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There is a program in Maryland called the Maryland Transfer Advantage Program in which if you go to a qualified CC like Montgomery College, Howard CC, etc. that you take a prescribed list of courses, get atleast a 3.0 and be guaranteed admission to UMD along with all credits taken after two years. There is a one year program, but I think SATs and GPA still come into play. Also, I am sure Virginia has this also for admission to either UVa or VaTech. In the end, the degree says UMD.
This post was edited by MoCoTerp 22 months ago
Pretty sure you can transfer to UMD or another state school with 2 years at a MD community college as long as you have a 2.0 and 56 credits. I think the 3.0 is only for those wanting to transfer after one year.
From the Maryland Higher Education Commission website:
Maryland community college students who have completed the associate degree or students who have completed 56 semester hours of credit with a cumulative grade point average (GPA) of 2.0 or higher on a scale of 4.0 shall not be denied direct transfer to a Maryland public four-year institution.
And, I do not believe the grades transfer. Only the credits.
This post was edited by terpfan83 22 months ago
I'm just hoping that by the time I have kids and they become adults that the education model will have changed. Otherwise I honestly don't know what I'm going to do.
Pleased to meet you; hope you guess my name.
You're probably right.
Right now, I would say that this economy doesn't suffer fools (or history majors, no offense). Now in 15 years, who knows? Jobs and such might be back on the upswing and any 4 year degree will help. For now, I would advocate college for those who have a specific goal in mind. The world can always use a good plumber.
I am looking at all of this in the rear view mirror since all of my 5 kids are grown. It helps to have a plan of sorts, but the best advice I can give is to "wait to worry". Somehow it all worked out for my kids.
But it helps to have your kids buy into the idea that you are not dedicating family resources so that they can go off and frolic at college, but that you will only invest in them and their educational prospects as long as they do their part. I will or have paid off my kids' loans too and carried them in other ways (car, phone, insurance). I like being able to help them, and at this point in my life (retired), my personal financial needs month to month are not at all great. Still the greatest pay raise most people get in life is when their kids are off the family payroll. Good luck, and carry on.
I agree. As long as my kids are doing the right things in school and staying out of trouble, I will help them as much as I can financially. That's what my Dad did and that's what I hope they'll do with their kids someday.
. . . . agree 100% w/Eli (not a fan of 110% which every fb coach asks you to give, 100% is enough). Anyway my son is spending every cent he makes over in Arlington w/the other 20-somethings, single handedly keeping this economy alive. Me, I am semi-retiring, having joined Crofton Country Club as soon as my son moved out. He wanted to stay home for about 1 year, while working, to save up money to get out on his own.
Now my toys are starting to come due, so I will assist the economy as well. Hopefully my son can repeat the model of his youth for his children, and so on, and so on.
Agree that you have to set expectations at the beginning, regarding that you are not Mark Cuban or an NBA expiring contract, you are Joe avg. willing to help his child, but the child has a responsibilty as well. As long as that stays in place, you do your part, ($$$), they do their part (learning how to support themselves in a few short years). Case closed, expectations of lower handicap are in the works for me.
My daughter is 20 months, and my fetus is 26 weeks. Toddler's 529 has been up and running for 19.9 months. I'm pissed I can't start funding the fetus' fund til she pops out.
My plan has always been to cover their education with their 529s, and pull from the Roth a little if need be. Any feedback on that?
Edit... While recognizing college is going to be pricey in 16 years, all these chicken littles screaming that it's going to cost eleventy trillion dollars per kid are not freaking me out. We're already near the unsustainable point where like six kids nationwide are going to be able to go to college. The model's gonna have to change.
This post was edited by PKP 313 22 months ago
getting a community college degree first MAYBE would have saved me one year of real college with my degree. probably more like one semester. definitely not worth it if you plan on excelling in a top program at a top college.
it's a good plan and that's what I did. Saved pretty aggressively from the start.
I'm in year 2 of College for my 19 year old twins.
Unfortunately, with one at GW and the other at Villanova; their 529 money is only going to carry them through 2.5 years. At least it's a start.
so long as the federal government is underwriting student loans I don't see the model changing anytime. Nobody is going to tel mom and pop that their kid can't go to college, especially Uncle Sam in an election year.
People paying off student loans at age 30 used to be called doctors. Now they're called middle managers.
early withdrawels from Roth 401K's where there are profits will be taxed plus you'll pay a 10% penalty. No idea why you wouldn't just save in an after tax account
It's a Roth IRA. Higher education not subject to the 10% penalty, it's a qualified exception.
This is what I'm doing as well, though will probably stop funding the 529s a little short of what conventional wisdom says college will cost in 13 and 16 years.
I do expect the model to change because it's simply unsustainable, mostly because people can no longer use their homes to fund their children's education. I get the government loan aspect, but that's going to be challenged as well.
Also, as my wife puts it, it wouldn't be a bad thing if they had to get a job in college to pick up the difference...we certainly did.
And with one girl, I'm banking on a Title IX windfall.
My advice was geared towards kids who will be paying all of or the bulk of their tuition. Obviously if you can get a free college degree, which you seem to indicate you're going to provide for your kid, then you take it.
There is no reason for a kid to take on 80k in loans to get a credential which will simply open the door to work an entry level cubicle job. I currently work with several mid twenties folks who are in for 70k-120k but are earning 36k annually. That is a poor investment.
This post was edited by swathorne 22 months ago
income limits on those are pretty low, but more power to ya
looking at an entry level income is really short-sighted. A college education provides a baseline for someone to have a career full of earning potential (not saying the college degree is worth it in itself but hard to get a graduate degree and or meaningful occupation w/o it).
LOL don't be a douchebag. The income limit is $173K household MAGI. After deductions my household isn't there. If that's little man money to you, fine, but don't be a raging douche about it.
wasn't trying to be a douche and the limits are based on gross income (i.e. before deductions). I will laud any household with income less than 173K paying full boat for their kids college education these days.
That's not true. There are 20 something deductions that come before MAGI is caclulated. HSAs and business rental activities are two of them that I claim. My CPA is Italian so I think he's found some others.
Until the govt leaves the mess alone only going to get so much worse
On the community college route the problem for so many is they get trapped in it. They often remain around their friends from before and a lot of times it is basically high school (attendance, homework, etc) and not what they would get first 2 years at say UMD...for better and worse. Then so many do the taking a break and never go back. If they can do it and stay motivated then you can save some but if it is CC or a instate school often isn't that much of a difference for tuition. Just looking quick looks like Montgomery College for 12 credits is $1,780 and $4,454 at UMD. MC charges you per credit so say you had 16 then would be 2400...and 3000 at 20 credits.
Also, pretty sure the Maryland program gets you admission to a Maryland public school not necessary UMD...and obviously maybe not the program they want.
HSA's are limited to 6K. Business rental activities could actually go against you if they go in the other direction. There's a reason why there's a G in MAGI, the deductions are really limited. 14 hours at work and i'm fried so you got me after this...you could goose up household income close to 200K and still pay for college at 30-50K a year per kid in today's dollars. I'm impressed.
I just don't see colleges reigning in expenses anytime soon. You have their baby boomer faculty retiring with large pension and healthcare costs, aging facilities, arms races for the best library. The fed gov't is on the other side writing the check and you are playing with parent' dreams for their kids. It's all one big bad recipe
This post was edited by goterpss 22 months ago
I know after two years at a CC, kids are basically guaranteed admission to MD if they have the requisite GPA and credits. Maybe you're talking about something else. A few kids in our neighborhood have done it that way. Two years at AACC and then on to MD. And you graduate with a degree from MD.
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