Gangster Capitalism/Admissions Scandal

[warriorchick]

Not surprised by this, but where is it written that parents are obligated to pay for their children's education? (hint: it's not)

Frankly, I don't see this as anything close to the scam that Varsity Blues is... if this was an option known to me when I was in high school, I would have jumped all over it. 

Combined, my parents made enough money to put me over the threshold where I didn't qualify for anything except a subsidized Stafford Loan and a few state grants that didn't move the needle; however, my parents were also recently divorced, which meant no savings (whatever was there went to the lawyers) and twice the living expenses.  Ergo, I was on my own to pay for my own education.  Fortunately, I landed a full ride my junior year and got through grad school on a GA scholarship (tuition only), but mine is a model that cannot be emulated.  Frankly, I got lucky. 

I get it... in the Daily Herald example, this is likely a bunch of families from Barrington and Lake Bluff trying to save enough money to renovate their vacation home in the Seychelles.  But there are a lot of kids out there in the same predicament as I was, and double whammy, tuition now costs 2-3x as much (let alone room and board).  Financial aid eligibility should be determined by who's actually paying, not by who society thinks should pay.  And for those who think this could never be ascertained, it seems to me this could easily be tracked simply by tweaking IRS gift rules to include education payments... get the IRS involved, and watch how fast Dr. Barrington and Counselor Bluffington change their minds about scamming their kids through school.

If that were the case, no parent would ever help out with college tuition and it's likely that the truly disadvantaged kids would be the losers in that situation.

I don't think it's  unreasonable  for colleges and the government to expect parents of some means to help pay for their kids' educations.

[Pakuni]

Not surprised by this, but where is it written that parents are obligated to pay for their children's education? (hint: it's not)

Tell that to a family court judge.

[Benny B]

If that were the case, no parent would ever help out with college tuition and it's likely that the truly disadvantaged kids would be the losers in that situation.

I don't think it's  unreasonable  for colleges and the government to expect parents of some means to help pay for their kids' educations.

To the former, it wouldn’t disadvantage anyone; it would merely level the playing field.  Take the parents out of the equation, and a graduating senior from Naperville generally has substantially the same means to put him/herself through college as a graduating senior from Gary.

To the latter, I think it’s unreasonable that government expects parents of any means to help pay for their kids’ education.  Maybe society would place greater value on personal responsibility if more kids had to work their way through college instead of simply letting their parents drive the plow.

[warriorchick]

To the former, it wouldn’t disadvantage anyone; it would merely level the playing field.  Take the parents out of the equation, and a graduating senior from Naperville generally has substantially the same means to put him/herself through college as a graduating senior from Gary.

To the latter, I think it’s unreasonable that government expects parents of any means to help pay for their kids’ education.  Maybe society would place greater value on personal responsibility if more kids had to work their way through college instead of simply letting their parents drive the plow.

You are assuming that there are an unlimited number of financial aid dollars out there. And since there aren't, why shouldn't wealthy parents help pay?

Do you really think that a kid who lives in his parent's lakefront estate in Winnetka should get the same amount of grant money as a kid from Englewood?

I think the whole "my parents are a$$holes who won't help me pay for college" situation is actually pretty rare. And if that is indeed the case , work for a few years and go to community college until you qualify for aid based on your own income. Then when your parents invite you over for Christmas, tell them you have other plans.

[jesmu84]

To the former, it wouldn’t disadvantage anyone; it would merely level the playing field.  Take the parents out of the equation, and a graduating senior from Naperville generally has substantially the same means to put him/herself through college as a graduating senior from Gary.

To the latter, I think it’s unreasonable that government expects parents of any means to help pay for their kids’ education.  Maybe society would place greater value on personal responsibility if more kids had to work their way through college instead of simply letting their parents drive the plow.

Is this financially feasible anymore?

[StillAWarrior]

Is this financially feasible anymore?

As with everything else in life...depends.  If they want to go to a private and/or out-of-state school -- probably not.  Unless, of course, they bring something to the table that will get massive financial aid (e.g., sports, grades or financial need).  But, if they want to go to a local state school, it is probably still possible.  I'm not saying it's easy, but it's certainly possible.  And we've known a lot of people who have done it.  In my neck of the woods, Akron ($11,400), Kent ($10,700) and Cleveland State ($10,400) are all very reasonably priced options.  Heading to other parts of the state, Ohio State is $11,000 and the regional branches are under $8,000.  And, as much fun as it is to make fun of tOSU -- and I do...often -- it is widely regarded as a pretty good school.  And those are for full time.  I know many successful people in NE Ohio that graduated from those schools.  Obviously, community colleges are less expensive (you can go FT at CCC for $3,500), and I also know successful people who have gone there.

Yes, college has gotten extraordinarily expensive.  But there are options out there.  Like so many other things, higher priced options are often viewed as the norm.

[dgies9156]

You are assuming that there are an unlimited number of financial aid dollars out there. And since there aren't, why shouldn't wealthy parents help pay?

Do you really think that a kid who lives in his parent's lakefront estate in Winnetka should get the same amount of grant money as a kid from Englewood?

I think the whole "my parents are a$$holes who won't help me pay for college" situation is actually pretty rare. And if that is indeed the case , work for a few years and go to community college until you qualify for aid based on your own income. Then when your parents invite you over for Christmas, tell them you have other plans.

Chick, I wish it were this simple. Obviously, financial aid is finite as is the resources of many parents.

The contrast rarely is between a family in a Winnetka estate and an Englewood resident. It's more likely over a middle class family who is making a good living and wants the best for their children. They face the prospect of between $125,000 and $240,000 for four years for college and wonder how they can do that, keep the house running and prepare for retirement. The choice for way too many families is not easy. Rather, it's gruesome.

You can say, "well, we deal off the card for most." But when you have multi-child families and have to provide for each and ensure a retirement, well, welcome to the real world. This aint academia out here!

The problem is, as I have noted before, college tuition costs are completely out of control. It's because the consumer and provider are not in a 1-1 relationship. A third party payer is, more often than not, interceding and universities are taking advantage of that, as the health care industry does, to run charges up at rates dramatically higher than
inflation. Until we get control on this, the mess will continue and families will look to "game" the system.

That's reality.

[dgies9156]

Is this financially feasible anymore?

My wife did years ago. As did my father.

The answer today is emphatically, "NO"

[Cheeks]

My wife did years ago. As did my father.

The answer today is emphatically, "NO"

I know kids doing it today.  Definitely hard, but it can be done depending on where one goes to school.