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Undergraduates with family income below $200k will be tuition-free at MIT
421–430 of 487 posts
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#422Earlier quoted context omitted.
the ideal is that college should be very expensive for rich people and cheap, free, or at least more affordable, for less wealthy people. american universities get closer to this ideal than you might expect. the days of outrageous student debt are thankfully fading away, at least for undergraduate degrees. it would make more sense to do this redistribution through taxes if possible, but many US institutions are priva…
the ideal is that college should be very expensive for rich people and cheap, free, or at least more affordable, for less wealthy people. Dunno where you got this "ideal". the days of outrageous student debt are thankfully fading away ..."fading away", to the tune of (at last glance ) one and three quarters of a trillion dollars in outstanding student loan debt. it would make more sense to do this redistribution thro…
Wait so US colleges are allowed to require any kind of real financial information from you all? Shouldn't they just say if you're accepted or not, then send you the bills? And for any financial aid program, shouldn't someone else review that instead of them directly having access to all that financial data of students without being any kind of financial institution? Let's say some kind of government letter instead giving them your income statements.
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#423Earlier quoted context omitted.
As an owner of a small family business, I have to pay close attention to making sure my salary and that of my other family members involved is "generally commensurate with our duties" or the IRS will be up my backside pretty quick. I obviously try to minimize it as much as possible, but if you drop it to something insignificant and the IRS notices, they'll adjust your income and expenses reported to reflect your non-…
From what I've observed (worked at a few small businesses before I got an office IT job, and even then...) it's about figuring out enough 'fringe benefits' and/or 'explanations' that are plausible with your CPA. e.x. how many profitable company car buy/leases can you do, a good explanation of why you are saving that money as a small or privately owned company (i.e. saving for expansion via acquisition/etc, but you ha…
CPA=Certified Public Accountant, the individual or company often hired by a small business to prepare their taxes.
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#424Earlier quoted context omitted.
I think they are suggesting that you would graduate debt free for having done service while getting your education
But how would you have time to study full time and work full time?
People do that all the time. Besides, who said full time for either
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#425Earlier quoted context omitted.
Those are some cherry-picked numbers. Tuition went up A LOT just prior to your starting point, 2011, as the great financial crisis made renewing those loans I mention much more expensive: https://ucop.edu/operating-budget/_files/fees/201415/documen...
> Those are some cherry-picked numbers. I don't disagree, but they support my point that tuition has not changed meaningfully in the past decade (and then some), which is why I asked what timeframe you were looking at. Inflation is perhaps not a good point of reference anyways, since in 2009, inflation per CPI was actually slightly negative. Cost of borrowing is not the same as cost of goods and services or cost of l…
Perhaps some more generous explanations for the rapid tuition growth between 2000 and 2010:
- UC Merced was established in 2005, so I buy the argument on that point regarding investment in infrastructure.
- In 2009, the state's general funds accounted for $2.6 billion, compared to just under $3 billion in 2006. Student fees in that timeframe rose from $1.55 billion to $2 billion, tracking fairly closely with the corresponding shortfall in state funding. [0, 1] Yes, these numbers are also cherrypicked as a representative budget right before the GFC and shortly after, but they represent neither peak funding nor the overall sharpness of the budget cuts. So, I reject the claim that the tuition hikes in the aftermath of the GFC was due to increased borrowing costs for the UC system. I think a more mundane explanation is that the state had a budgetary shortfall due to less taxes being collected (income, property), and made cuts across the board; the UC system raised student fees to compensate.
https://thebottomline.as.ucsb.edu/2017/10/a-brief-history-of... provides an overview of how tuition at UCs evolved up through 2017, although it gets the state funding amounts off by 3 orders of magnitude (since the linked governor's budget is measured in thousands of dollars).
[0] UC's 2009 budget is outlined in slide 3 of https://www.ucop.edu/operating-budget/_files/documents/2010-...
[1] UC's 2006 budget is outlined in slide 9 of https://www.ucop.edu/operating-budget/_files/rbudget/200607-...
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#426Earlier quoted context omitted.
I find it hard to believe that total liquid assets would not be considered during the financial aid application process.
How would they verify?
I assume these programmes all use something like: Free Application for Federal Student Aid (FAFSA). It is federal fraud to lie about your liquid assets on that form.
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#427Earlier quoted context omitted.
America is “free” might be one of the funniest things Americans believe…
Having lived under a dictatorship I find it very offensive when people claim America isn’t free. Get some perspective please.
I have as well and it is a toss-up whether or not I would trade it :)
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#428Started looking and found out there's some much worse, and far more obvious cases that need to implement these reforms. [1] UPenn is THE most obvious. Sitting on a $20,000,000,000 endowment fund that went up +170% over 10 years while Philadelphia rots with drug use, poverty, and gun violence. BTW, amazing site to be horrified by gun violence (and vaguely fascinated). Look upon the awfulness of Philadelphia. [2] Sitti…
Is there a coherent argument tying A to B here? Schools have large endowments and are also sometimes located in violent cities. Is it your contention that one causes the other, or even could in theory affect the other? Otherwise I don’t see the point, you might as well bring up the number of potholes in Philadelphia too. Also Northwestern is in Evanston, not Chicago. Two different cities.
This is inequality - allowing some entities to accrue out of the world wealth while others starve.
The US has the philosophical stance that this is accepted. However, history shows that is is a balance that will collapse into civil war eventually if allowed to skew to far.
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#429Man.. I am highly paid yet poor enough for my kids to go to MIT for free. Awesome.
Re: Undergraduates with family income below $200k will be tuition-free at MIT
#430Earlier quoted context omitted.
Because the US government will loan people very large sums to attend, which allows the universities to raise prices at will. The buyers are price-inelastic, which means that they want to go regardless of price, because they are surrounded by people that tell them that going to college is the right thing to do - and the more prestigious the better. College in the US would be a lot cheaper if the government didn't infl…
> If you go back in time just a few decades, this is how it was: you paid for it, either in cash or with a PRIVATE loan, and people didn't see college as an automatic requirement. Then it was 1/10th as expensive. ...if you go back in time a few decades basically everything was about 1/10th as expensive. e.g. "Adjusted for inflation, $1.00 in 1960 is equal to $10.43 in 2024" according to https://www.dollartimes.com/in…
Sure, but education (and healthcare) costs grew much faster than the inflation.
"The average annual cost of tuition at a public 4-year college is 40 times higher than tuition in 1963.
(...)
After adjusting for currency inflation, college tuition has increased 197.4% since 1963."