Free Tuition for Low Income Families

[Gulo Blue]

Why would anybody want to change this?

Drawing less wealthy students is what MSU is for.

100 years ago...more actually...Angel wanted Michigan to be "an uncommon education for the common man". I get that you can't really stay in that position and at the same time pursue the most elite researchers and such - you kind of have to pick. But Michigan has become a bit of an outlier on that front. Of the 27 schools the NY Times thinks are "highly selective public universities" Michigan sticks out with 9.3% of students in the 1%. The #2 school, Texas, is at 5.4%. Then again, Harvard is at 15.1% and Stanford is at 17.5%.

But places like Harvard and Stanford are trying to boost lower and middle-income enrollment too. If you look at the % of classes that are from the bottom 20% of income, Harvard, Stanford, and Michigan are at 4.5, 4.0, and 3.6% With numbers that low, it's more of an economic diversity issue.

 

[wlvrnstlr4life]

I like it as long as its for smart kids and not just anyone like Ferris St. did or maybe still does. Havent been up there in years, but it was a breeding ground for drug dealers and losers that got in but never attended class and lived on their loans and food stamps.

 

[tinselwolverine]

I like it as long as its for smart kids and not just anyone like Ferris St. did or maybe still does. Havent been up there in years, but it was a breeding ground for drug dealers and losers that got in but never attended class and lived on their loans and food stamps.

Damn.

There's this ancient dude that still does optometry in my neighborhood who went to Ferris State. I guess it's known to be a good pharmacy and optometry school.

If you're gonna be dead beat loser criminal - or a motivated and ambitious criminal - I would think you would be able to pick a more happenin' place to do that like Chicago or something, as opposed BFE Big Rapids.

 

[TheVictors]

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

Seems scalable

https://mobile.twitter.com/beigegal...ref_src=twsrc^tfw&ref_url=http://mgoblog.com/

 

[TheVictors]

Damn.

There's this ancient dude that still does optometry in my neighborhood who went to Ferris State. I guess it's known to be a good pharmacy and optometry school.

If you're gonna be dead beat loser criminal - or a motivated and ambitious criminal - I would think you would be able to pick a more happenin' place to do that like Chicago or something, as opposed BFE Big Rapids.

Dude from HS who went to Ferris St went to prison for child molestation last year. He was actually a pretty good friend for a few years. Blech.

http://www.9and10news.com/story/318...-on-grand-traverse-leelanau-county-sex-crimes

 

[Michchamp]

spring of my senior year in high school I worked at a grocery store for a couple months after school. I remember there was guy from Ferris State working there while he was on spring break.

we talked college a bit, and I told him I was attending UM in the fall. he told me he didn't even bother applying there and "couldn't" go there because "there were too many gay guys in Ann Arbor."

Ferris State, man! Big Rapids, MI. No gay guys there!

 

[Michlady]

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 program's to meet unmet need
They aren't being left out totally

 

[Mitchrapp]

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

Really, that much? What happened to the old fashion way, borrow.

 

[wlvrnstlr4life]

Damn.

There's this ancient dude that still does optometry in my neighborhood who went to Ferris State. I guess it's known to be a good pharmacy and optometry school.

If you're gonna be dead beat loser criminal - or a motivated and ambitious criminal - I would think you would be able to pick a more happenin' place to do that like Chicago or something, as opposed BFE Big Rapids.

I was mentioning this thread to my wife and she said, "remember when those drive-bys were happening a couple years after we left?" I started laughing because FSU was one of the better Criminal Justice schools in the midwest at the time. But at the end of the day, their open door policy was very detrimental to campus life. My buddy I played ball with there, graduated from the pharmacy program. It was a good program from what I recall, but that was 20yrs ago.

 

[Spartanmack]

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.

you can also shop around and participate in any state's 529 plan. You don't have to live there and you can use the funds for colleges outside the state your plan is set up in. It's important because not all state plans are the same. I don't recall the criteria for rankings but if memory serves, Utah, CA and Iowa were ranked highest.

 

[TheVictors]

you can also shop around and participate in any state's 529 plan. You don't have to live there and you can use the funds for colleges outside the state your plan is set up in. It's important because not all state plans are the same. I don't recall the criteria for rankings but if memory serves, Utah, CA and Iowa were ranked highest.

Yep, each state differs. I know that Oregon sued Oppenheimer Funds over the description of their Capital Income fund - equity income - that was described as conservative and/or not fully exposed to equity markets as it was in 08/09.

 

[Michchamp]

Yep, each state differs. I know that Oregon sued Oppenheimer Funds over the description of their Capital Income fund - equity income - that was described as conservative and/or not fully exposed to equity markets as it was in 08/09.

wow. it's unusual for anyone in that industry to misrepresent themselves, their fees, or their results like that.

 

[tinselwolverine]

wow. it's unusual for anyone in that industry to misrepresent themselves, their fees, or their results like that.

It actually happens more often than you'd think.

 

[TheVictors]

wow. it's unusual for anyone in that industry to misrepresent themselves, their fees, or their results like that.

Sort of like ambulance chasers in the legal world ...

No, it was a suitability issue given the more conservative nature of college investing. The fund - like many at the time - had exposure to the subprime markets

http://blog.oregonlive.com/finance/2009/05/529_college_plan_battered_but.html

 

[Michchamp]

Sort of like ambulance chasers in the legal world ...

No, it was a suitability issue given the more conservative nature of college investing. The fund - like many at the time - had exposure to the subprime markets

http://blog.oregonlive.com/finance/2009/05/529_college_plan_battered_but.html

sorta like that, except state bars can and do suspend or disbar attorneys all the time, and force them to pay restitution to clients they defraud.