"In either case, students will still be expected to contribute toward their own educational expenses from summer income, savings and part-time work during the school year. Students are expected to contribute at least $5,000 per year from these sources but are not expected to borrow to make the contribution."
So its really $5K/yr even at $60K/yr and below, despite the glorious headlines. Its quite a downer to start with a fantastic headline and realize its all BS, although the truth of the matter is a pretty good deal. The article should have been more honest. Under promise and over deliver, as opposed to the opposite provided.
Most jobs for kids at that age aren't going to pay all that well. $9/hr? After taxes, they'll need to be working almost 1000 hours per year to contribute $5k per year from those sources. 1000 hours.
Was comparing this to my own state school numbers from 20+ years ago. One year was < $5k. Min wage at $3. One could work a summer job (or two) and pay for a year of school. That just doesn't seem possible any more, or at least not without a lot of assistance programs.
"In either case, students will still be expected to contribute toward their own educational expenses from summer income, savings and part-time work during the school year. Students are expected to contribute at least $5,000 per year from these sources but are not expected to borrow to make the contribution."
So its really $5K/yr even at $60K/yr and below, despite the glorious headlines. Its quite a downer to start with a fantastic headline and realize its all BS, although the truth of the matter is a pretty good deal. The article should have been more honest. Under promise and over deliver, as opposed to the opposite provided.