On a side note, I really wonder how many kids are like me and really have no sense of finances. I’m sorry to all the parents that started helping me crunch numbers but just letting you guys know I have no idea what things like “equity loan” mean…
All I learned in school about finances was how to calculate final value of loans/investments with the compound interest formula. Yay…
@jql2017: Yes, work experience would matter for an MBA. You’d go for that after a few years working. There are business/marketing masters for undergrads straight out of undergrad, though. Masters in Management, Masters in Engineering Management and the like.
That adds another wrinkle. If you want those (they cost money), getting an engineering or other STEM degree very cheaply in HI (at UH/HPU) and using the money parents save up during that time for a 1 year business Masters on the mainland makes a lot of sense.
Did your mom put her “slush fund” on your financial aid application forms?
MEM from an MEMPC school: http://www.mempc.org
Northwestern Kellogg and Duke (and a few other schools) offer MiM’s).
Yes I believe it was included in the assets
@purpletitan is 100% right: You don’t need research for an MBA or a Master’s in Marketing (note that for marketing you’ll need a strong background or a minor in statistics, business analytics, or data science to be competitive academically.)
“grad school” typically means “research advanced degree” hence the need for undergraduate research, but professional schools function differently. Research CAN be something you do but isn’t a must-have like it would if you applied to a PHD in something.
(Note that PHD’s tend to be funded, whereas Master’s tend not to be. All aid is merit-based. However professional schools like medicine or law aren’t funded, although some offer scholarships to their top applicants. Finally, MBA’s aren’t funded, unless the company you’re working for pays for it in exchange for a commitment to use your new skills there. This is not uncommon but not something to count on. Anyway… this is for later.)
For the fields you mention, work experience is paramount.
(Note: Academics is never enough, regardless of the field. In order to get a job, you need more than “good student” on your resume :p).
You’ll be expected to have a job over the summer, then internships.
Not all public universities are YellowRibbon and your father may not qualify due to the date of his retirement. You need to find out ASAP. Since your dad doesn’t know about YellowRibbon, is there anyone else you can ask? Can he ask someone?
@jql2017 your best bet financially most likely is a gap year strategy. If you and your twin move to Washington get a place to live and jobs for a year… it might qualify you as Washington residents.
That would be the research you should find out, and if so see if you can have them hold your acceptances at UW.
InState tuition is slightly over $10,000. If you can share a place off campus and get some merit it’s a fantastic deal and School.
@PurpleTitan thank you all of that is good to know! Haha I guess my sister and I can study statistics together. And I think my dad got his MBA funded by the Air Force but obviously I’m not joining the military. I was debating between taking summer class or jobs/internships but I guess the latter is better.
I’ll try to get my dad to look into it more, I’m not sure if he can ask anyone though. (He has a tendency to be a self help kind of person) but I’ll keep bugging him about it. I’ll ask my college counselor again but not sure she knows much either
Look at the entry requirements of those MEM programs.
Statistics is very useful for business.
@ClarinetDad16 In state tuition would be great, but I don’t think my sister and I are ready to move to Washington by ourselves (honestly that one week last year when parents left town was bad enough). I am trying to see if I can get instate tuition with YellowRibbon but that is iffy right now.
I spoke with my teacher who is a very recent UW grad about how to reduce costs. She recommended stuff about dorms and meal plan etc, but said that deciding on my major early and coming in with max IB/AP credits to graduate early would help the most because it would save a year of COA
Once again, Yellow Ribbon is NOT an option. Her dad retired before the GI Bill transfer option began Aug 1, 2009. And transfers have to made while still on active duty. It is not retroactive for those previously retired.
It can’t hurt to ask but your college counselor doesn’t seem to have a clue since s/he thinks a social shinding organized by alumni will include financial aid officers with whom to discuss non existent oos financial aid (and apparently thinks it’s an appropriate place to bring such a thing up).
http://www.military.com/education/gi-bill/post-911-gi-bill-transferability-fact-sheet.html
I don’t know how to bold, but I bracketed the relevant information.
GI Bill Topics
The transferability option of the Post-9/11 GI Bill allows Servicemembers to transfer all or some unused benefits to their spouse or dependent children. The Department of Defense, Department of Homeland Security, U.S. Public Health Service, or Department of Commerce determines whether or not you can transfer benefits to your family. Once your department approves benefits for transfer, the new beneficiaries apply for them at VA.
Who Is Eligible To Transfer Their GI Bill Benefits?
<<<<<<<any member=“” of=“” the=“” uniformed=“” services=“” (active=“” duty=“” or=“” selected=“” reserve,=“” officer=“” enlisted)=“” on=“” after=“” august=“” 1,=“” 2009,=“” who=“” is=“” eligible=“” for=“” post-9=“” 11=“” gi=“” bill,=“” and=“”>>>>>
Has at least 6 years of service in the Armed Forces on the date of election and agrees to serve 4 additional years in the Armed Forces from the date of election.
Has at least 10 years of service in the Armed Forces (active duty and/or selected reserve) on the date of election, is precluded by either standard policy (service or DoD) or statute from committing to 4 additional years, and agrees to serve for the maximum amount of time allowed by such policy or statute, or
Is or becomes retirement eligible and agrees to serve an additional 4 years on or after August 1, 2012. A service member is considered to be retirement eligible if he or she has completed 20 years of active duty or 20 qualifying years of reserve service.
<<<<<<<>>>>>
OP if you aren’t ready to move to Washington by yourselves - are you ready to move to say Rochester NY for college?
A lot of us are providing you suggestions.
What compromises are you and your twin willing to make so you can find a solution to your college situation?
Thank you @cap
Yellow Ribbon is not available to these students from what you posted.
My son was offered a 3+2 plan with Columbia. He turned it down. Completing a 3+2 program requires maintaining a certain GPA, and in engineering that can be a challenge. OP would be transferring during her friends’ senior year. My son didn’t like the thought of that at all. I think it’s better to go into a college with a plan to stay all 4 years.
The parents have $15k/year for each student. The girls can take the ~$5500/year federal student loan and earn another $3k each if they work summers. That gives them a budget of ~$23k/year. They need money for books, living expenses, and travel to and from the mainland. If they can get a full tuition scholarship somewhere, they can afford to go to the mainland, but I wouldn’t empty out the mom’s emergency fund or take out a 2nd mortgage against the family home this close to retirement to do it.
I don’t think they can afford a ~$70k/year school. If they get good merit aid they may be able to swing a ~$45k/year school. If they can’t find one they like, I’d stay in HI. There’s nothing wrong with attending a decent state school, especially if they have an honors program. Smart kids’ brains won’t atrophy if they’re not surrounded by all high stats kids all the time. Presumably, their high school contains students with a range of abilities and both OP and her sister have done just fine.
I haven’t seen anyone mention how stretching the budget to send the girls to the mainland will affect the rest of the family. OP’s stepdad has other children. Perhaps there are weddings or home purchases he’d like to help fund. Maybe he’d like to retire, since he’s already 62, and spend some time traveling. We don’t know if the other children are willing or able to bail the dad out if he does borrow against his home and can’t repay it, or what the plans would be if the dad passes away before the girls graduate. Who would qualify to borrow then? How would the 2nd mortgage be repaid?
The reality is that they have a budget of ~$23k/year. That’s more than many kids have. If they can add merit aid to that number, great. But the reality of having a budget is that things that cost more than you have aren’t realistic options.
@austinmshauri: A 3-2 can become a 4-2 at no cost (or undergrad+masters) if the LAC part is free.
But in this case, the OP and sis are better off with parents saving their money for a business masters.
I mentioned the MEM programs. @MYOS1634 may know more about the MiM programs. They are very popular in Europe and becoming more popular in the States.
Has OP said what her sister wants to major in?
@austinmshauri: Statistics
Not sure if people were recommending moving near UW-SEATTLE but if so please don’t unless you’re reaaaaaally ready for it. Seattle is getting crazy expensive, almost up there with the Bay Area etc, and it’s a rough time to try to get by alone on a service job. So be careful.