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A college degree is a lousy investment

When a financial institution loans money, the expectation is that they will be repaid. The borrower agrees to this expectation when they sign the loan documents.
 
yes but in this case, the aid has no strings attached, and you only come into extra money after your child graduates. its more of an ethical question, if you are someone who truly feels like everyone should pay their fair share (and you may not be), and you got lucky with the timing on when you received a large amount of money (after college years), is it the right thing to do to pay back the college the no strings attached financial aid even though you don't legally have to.
 
Merlin said:
yes but in this case, the aid has no strings attached, and you only come into extra money after your child graduates. its more of an ethical question, if you are someone who truly feels like everyone should pay their fair share (and you may not be), and you got lucky with the timing on when you received a large amount of money (after college years), is it the right thing to do to pay back the college the no strings attached financial aid even though you don't legally have to.
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Only if the school had a policy of forgiving debt for students who fell on hard times after graduating.
 
You know what's a bad investment ? Giving a kid a full football scholarship after beating out ECU for his services, then having him transfer after you redshirt him, train him into an effective starting quarterback for your team, and only get 15 starts out of him because he thinks he's too good for you now and the NCAA has dumb rules.
 
Merlin said:
yes but in this case, the aid has no strings attached, and you only come into extra money after your child graduates. its more of an ethical question, if you are someone who truly feels like everyone should pay their fair share (and you may not be), and you got lucky with the timing on when you received a large amount of money (after college years), is it the right thing to do to pay back the college the no strings attached financial aid even though you don't legally have to.
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No - at the time the aid was awarded there was a legitimate need. Future windfall doesn't factor in here. If you care that much, rather than pay the university back, consider passing the funds on as a scholarship to another qualified, but less fortunate student that may need the help.
 
Merlin said:
yes but in this case, the aid has no strings attached, and you only come into extra money after your child graduates. its more of an ethical question, if you are someone who truly feels like everyone should pay their fair share (and you may not be), and you got lucky with the timing on when you received a large amount of money (after college years), is it the right thing to do to pay back the college the no strings attached financial aid even though you don't legally have to.
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If the financial aid came without an expectation of repayment, you are under no obligation to repay.
 
leftcoastdeac said:
No - at the time the aid was awarded there was a legitimate need. Future windfall doesn't factor in here. If you care that much, rather than pay the university back, consider passing the funds on as a scholarship to another qualified, but less fortunate student that may need the help.
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Agreed. Pay it forward. Let’s be honest, the sticker price of college has a ton of “soft” costs anyway.
 
I like Wendover videos. Here they are explaining the cost of college as straight supply and demand
 
Students are now able to discharge student debt in bankruptcy
https://www.yahoo.com/money/student-loan-bankruptcy-startup-142034126.html

To the degree that they are successful and the practice openly available, this will deflate college tuition - at least the real prices, not the sticker prices.
A lot more colleges will have to throw more "financial aid" to needy students instead of just piling up their debt.
 
Merlin said:
I have a question/thought to throw out: let's say that at the time your kids are applying, you qualify for and accept heavy financial aid, even though in the not too far future you will easily have enough money to pay the full tuition bill (ie., your parents pass away and you inherit a large sum or you get a huge salary raise). Is it reasonable to require or expect that you pay back the school when you eventually have the money to do so?
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I personally know at least one person (and therefore assume there are more out there) that used this exact strategy to pay for his kids' college. Quit his job and started a company, knowing that he would have little to no income for a few years - applied for and received significant financial aid for his kids. Later his company grew and he started receiving significant income... Not everyone can pursue this strategy with confidence, obviously, but it worked for him. I am sure he has given his share to charity but I don't think he felt any need to pay back the aid they received.
 
Merlin said:
yes but in this case, the aid has no strings attached, and you only come into extra money after your child graduates. its more of an ethical question, if you are someone who truly feels like everyone should pay their fair share (and you may not be), and you got lucky with the timing on when you received a large amount of money (after college years), is it the right thing to do to pay back the college the no strings attached financial aid even though you don't legally have to.
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I think the moral and emotional obligation should be on the child, not the parent. The child is the person who received the education, had the college experience, cheered on the sports teams, and graduated in possession of a valuable degree - not the parent. If the child - young adult, actually - had a good experience then they should support their alma mater when they become successful in life.

I certainly feel a moral obligation to give back to WFU (the law school and college, NOT the athletic department) because of the very generous financial aid packages I received. I don't think my parents do or should feel that obligation. They are not WFU alums and unlike me, aren't making a lot more money now as a direct result of my valuable education.
 
Instead of giving people tax breaks for having kids, increase the taxes on people who have kids to pay for future schooling. If you raise a dumbass too dumb to get into college, tough break. Just like if you die before hitting retirement age and don't get your social security.
 
DistrictDeacon said:
What's the point of allowing some students back on campus? They've either got to go all or nothing.

Imagine paying $50,000+ to sit in your dorm room, not being able to leave, watching Zoom lectures for a full semester.
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Some students probably do not have a home environment that's conducive to studying.
 
Schools have resolved not to issue housing refunds if they have to close dorms and send kids back home again.
 
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