<p>I’ll be screwed in 5 years… First of all, I have to find a way to pay for college, then get into grad school, and then somehow pay for that while helping my parents pay for my little brother’s college… I am seriously screwed. I’ve heard that if someone becomes a post grad research fellow, the school pays off their education debts. Is that true?</p>
<p>Because he is family. My parents don’t make enough money to even get me through college. I would have to get a lot of financial aid. So, I can’t let my parents pay for both of us.</p>
<p>My son has several friends who just graduated with their BS in science/engineering fields who are going to grad school for free. They will all be TA’s, which covers their tuition, and they’re going to be research assistants, which gives them a stipend large enough for room and meals. They won’t be rich, but they will be able to live and not incur any debt during grad school. He knows people with these deals going to Princeton, U. Del, Texas and UNH. At least, that is the deal they have now. I don’t know if the latest gov’t news will change that…</p>
<p>My dad is the youngest of 7. His parents helped the first 2 through college, and then the older ones helped the younger ones. My dad got thru with ROTC and his sister loaned him some money, and he paid her back with company stock he was able to buy at a discount thru his first job.</p>
<p>The economy will slowly collapse. Savings for college, unless put away safely, won’t be there. Endowments will shrink, and there will be less financial aid. Higher unemployment. The social safety net for the working poor will be frayed, and more low-income students will drop out to deal with things at home. Pell grants will cover less and less, and won’t be there for summer sessions. Educational loans will be more difficult to get.</p>
<p>The prestige schools will become “more selective”.</p>
<p>Anyhow, that’s what my cracked crystal ball says.</p>
<p>Mini is at least partly right. I heard a report on NPR last week that as soon as the immdidate debt ceiling crisis was taken care of, the Pell Grants very likely would be cut during the first rounds of dealing with the aftermath. And, there may be more cuts to it in future rounds.</p>
<p>I think that mini’s predictions are right on target. </p>
<p>To add to what he says, some parents (and colleges) relied on HELOCs for loans or as a safety net or college piggy bank. For many parents the HELOC is no longer possible as loans are harder to get and home equity is no longer there!</p>
</p>