Re: Another inept Bush pal leaves FEMA

[Robert L Bass <sales@xxxxxxxxxxxxxxxxxxxxx>]

> Yes, for lack of a better word...more like bait and
> switch.  And all financial aid means is that you get
> to freekin borrow a ton of money at a low rate...

The backbone of the college loan program is simple.  You get a
low interest loan because the government guarantees that they
will pay it off if you or, more appropriately, your son fail to
do so.  The cost to the taxpayer includes program administration,
actual payoffs for deadbeats, etc.  You benefited by not having
to pay usurious rates the banks are charging and not having to
commit your home's equity to college loans, freeing up that
equity for other purposes.

Work-study is IMO a rip-off.  The kid is paid minimum wage to
work at school when he could probably do better at a part-time
job in the community.

> Last year it was 4.1%, this year it's 6.something%. It's
> not "aid" really...I will be in my 60's when I have to
> start paying the principal, its screwed.

It is indeed aid; it is not a *grant*.  The above begs the
question, why are you going to have to pay it off?  What is wrong
with having Junior pay for his own education once he completes
it?

I have two grown sons, both college educated.  The oldest went to
UCONN, an excellent state university system.  He got aid in the
form of reduced tuition because he was a state resident plus
small grants from the national science foundation (I think that's
correct; it was some years ago) and several corporate sponsors.
TTBOMK, out of state and foreign students pay respectively higher
and full costs simply because it is state run.  I could be wrong
but I'm pretty sure they don't offer lower prices to foreigners.

He also got some work-study as a dorm monitor and the following
year as the dorm supervisor.  The rest was a DoD Grant (Dear old
Dad's money).

My younger son went to a community college (cheap tuition for
local residents) for two years and then to Cornel on a merit
scholarship (private grants and scholarships).  He maintained a
4.0 in high school and junior college, participated in wrestling
and track and various service clubs.

> The first year he got 6k "teaser" grant and some work-study
> and took 5K loan - the rest of the 40K I had to borrow.

That $6,000 grant would pay the entire tuition at some community
colleges.

> The second year (this year) he got 3K of the now 45K it
> cost to go there and NO work-study. Then he borrowed
> 5K and I have to borrow the rest.

I was fortunate in that one of my sons was able to finish college
with very little financial help from home.  His own hard work
plus participation in various programs paid off.  My other son's
expenses were in fact mostly paid for by the state because state
colleges and universities do that for residents.  I don't know
your situation but mine at the time my boys were in school would
have qualified as middle class.  We received as much help as we
needed.

> In the mean time there are kids at his school with grades
> not as good as his, who come from "less advantaged
> positions in life" and from other countries that get FULL
> rides.  How is that fair?

I'm not sure that you're correct about kids from other lands.
There are fewer and fewer funds available to people from outside
the US these days and the rules concerning college and secondary
school admittance are becoming stricter every day.

A nephew of mine came to the US two years ago on a tourist visa.
While visiting friends in Michigan he decided to go to college
with their children.  He signed up for classes, paid his own way
in full and enjoyed a great school year.  The school never told
him that he should not be attending classes on a tourist visa.  I
knew that because I've done some work on the SEVIS system
but I was not aware that he only had a tourist visa so I couldn't
warn him.  As a result of his mistake he is now unable to return
to the US for 7 or 10 years.  I'm not sure which.

> I've worked my freekin butt off and so has he getting
> 3.8 gpa all through high school & 1st year of college,
> paying oodles of taxes, and keeping people employeed
> for 20 years and we get a pittance and less qualified
> kids get full rides...

It seems unfair but try to understand that these programs are
designed to offer the most help to students who otherwise would
be unable to attend college at all.  Merit scholarships which
your son received are not based on need but ability and his hard
work.  Need based assistance has nothing to do with how hard you
worked.  It is a means of providing opportunity to those who
would otherwise be unable to pull themselves out of the cycle of
poverty.

> Why do they deserve full rides, with less qualifications?

It has not so much to do with deserving help as needing it.  You,
through your hard work and skills, have made a good life for
yourself and your family.  Some people, due to the lower economic
station of their families, are unable to obtain what you have no
matter how hard they work.  Need based scholarship is an effort,
perhaps a somewhat flawed one in your eyes, at righting that
wrong.

> Because they're from disadvantaged homes (or
> whatever)...I'm gonna be in the poor house paying
> this off...then they can support me I guess.

Let's be realistic.  Like me, you're not going to the poorhouse
and you're not going to wind up on welfare.  You'll have to wait
another year or two to buy the boat (unless you want Jiminex'
used rowboat.  I hear it's on eBay complete with one slightly
used hammer hidden under the seat).

> This country has it's head up its butt.

Well, yes but don't blame me.  I'm a Democrat.  :^)

--

Regards,
Robert L Bass

Bass Burglar Alarms
The Online DIY Store
http://www.BassBurglarAlarms.com