How would you pay for $100K tuition?

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If you had 100K in grad tuition that you needed to pay and have that 100K in checking account how would you pay for the tuition to minimize the pain?
The school doesn't charge CC fees, assume 33K is paid once every 3 months. 
Would you use a 0% APR CC? 2% Fidelity Visa? Chase CC for pts? 

There are no CC fees, this was verified today with the school. 

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I saw a few CC rent payment deals. Nothing similar for tuition?

My school charges 2.5% thru nelnet but might be worth i... (more)

needhelpplease (Aug. 18, 2016 @ 4:07p) |

Employer Tuition reimbursement almost always comes with strings attached, for example mine requires continued employment... (more)

jameswangninja (Aug. 18, 2016 @ 10:47p) |

How is that worthless?  At least take the money and earn some return on it.  If you have to pay it back, you have it sit... (more)

Dus10 (Aug. 19, 2016 @ 6:36a) |

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AOR and pay it in 3-5k chunks to maximize signup bonuses.

Did you directly ask the school if they offer a cash discount? Could be a better option, and you dont know until you ask.

Holy crap!  Grad school costs $100k/year? 

I wouldn't.

dcwilbur said:   Holy crap!  Grad school costs $100k/year? 
  Many "professional" degrees do (not medicine kind of profession). The finmath degree I have from UChicago now costs between 90-100k. A data science degree from Northwestern is in the range of $100k. MBAs are often more, as I'm sure many here well know (what is Harvard's, coming up on 200k I would assume?)

Sure, you could do a degree that pays you for research & TAing--one of the traditional degrees like math or physics, but many specialized degrees are getting costly. 

I don't think it's a big deal. If you make it through, they are still a great ROI.

PearslBeforeSwine said:   AOR and pay it in 3-5k chunks to maximize signup bonuses.Yes! Preferably get cards that also have 0% APR on purchases promo and 2% CB!

The speed with which I would pay them off would depend on the interest rate of the loans and the rest of my financial situation (like balances in emergency, retirement, and investment accounts and goals). Personally, if the rate was fixed below 4% and tax-deductible I wouldn't pay more than the minimum.

The problem with the suggestion here is that, of the three Universities I've attended, all of them had 3%-5% processing fees for credit cards, killing much of the CB benefits. Depending on the options for signup bonuses, that could work but it would have to be some crazy signup bonuses to justify $3k-$5k in processing fees.

^^^ OP says no CC fees.

chase freedom unlimited is 1.5 UR points per dollar.

wpgabriel said:   
dcwilbur said:   Holy crap!  Grad school costs $100k/year? 
  Many "professional" degrees do (not medicine kind of profession). The finmath degree I have from UChicago now costs between 90-100k. A data science degree from Northwestern is in the range of $100k. MBAs are often more, as I'm sure many here well know (what is Harvard's, coming up on 200k I would assume?)

Sure, you could do a degree that pays you for research & TAing--one of the traditional degrees like math or physics, but many specialized degrees are getting costly. 

I don't think it's a big deal. If you make it through, they are still a great ROI.

  Assuming you mean the Master's in Predictive Analytics, it's $51k. Not cheap, but nowhere near $100k. 
http://sps.northwestern.edu/program-areas/graduate/predictive-an...

mwa423 said:   The problem with the suggestion here is that, of the three Universities I've attended, all of them had 3%-5% processing fees for credit cards, killing much of the CB benefits. Depending on the options for signup bonuses, that could work but it would have to be some crazy signup bonuses to justify $3k-$5k in processing fees.
  The school I did my undergrad at had no CC fee but changed it 2 semesters after I graduated to add a 2.75% fee. The school claimed CC processing was costing them over $1,000,000 a year before the switch. (mid-sized public school in the Mid-Atlantic)

devyanks90 said:   
mwa423 said:   The problem with the suggestion here is that, of the three Universities I've attended, all of them had 3%-5% processing fees for credit cards, killing much of the CB benefits. Depending on the options for signup bonuses, that could work but it would have to be some crazy signup bonuses to justify $3k-$5k in processing fees.
  The school I did my undergrad at had no CC fee but changed it 2 semesters after I graduated to add a 2.75% fee. The school claimed CC processing was costing them over $1,000,000 a year before the switch. (mid-sized public school in the Mid-Atlantic)

  Very plausible. Say 25k student, 10k in tuition each year, 2% processing fee: 5 mil in fees. One in five students using CC to pay tuition means 1 mil in fees.

devyanks90 said:   
mwa423 said:   The problem with the suggestion here is that, of the three Universities I've attended, all of them had 3%-5% processing fees for credit cards, killing much of the CB benefits. Depending on the options for signup bonuses, that could work but it would have to be some crazy signup bonuses to justify $3k-$5k in processing fees.
  The school I did my undergrad at had no CC fee but changed it 2 semesters after I graduated to add a 2.75% fee. The school claimed CC processing was costing them over $1,000,000 a year before the switch. (mid-sized public school in the Mid-Atlantic)

  
Virginia Tech, University of Virginia, James Madison University, Christopher Newport University, George Mason University and the College of William and Mary are now charging that 2.75% fee.

You could take out student loans at 3% variable and invest the 100k. If no to loans, agree AOR sounds like a great plan.

100k is it really worth it? What profession is this for? Please don't tell us you're going to pharmacy school.

Get your employer to pay it, or take a Graduate Assistantship position where the tuition is waived.

skiiermanian said:   You could take out student loans at 3% variable and invest the 100k. If no to loans, agree AOR sounds like a great plan.
Who provides student loans at 3% variable? Lowest I see is Discover for 3.5%.
There are plenty of places that will refi for under 3% but in order to refi you first need to take out an unsubsidized direct loan at almost 6% and pay orientation fee of 1%. Then you would only be able to refi after school is over and you have a job. 
 

Make sure you validate that the no CC fee information is not old!!!

If your state has the tax break for 529 plans, put in the maximum allowable contribution and immediately take the money out of the 529.

Get your employer to pay for your grad school. That's what I did. Cost me nothing. They paid 100% at the end of each semester if you got B+ and above.

I charged school on CC that gave me 5% cashback, applied for FAFSA, used FAFSA money to pay off CC. Banked the employer reimbursement in high interest rate account, or CD's that matured within 6 months of graduation. Once I was done with school, used the employer reimbursement that was earning me money to pay off school loans, while they were still in the interest free deferment.

cdddazz said:   If you had 100K in grad tuition that you needed to pay and have that 100K in checking account how would you pay for the tuition to minimize the pain?
The school doesn't charge CC fees, assume 33K is paid once every 3 months. 
Would you use a 0% APR CC? 2% Fidelity Visa? Chase CC for pts? 

There are no CC fees, this was verified today with the school. 

  
If I were a hot chick, I'd strip on nights and weekends.  If not, then SOL.

hfzeus said:   If your state has the tax break for 529 plans, put in the maximum allowable contribution and immediately take the money out of the 529.
  
There is no min. holding period?? 

ProfitAfterRebates said:   Get your employer to pay it, or take a Graduate Assistantship position where the tuition is waived.
Sure!  Just like that!  Easy as pie!

Except many employers do not offer tuition reimbursement, and GA positions are offered to, rather than demanded by, students.

clangle said:   
ProfitAfterRebates said:   Get your employer to pay it, or take a Graduate Assistantship position where the tuition is waived.
Sure!  Just like that!  Easy as pie!

Except many employers do not offer tuition reimbursement, and GA positions are offered to, rather than demanded by, students.

  
And most employers who do offer tuition reimbursement dont have limits anywhere near 100k.  Most have them setup to match the federal yearly tax free amount allowed.

Separately, stack any other plan with the loan from discover with 1% rebate bonus (for 3.0 GPA) and then pay off the loan immediately (or keep at the 3.5%?)?

matrix5k said:   100k is it really worth it? What profession is this for? Please don't tell us you're going to pharmacy school.
  What's wrong with pharmacy school as a profession? It'll probably cost more than 100k now a days.

ishyjo said:   
matrix5k said:   100k is it really worth it? What profession is this for? Please don't tell us you're going to pharmacy school.
  What's wrong with pharmacy school as a profession? It'll probably cost more than 100k now a days.

  Oversupply of graduates. Under supply of jobs. Greatly increased tuition.

ishyjo said:   
matrix5k said:   100k is it really worth it? What profession is this for? Please don't tell us you're going to pharmacy school.
  What's wrong with pharmacy school as a profession? It'll probably cost more than 100k now a days.

This subject has been beaten to death. I'll give you the cliff notes.

-Schools only care about money. In the year 2000 there were 82 pharmacy schools. In 2014 there were 130. Each year the class size and tuition rise 10% like clockwork. They churn out thousands of PharmDs every year. Take MA for example. You have MCPHS Boston, MCPHS Worcester, Northeastern University, WNEC College of Pharmacy, and they are opening a fifth school at UMass Lowell next year. That's damn near literally 1,000 PharmDs per year from a tiny state.

-Saturation. Every place worth living is super saturated including coastal cities, major metropolitan areas, suburbs, small cities, small towns, Alaska, anywhere within 2 hours driving distance of civilization. Call any pharmacy where you live and ask if they are hiring pharmacists, and they will laugh at you.

-Low entry requirements. PharmD used to be a prestige degree, now it is watered down. There are pre-pharm students with Cs and Ds in intro bio/chem courses who are accepted to pharmacy schools.

-If you're a new grad, chances are you'll work for CVS or Walgreens. Good luck getting a job at a hospital without a residency, which is an additional 2 years of low income (~40k salary) and lost opportunity cost, while your 6.8% grad loans payments are due and accumulate interest. Even per diem or part time hospital jobs require 2+ years experience. If you want to do a residency, it is very competitive as there are only few spots available. Those who do complete their residencies still aren't guaranteed hospital jobs, many still fall back on retail.

-For the past couple years, new grads lucky enough to get retail jobs have only been given 30 hours instead of 40. So those offer letters that say "your salary will be 120k based on a 40 hour work week" really mean, "your salary will be 90k with only 30 hours guaranteed per week".

-Monopolies. CVS bought Target and Omnicare and owns roughly 60% of all retail pharmacies. It is also known as the worst place to work. Walgreens bought Rite Aid  and combined they own roughly 30% of all retail pharmacies. Former Target and Rite Aid  pharmacists are scared of losing their jobs. It's only a matter of time before we see CVS-Greens

From Pharmacy Forums:
My story as an Unemployed Pharmacist with Residency, experience, solid network Lies about pharmacist job market 

From FWF:
Half million in student loans with 60k income. 
$325k in student loans and no job 

These threads above show how bad it was back in 2012, 2015, and now. It's a dying profession and will only get worse every year. Pharmacy school takes 6 years straight from high school, 4 years if you have a bachelors, or 3 years with a bachelors in an accelerated program. Anyone who even thinks about entering pharmacy school now is downright irresponsible and has done zero research about the field.
 

Automation would keep me from spending that kind of money on a Pharmacy degree. You hear about fast food restaurants wanting to replace $15/hour workers with automation, what do you think will eventually happen to 100k+ workers who could be partially replaced by automation. I don't think all pharmacists will go away, as you would still want one around to talk to clients about their medicines, but you would need less of them, and drastically less pharmacy techs.

Along with this most insurance companies are pushing hard to move as many of their patients to mail order as possible to lower costs. This is the area that automation will steal a lot of jobs IMO.

It is a degree in healthcare but not Pharmacy or PA. The program is actually 2.5 years long but most of the school work (75K tuition money) is in year 1 and the rest over the remaining 1.5 years.

A combination of Discover loan with 1% rebate, AOR and 529 might be the best option. Although not sure what the real opportunity cost of the 100K would be if using Discover loan because then the question is what do you do with it.

NEDeals said:   
devyanks90 said:   
mwa423 said:   The problem with the suggestion here is that, of the three Universities I've attended, all of them had 3%-5% processing fees for credit cards, killing much of the CB benefits. Depending on the options for signup bonuses, that could work but it would have to be some crazy signup bonuses to justify $3k-$5k in processing fees.
  The school I did my undergrad at had no CC fee but changed it 2 semesters after I graduated to add a 2.75% fee. The school claimed CC processing was costing them over $1,000,000 a year before the switch. (mid-sized public school in the Mid-Atlantic)

  
Virginia Tech, University of Virginia, James Madison University, Christopher Newport University, George Mason University and the College of William and Mary are now charging that 2.75% fee.

  So all public schools in Virginia are on the same payment processor I guess.

needhelpplease said:   
hfzeus said:   If your state has the tax break for 529 plans, put in the maximum allowable contribution and immediately take the money out of the 529.
  
There is no min. holding period?? 

  
Surprisingly, no.

speedracer714 said:   
  
If I were a hot chick, I'd strip on nights and weekends.  If not, then SOL.


Or, get a sugar daddy. Paid for this woman's law school:
http://www.phillyvoice.com/students-seeking-sugar-daddies-for-tu...
  

hfzeus said:   
needhelpplease said:   
hfzeus said:   If your state has the tax break for 529 plans, put in the maximum allowable contribution and immediately take the money out of the 529.
  
There is no min. holding period?? 

  
Surprisingly, no.

  
Can you please explain this a bit more? Paying off my wifes 155k pharmacy debt student debt though she got a full time job with Walgreens now and a second job a a part time pharmacist at a hospital so she can transition into the full time role at the hospital as Walgreens sucks.

 

Debt service isn't considered a qualified expense for 529. You're too late.

Pharmacy jobs are going the way of typewriter repair Identifying and counting pills can be done by machine. there's not much left to do but mortar and pestol work ..lol

daw4888 said:   
clangle said:   
ProfitAfterRebates said:   Get your employer to pay it, or take a Graduate Assistantship position where the tuition is waived.
Sure!  Just like that!  Easy as pie!

Except many employers do not offer tuition reimbursement, and GA positions are offered to, rather than demanded by, students.

  
And most employers who do offer tuition reimbursement dont have limits anywhere near 100k.  Most have them setup to match the federal yearly tax free amount allowed.

  

That is simply untrue. The ones I had worked for, offered tax free tuition assistance up to the federally allowed tax free amount, and then, you would pay regular income tax on the rest of it. If you are good at what you do, you negotiate for them to cover the taxes on the tuition. 

However, if you don't ask, you don't get.... 

blueiedgod said:   
daw4888 said:   
clangle said:   
ProfitAfterRebates said:   Get your employer to pay it, or take a Graduate Assistantship position where the tuition is waived.
Sure!  Just like that!  Easy as pie!

Except many employers do not offer tuition reimbursement, and GA positions are offered to, rather than demanded by, students.

  
And most employers who do offer tuition reimbursement dont have limits anywhere near 100k.  Most have them setup to match the federal yearly tax free amount allowed.

  

That is simply untrue. The ones I had worked for, offered tax free tuition assistance up to the federally allowed tax free amount, and then, you would pay regular income tax on the rest of it. If you are good at what you do, you negotiate for them to cover the taxes on the tuition. 

However, if you don't ask, you don't get.... 

  That is an exception, rather than the rule.  Most stick with the federal guidelines for the tax free amount.  I have had some that would make exceptions (my previous employer doubled the amount for a specific program).  My current employer starts at $4k/year and increases based on years of service up to about $30k if you have been there for 15 years... and they are likely to deny that for anything beyond a top 20 MBA program.  But these are exceptions... not the rule.

Skipping 3 Messages...
jameswangninja said:   Employer Tuition reimbursement almost always comes with strings attached, for example mine requires continued employment at the company for three years after the last dollar of reimbursement or I have to pay it all back. Considering that lots of people go to grad school to change careers, this "benefit" is often worthless.
  How is that worthless?  At least take the money and earn some return on it.  If you have to pay it back, you have it sitting right there.  And that policy seems a bit too stringent... are you not sure if it is three years after each reimbursement, thus creating a rolling wave of three year cycles?  I have had two employers that had policies that stipulated payback and they didn't request it.  I had a third where they had it, but I stayed long enough... so no clue there.  It is a game of chance... but holding onto some cash and getting something out of it is fine, either way.



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