Re: Burgum makes announcement about Higher ed future
Quote:
Originally Posted by
1998braves64
I don't think you'd want a huge chunk of money (by my definition of huge and with current pricing of college as anything more than say $40,000 a kid) tied up in it. You can gain flexibility if your kids don't use it by changing it over to grand kids, since assuming you have kids when you start donating to a 529 you're likely to have grandkids who could then use it. I believe they can just keep on passing it down the line. Eventually I think college/university is going to get to be almost too much for the "lower" upper class which are those moving up from middle class, and the rest of middle class is going down to lower class.
I was a fortunate and view it as highly fortunate that the most of the skin I had in the game was my student loans. My parents helped with the rest, not to say I didn't put any of my earnings through 18 years towards it either though because I did. That said I don't think the cost above my student loans/grants/scholarships (didn't have a lot of grants/scholly's though) for 4 years of schooling, 98-01 and 09-10 didn't add up to more than $15,000. I probably had about $6-7,000 in student loans (combined). I also went to NDSU for only 1 year and NDSCS for 3. That said I will likely help my kids out some, definitely probably should start doing 529 I think as savings accounts aren't going to give me the returns I need to get me to say even $40,000 that I put above.
I think leaving a kid in drowning debt isn't exactly helpful either so there probably is a fine line between doing too much or doing too little. The real key is education of what they should do with their money, what are you saving for, how much do you save. What is left over and spending that wisely so you don't overspend will make sure they start on the right financial step.
Agreed. Just remember you have more choices than just a savings account or a 529. If you like stocks or mutual funds you can do that inside or outside of a 529. Outside giving you more flexibility. Or you could do something completely different and buy a rental house that cash flows and use the cash flow to help pay for school. Then you still have the rent house after school is done. In other words, buy/create a stream of cash flow that will continue instead of "saving up" and then paying it all out.
It's a completely different way of thinking that most won't do, but that I like a lot.
Re: Burgum makes announcement about Higher ed future
Quote:
Originally Posted by
mebisonII
Bah, I have heard about that scholarship exemption, but I forgot, thanks for the reminder!
Yeah, kind of what I figured. Usually not hard to find someone who could use some additional college funding.
I also assume at least a couple of the kids will go to professional or graduate school.
Re: Burgum makes announcement about Higher ed future
Quote:
Originally Posted by
1998braves64
I don't think you'd want a huge chunk of money (by my definition of huge and with current pricing of college as anything more than say $40,000 a kid) tied up in it. You can gain flexibility if your kids don't use it by changing it over to grand kids, since assuming you have kids when you start donating to a 529 you're likely to have grandkids who could then use it. I believe they can just keep on passing it down the line. Eventually I think college/university is going to get to be almost too much for the "lower" upper class which are those moving up from middle class, and the rest of middle class is going down to lower class.
I was a fortunate and view it as highly fortunate that the most of the skin I had in the game was my student loans. My parents helped with the rest, not to say I didn't put any of my earnings through 18 years towards it either though because I did. That said I don't think the cost above my student loans/grants/scholarships (didn't have a lot of grants/scholly's though) for 4 years of schooling, 98-01 and 09-10 didn't add up to more than $15,000. I probably had about $6-7,000 in student loans (combined). I also went to NDSU for only 1 year and NDSCS for 3. That said I will likely help my kids out some, definitely probably should start doing 529 I think as savings accounts aren't going to give me the returns I need to get me to say even $40,000 that I put above.
I think leaving a kid in drowning debt isn't exactly helpful either so there probably is a fine line between doing too much or doing too little. The real key is education of what they should do with their money, what are you saving for, how much do you save. What is left over and spending that wisely so you don't overspend will make sure they start on the right financial step.
Depends where the kid goes too, if they go to NDSU/UND, they aren't going to drown in debt. I don't think it's possible, unless they get a completely worthless degree.
Re: Burgum makes announcement about Higher ed future
Here’s a good article on 529 plans:
Wiles: Misconceptions about versatile 529 college plans may be harming participation
https://usat.ly/2GAuwyu
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Re: Burgum makes announcement about Higher ed future
We opened 529 for both of our kids within months of them being born and contribute regularly. Our goal is to not pay for all their college but to have available to them a very good portion. I agree they need to have some skin in the game. I witnessed to many that were just there for the party and daddy was paying anyway and it led them to not make good choices.
Re: Burgum makes announcement about Higher ed future
I paid my own way and it did very little to change my opinion of the situation. I actually probably would have felt more compelled if my parents were paying. The way it was, I basically just said F you, it's my money and my decision, don't tell me how to live my life. So, don't count too heavily on the "skin in the game" tactic working like a charm. Just remember, they are 18 year old kids, most circumstances, other than right now, don't matter to them.
Re: Burgum makes announcement about Higher ed future
Quote:
Originally Posted by
EndZoneQB
I paid my own way and it did very little to change my opinion of the situation. I actually probably would have felt more compelled if my parents were paying. The way it was, I basically just said F you, it's my money and my decision, don't tell me how to live my life. So, don't count too heavily on the "skin in the game" tactic working like a charm. Just remember, they are 18 year old kids, most circumstances, other than right now, don't matter to them.
A lot of truth in that statement. Expecting a 18-20 yr old to fully understand the foundation they are setting for when they're 40, good luck. Wish I would have had a better grasp on it back then.
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Re: Burgum makes announcement about Higher ed future
And the results are in:
https://www.inforum.com/opinion/colu...ion-governance
Short version:
Replace the SBHE with three new boards. One for NDSU, one for UND, and one for the rest of the system. Also an advisory committee made up of the chairs of all three boards, plus another member of the "everybody else" board. It sounds like the NDUS office would lose most of its governance power and become support only. Burgum is asking for the legislature to put it on the ballot soon.
I'll quote the whole letter here since it's not copyrighted. It's a letter from Burgum, not a Forum article.
Quote:
When North Dakotans voted 80 years ago to create a single board to govern the state’s public colleges and universities, the world was still being introduced to the ballpoint pen. Oil had recently been discovered in Saudi Arabia. Non-stick Teflon had just been invented. And Superman made his first comic book appearance.
Few could have predicted a five-fold increase in enrollment at North Dakota’s state-funded colleges and universities, from just under 8,000 students in 1938 to over 45,000 students today, or that the number of institutions would increase and their missions and offerings would expand and evolve so extensively.
Yet, eight decades later, our state’s higher education governance model remains largely unchanged.
While the current one-board system with eight voting members has served past needs of our state and its citizens, the time is now for the state to take courageous action and transform our system into a national leader by increasing accountability and allowing institutions to be more nimble, flexible and responsive to competitive forces and workforce demands.
Just over a year ago, by executive order we created the 15-member Task Force for Higher Education Governance. On Tuesday, after 10 months of thoughtful review of the challenges facing our current one-board system, and investigating models used by other states, this diverse and talented task force – representing the interests of students, faculty, administrators, the business community and all three branches of state government – arrived at unanimous consensus that a new governance structure is needed for the state of North Dakota.
The task force had the courage and vision to seek bold change. With their vote Tuesday, members recommended pursuing legislative and citizen support to adopt a three-board governance structure – one board for the state’s nine community and regional institutions, and one for each of the state’s two research institutions.
With increased bandwidth, these boards would work more directly with institutions and enhance accountability of their leadership. And they would be better able to focus more deeply on the institutions’ individual missions, challenges and opportunities.
Student populations would be balanced between the boards. Currently, 40 percent of the system’s 45,882 students attend the nine community and regional institutions, 30 percent attend North Dakota State University and 30 percent attend the University of North Dakota. Faculty numbers would be split evenly in thirds between the three boards.
Successful features of the current system would be retained. For example, the task force recommends requiring all institutions to maintain common course numbering, the transferability of credits, a funding formula based on credit production and shared technology services as a prerequisite to receiving any state funds.
To help foster collaboration between the campuses, the task force also recommends creating an advisory committee comprised of the chairs of each of the three boards, plus a second appointed member from the community and regional institutions board.
In addition, the task force recommends transforming the current North Dakota University System office into an office of higher education shared services with a higher education administrator. This team, along with the advisory committee, would work collaboratively across the three boards and all 11 institutions to maintain effective shared services and a team approach to solving workforce challenges in the state.
Changing the current governance model will require voter approval of a constitutional amendment, which the Legislature could place on the ballot through a concurrent resolution.
The time for change is now. Powerful underlying economic and technological forces are challenging the very essence of the current business model for higher education delivery. Our institutions deserve, and our state needs, a governance model that enables all of our institutions and students to reach their fullest potential.
Re: Burgum makes announcement about Higher ed future
So to sum up, we’re goingto drive increased efficiency, effectiveness and innovation by... creating more bureaucracy, siloing institutions, and muddying up reporting lines. Oh, and we need a constitutional amendment to do it, just as we would if we were actually interested in really fixing things.
And here I was under the impression that the people of North Dakota hired a very successful businessman because they wanted their government run more like a business.
Whoops.
Re: Burgum makes announcement about Higher ed future
Quote:
Originally Posted by
bisonaudit
So to sum up, we’re goingto drive increased efficiency, effectiveness and innovation by... creating more bureaucracy, siloing institutions, and muddying up reporting lines. Oh, and we need a constitutional amendment to do it, just as we would if we were actually interested in really fixing things.
And here I was under the impression that the people of North Dakota hired a very successful businessman because they wanted their government run more like a business.
Whoops.
And what is your solutiin?
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