Re: OT: Financial Aid apps for Grad School children - Saab General Bulletin Board - Saabnet.com
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Re: OT: Financial Aid apps for Grad School children
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Posted by BrianC [Email] (more from BrianC) on Thu, 27 Feb 2014 13:20:21 Share Post by Email
In Reply to: OT: Financial Aid apps for Grad School children, MI-Roger [Profile/Gallery] , Thu, 27 Feb 2014 03:16:48
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Congrats Roger! I am just finishing up medical school so I am well aware of the financial extortion that it involves. The financial aid requirements are for social engineering - nothing more. Everyone who enters medical school is broke and will come out the end of it in serious debt but capable of bringing in a 6 figure salary. So why distinguish parental income? Medical schools have a social mission to recruit from underserved populations and these people are highly sought after among medical schools. With their need based financial aid, the medical schools can sweeten the deal to try to attract these students. I don't know your financial situation, but I'm guessing your child is gonna get a big goose egg for financial aid.

But there is hope. First piece of advice - don't give your kid a dime of your money if it affects how you are going to live your retirement. Here is why: President Obama passed financial aid legislation in 2006 that states starting in 2007 that any person who spends 10 years working in public service, non-profit entity, or company deemed for the "greater good" and makes all of their loan payments on time for that period can have the balance of their debt forgiven at the end of those 10 years.

There are a few hiccups, however:

1.) This is a program that will not take effect until 2017 when the first people can apply for this program AFTER they have made 120 consecutive on time payments - anything can happen with the program in the mean time.

2.) The forgiven loan balance is taxed as regular income - still beats paying the real balance.

You can google public service loan forgiveness and read up more.

posted by 108.7.16...

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