One dollar student

Posted by fivedollargold 10 years, 3 months ago to Education
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Well, I supposed he could have paid in pennies.

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  • Posted by $ Abaco 10 years, 3 months ago in reply to this comment.
    My latest research on this showed that the increase was actually 3-fold inflation.
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  • Posted by fivedollargold 10 years, 3 months ago in reply to this comment.
    Yep, that's how it works. On a positive note, Converse College, and a few other colleges, have dropped their tuition and are giving lower scholarships, which will improve the situation you refer to. It will be interesting to see if their gambit pays off.
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  • Posted by Robbie53024 10 years, 3 months ago in reply to this comment.
    That "scholarship" is being "paid" for by other students who foot the full tuition. The "true" cost of the education is substantially lower than the "full" price, but the additional is used to spread the wealth to those in "need."
    What galls me is that there are instances where those in "need" have more than me, but are clever enough to be able to hide it. To whit: The developer of my subdivision is an "employee" of his company which is legally owned by his mother. He receives a modest salary yet lives in a 7 bedroom mansion with 5 car garage and heated swimming pool and tennis courts, all also in his mother's name (I'm guessing that he pays some modest rent). Because he has 8 kids and "modest" income and no real-estate his FAFSA shows that his "family contribution" is about 1/4 of what mine works out to be. It really steams me that when the FAFSA reporting is finally over for him, the business/house will be transferred to his name and he'll be a multi-millionaire having benefitted by reduced tuition that was subsidized by my payments.
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  • Posted by fivedollargold 10 years, 3 months ago in reply to this comment.
    True. In our case, our youngest son was offered $34,000 per year by a good, but not quite Ivy League, private college. However, the annual cost was $55,000+. Fortunately, he preferred staying in-state and going to a public college. The scholarship they offered was a lot less, but the costs were far lower, so we saved about $10K per year.
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  • Posted by mminnick 10 years, 3 months ago
    There was a similar incident several years ago when a man paid a debt with pennies. The debt holder took him to court over it. The courts ruled that he could demand a more suitable form of payment, but that he could not charge interest or report the debtor to the cred bureau because payment had been offered in legal tender but refused for the convenience of the debt holder.
    Seems fir to me.
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