Status of Tennessee Baseball

#151
#151
BruinVol said:
From your post you seem to agree that IF that is true there is a huge advantage. So we have common ground.

And one other thing that baseball scholarships can be combined with financial aid as well which is key.
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I agree if they can have 25-30 kids go to college for $5k or less per year then yeah it's a big deal. I just don't think it happens on that grand of a scale. I think a lot of kids are still on the hook for $10k+ year.

Will Toffey's HS for example costs $58k/year. Ethan Paul's HS costs $38k/yr. No way kid's like that are getting substantial need based aid. Infante, Sandborn, Scott, Ruppenthal, Murfee, Grisanti, Fellows, and Fentress are all private school kids.

Based on the income ranges you gave earlier, I wouldn't imagine families with that level of income are sending their kids to $25k+ per year private schools. It would be fairly hard for a family of 4-5 making even $180k per year to fork over that kind of money year in and year out. Some of these kids are coming from families with income levels significantly more than $185k.
 
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#152
#152
bowlinggreenvol said:
I agree if they can have 25-30 kids go to college for $5k or less per year then yeah it's a big deal. I just don't think it happens on that grand of a scale. I think a lot of kids are still on the hook for $10k+ year.

Will Toffey's HS for example costs $58k/year. Ethan Paul's HS costs $38k/yr. No way kid's like that are getting substantial need based aid. Infante, Sandborn, Scott, Ruppenthal, Murfee, Grisanti, Fellows, and Fentress are all private school kids.
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Lower than 200k families go on need based aid and the upper class kids go on 11.7. 20 on need based aid and 15 on the 11.7 makes it one hell of an advantage.
 
#153
#153
BruinVol said:
Lower than 200k families go on need based aid and the upper class kids go on 11.7. 20 on need based aid and 15 on the 11.7 makes it one hell of an advantage.
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It's not an advantage if it's not cheaper than alternative options and you can't prove that it is. Stop worrying about how to beat Vandy and worry about how to beat UK, Ole Miss, Bama and AU; schools with marginal populations, marginal academics and less monetary advantages.
 
#154
#154
bowlinggreenvol said:
Based on the income ranges you gave earlier, I wouldn't imagine families with that level of income are sending their kids to $25k+ per year private schools. It would be fairly hard for a family of 4-5 making even $180k per year to fork over that kind of money year in and year out. Some of these kids are coming from families with income levels significantly more than $185k.
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And if we're being candid, families like that probably already have college (and maybe grad school) covered with 529 accounts, so really if they get a quarter scholarship, full ride, or walk on doesn't really make that much of a difference in those cases.

I know a couple (both doctors) that put $12K per year in a 529 account for each child. At age 18 that's over $200K even if it didn't grow a dime (and it will grow a lot). In their specific case, if one or both of their children became a great athlete, they are probably going to tell their kid to go wherever they want, whether they got a 10% scholarship or a full ride, because it's pretty much already covered.
 
#155
#155
Diamond Dore said:
And if we're being candid, families like that probably already have college (and maybe grad school) covered with 529 accounts, so really if they get a quarter scholarship, full ride, or walk on doesn't really make that much of a difference in those cases.

I know a couple (both doctors) that put $12K per year in a 529 account for each child. At age 18 that's over $200K even if it didn't grow a dime (and it will grow a lot). In their specific case, if one or both of their children became a great athlete, they are probably going to tell their kid to go wherever they want, whether they got a 10% scholarship or a full ride, because it's pretty much already covered.
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Exactly. Especially considering those 529's are penalized if not used on education and pulled back. Granted 10% doesn't hit them as hard as me. I just had that conversation 2 months ago with my banker after my 1st was born. This SOB better go to college or he'll owe me the penalty haha.

I'd love to be able to put $12k away but plan on starting at about 1/4 of that for now.
 
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#157
#157
bowlinggreenvol said:
Exactly. Especially considering those 529's are penalized if not used on education and pulled back. Granted 10% doesn't hit them as hard as me. I just had that conversation 2 months ago with my banker after my 1st was born. This SOB better go to college or he'll owe me the penalty haha.

I'd love to be able to put $12k away but plan on starting at about 1/4 of that for now.
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Good for you for starting the savings for your son early.

If your kid doesn't need or use your all of your 529, you can re-direct money in the account to anyone else--grandkids, nieces or nephews. I have one for each of my grandkids--except the newborn because his parents haven't told me his SSN yet.
 
#158
#158
ShowmeVols said:
Good for you for starting the savings for your son early.

If your kid doesn't need or use your all of your 529, you can re-direct money in the account to anyone else--grandkids, nieces or nephews. I have one for each of my grandkids--except the newborn because his parents haven't told me his SSN yet.
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I thought as a parent it could only be passed to your other kids, i.e. Immediate family. My niece is the product of a solid trust fund mother so she'll be getting none of my money lol.
 
#159
#159
bowlinggreenvol said:
Exactly. Especially considering those 529's are penalized if not used on education and pulled back. Granted 10% doesn't hit them as hard as me. I just had that conversation 2 months ago with my banker after my 1st was born. This SOB better go to college or he'll owe me the penalty haha.

I'd love to be able to put $12k away but plan on starting at about 1/4 of that for now.
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Congrats on the first born! Enjoy every minute of the blessing. Time flies.
 
#160
#160
bowlinggreenvol said:
I thought as a parent it could only be passed to your other kids, i.e. Immediate family. My niece is the product of a solid trust fund mother so she'll be getting none of my money lol.
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From Wikipedia:

Another benefit associated with 529 Plans is the ability to transfer unused amounts to other qualified members of the beneficiary's family without incurring any tax penalty.

Qualified members of the beneficiary's family include the beneficiary's:

Spouse
Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them.
Brother, sister, stepbrother, or stepsister.
Father or mother or ancestor of either.
Stepfather or stepmother.
Son or daughter of a brother or sister.
Brother or sister of father or mother.
Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law.
The spouse of any individual listed above.
First cousin
 
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