children pay for their own education is hardly a cruelty (mind you, education in the US is still far too expensive) Just to unpack a few things here (baring in mind I'm a true "eat the rich, tear them from their ivory towers" type socialist). 1- College is WAY too damn expensive, and that's the majority of the conversation. We do a terrible job teaching finance to children and then we expect them to graduate high school and understand what they're undertaking when they sign on for student loans. 2- "Cruelty" is about intent. Rich people can be cruel to other rich people by inflicting financial difficulties on them. They can also be entirely reasonable and attempting to teach them a lesson about hard work and "earning your keep" and what not. It's entirely situational and too difficult to throw a broad statement that covers every situation. This is more about philosophy than anything objective.
  - weberc2 7y ago
    Fully agree on 1. 2 is a semantic debate; this thread already assumes the rich parents had good intent.

iguy 7y ago

I believe "financial aid" here means from the college, either directly in the form of lower prices, or indirectly in the form of loans subsidised by them.

deleted 7y ago

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