Free Tuition for Low Income Families

[TheVictors]

Awesome!

http://www.detroitnews.com/story/news/local/michigan/2017/06/15/um-free-tuition/102893510/


Free tuition at #UMICH starts in January 2018 for all in-state students under $65k family income, including students currently enrolled.

 

[Michchamp]

you know what would be cool too? in-state tuition for the children of alums who moved out of state.

UW-Madison offers that to their alums.

as things stand now, unless I somehow end up grotesquely wealthy in the next 15 years or so, or move back to Michigan, it looks like sending Champ Jr. and Champ III to UM will not be worth it, sadly.

 

[TheVictors]

I think Wyoming gives Alumni kids auto admission

We're facing the reality with Little Vic that even if he did get in, that out of state wouldn't be worth it.

 

[Michchamp]

I think Wyoming gives Alumni kids auto admission

We're facing the reality with Little Vic that even if he did get in, that out of state wouldn't be worth it.

$40k+ for a year of credits/two semesters (i think?) plus say $15k/year in room and board if you want to live close to central campus. plus fees, books, other shit... $60k/year for 4 years... $240k for a bachelor's degree, and if you financed that entire amount, it's gotta be close to $300k total in debt by graduation. insane. and then grad school?

 

[thewolverines24]

It wasn't quite as bad as when I was trying to go to UM, but it's the reason I didn't go. Staring down that amount of debt at 18 is kind of terrifying.

 

[tinselwolverine]

When I was younger I knew people from all across the country who moved to Los Angeles to establish residence to qualify for in-state tuition at UCLA. I don't know if a person needed to have been living here for six months or a year or whatever, but people did that.

 

[Michchamp]

When I was younger I knew people from all across the country who moved to Los Angeles to establish residence to qualify for in-state tuition at UCLA. I don't know if a person needed to have been living here for six months or a year or whatever, but people did that.

people have also been moving to LA for years in order to become porn stars.

 

[thewolverines24]

people have also been moving to LA for years in order to become porn stars.

 

[tinselwolverine]

people have also been moving to LA for years in order to become porn stars.

People have been moving to LA for years for all kinds of reasons. Adam West moved to LA years ago.

 

[wlvrnstlr4life]

I think Wyoming gives Alumni kids auto admission

We're facing the reality with Little Vic that even if he did get in, that out of state wouldn't be worth it.

Ill ask my wife when I get home from work. She is in grad school and is thinking of transferring to UW which she graduated from.

 

[Mitchrapp]

I know it's expensive to go there but I never thought 65k as low income..

 

[Michlady]

There are some asset limits

And they were already heljg with meeting unmet need

But this is good plan

 

[wlvrnstlr4life]

Vic, here is the answer to your question after I re-read the thread(I interpreted your question differently).http://www.uwyo.edu/admissions/scholarships/non-residents/child-of-alumni.html

 

[TheVictors]

Vic, here is the answer to your question after I re-read the thread(I interpreted your question differently).http://www.uwyo.edu/admissions/scholarships/non-residents/child-of-alumni.html

Couldn't recall exactly but my buddy played football at WYO and jokes about his kids always having that to fall back on.

People moving to CO to get 'in state' faced a change about 20yrs ago now, requiring two years of residency with proof - utility bills, etc.

It was 1/2 of Boulder residents ...chilling to get instate, bruh.

 

[tomdalton22]

So if a family makes $70K a year or has $55K in assets they don't qualify? Great for some people but really not fair for everyone.

 

[TheVictors]

So if a family makes $70K a year or has $55K in assets they don't qualify? Great for some people but really not fair for everyone.

There are already ways wealthy folks hide their money to qualify for scholarships.

I've simply decided to put as much into the kiddo's 529 and see how it goes in 7yrs or so.

 

[Michchamp]

There are already ways wealthy folks hide their money to qualify for scholarships.

I've simply decided to put as much into the kiddo's 529 and see how it goes in 7yrs or so.

I have to set one up for my oldest now.

do you know what happens with any surplus? do you just withdraw it and pay taxes on the gains? or if it's not needed, like let's say he gets a scholarship or attends and in-state school.

 

[TheVictors]

I have to set one up for my oldest now.

do you know what happens with any surplus? do you just withdraw it and pay taxes on the gains? or if it's not needed, like let's say he gets a scholarship or attends and in-state school.

529 Plans allow for a LOT of money to be set aside pre-tax and to grow tax deferred. Prior education savings plans had much lower limits and more stringent allowable uses - tuition, books, room/board only. Now, 529 money can be used for rent, laptops, tablets, etc. In the case of getting a scholarship, you can either use the proceeds for other costs associated with education or roll the assets to another (sibling) beneficiary. Worst case, I believe you face a penalty and are taxed as ordinary income if funds are unused. My wife went back and got her degree to be a teacher and we opened a 529 for her, just to get the state tax deduction, though the money never had market exposure - just sat in a money market. I will roll the remaining balance of her 529 to our son's account.

 

[Gulo Blue]

So if a family makes $70K a year or has $55K in assets they don't qualify? Great for some people but really not fair for everyone.

This does not replace financial aid. Currently, 96% families in the $65-$95k income range get and average of 91% of tuition covered. Really, this program may not actually represent a big increase in financial aid. They've just simplified things with a cut-off point.

http://goblueguarantee.umich.edu/

And Michigan wants the PR associated with this move to draw less wealthy students. The student population skews wealthy significantly relative to other top public schools and the Big Ten.

https://www.nytimes.com/interactive/projects/college-mobility/university-of-michigan-ann-arbor

 

[tinselwolverine]

And Michigan wants the PR associated with this move to draw less wealthy students. The student population skews wealthy significantly relative to other top public schools and the Big Ten.

https://www.nytimes.com/interactive/projects/college-mobility/university-of-michigan-ann-arbor

Why would anybody want to change this?

Drawing less wealthy students is what MSU is for.