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Post by notpriddy (COIF) on Aug 29, 2018 6:11:37 GMT -5
Beginning in Fall 2019, UI will become the first public university in the state to provide young adults from Illinois with free tuition and campus fees who are new college freshmen and transfers and whose families have a combined household income of $61,000 or less. Director of Athletics Josh Whitman enthusiastically applauds Illinois Commitment and what it means for all prospective UI students. "I am excited by the University's dedication to providing a world-class education to students from our state, regardless of their financial situation," Whitman said. "The Illinois Commitment demonstrates a major investment by our institution into our state's most valuable resource, our young people, and removes another barrier to their attendance at one of the nation's great institutions." fightingillini.com/news/2018/8/27/academic-services-an-investment-in-our-young-people-illinois-commitment-offers-free-tuition.aspx |
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Post by huskerjen on Aug 29, 2018 7:18:49 GMT -5
This started out as an article to announce a program to help need-based prospective students and then became gross when they contemplated it helping Illinois athletic teams.
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Post by mervinswerved on Aug 29, 2018 7:53:23 GMT -5
This started out as an article to announce a program to help need-based prospective students and then became gross when they contemplated it helping Illinois athletic teams. It's an article from the athletic department website, after all. |
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Post by MTC on Aug 29, 2018 8:11:35 GMT -5
Now they will be able to fill the classrooms and attract athletic talent; it is a win-win.
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Post by sunger4222 on Aug 29, 2018 8:13:10 GMT -5
So the professors, admin, security, maintenance employees, etc are all working for free? No utility bills because the providers are all giving their services for free? Very nice!
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Post by huskerjen on Aug 29, 2018 8:32:34 GMT -5
So the professors, admin, security, maintenance employees, etc are all working for free? No utility bills because the providers are all giving their services for free? Very nice! The state may be insolvent but apparently the university is fine? |
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Post by itsallrelative on Aug 29, 2018 8:34:05 GMT -5
So the professors, admin, security, maintenance employees, etc are all working for free? No utility bills because the providers are all giving their services for free? Very nice! The state may be insolvent but apparently the university is fine? Weren't they talking about closing campuses of some public schools?  WTF? |
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Post by volleyguy on Aug 29, 2018 8:45:54 GMT -5
The guarantee is for tuition and fees, not actual cost of attendance.
** Moreover, the criteria state that family assets cannot exceed 50K, which means that most homeowners wouldn't be included. That probably limits the number of eligible students significantly.
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Post by oldunc on Aug 29, 2018 8:52:00 GMT -5
When I went to school, lo these many years ago, State Universities were commonly all but free. I think this goes to the debate about whether the purpose of universities is to provide the nation with an informed public or to provide employers with employees trained at their own (or the state's) expense. Or to provide football teams with somewhere to keep their jock straps.
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Deleted Member
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Post by Deleted on Aug 29, 2018 9:42:16 GMT -5
When I was last in Champaign, a guy saw my Minnesota shirt and said "I'm so happy my youngest daughter went to the U of Minn! It was cheaper for her to go there, out of state, than to go to the U of ILL! It's the most expensive public school in the Big Ten!"
Haven't looked up if he's correct, but I assume so or close to it...
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Post by itsallrelative on Aug 29, 2018 10:16:55 GMT -5
The guarantee is for tuition and fees, not actual cost of attendance. ** Moreover, the criteria state that family assets cannot exceed 50K, which means that most homeowners wouldn't be included. That probably limits the number of eligible students significantly. I missed that part...just saw the $61K/year, which is a much lower threshold. |
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Post by volleyguy on Aug 29, 2018 10:42:32 GMT -5
The guarantee is for tuition and fees, not actual cost of attendance. ** Moreover, the criteria state that family assets cannot exceed 50K, which means that most homeowners wouldn't be included. That probably limits the number of eligible students significantly. I missed that part...just saw the $61K/year, which is a much lower threshold. It's a link ("Illinois Commitment") within the linked article, and then scroll down: How do you qualify? You're an Illinois resident (parents listed on the FAFSA are also Illinois residents) Your family income is $61,000 or less Your family's assets are less than $50,000 You're admitted as a new freshman or transfer student You're under the age of 24 admissions.illinois.edu/commitment |
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Post by baytree on Aug 29, 2018 10:43:13 GMT -5
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Post by dgo on Aug 29, 2018 10:52:21 GMT -5
The guarantee is for tuition and fees, not actual cost of attendance. ** Moreover, the criteria state that family assets cannot exceed 50K, which means that most homeowners wouldn't be included. That probably limits the number of eligible students significantly. Apparently, the limitation on assets doesn't include either the family home or certain requirement accounts. From the website provided by volleyguy: How can I determine whether I qualify?
Recipients must have a total family income of $61,000 or less and family assets totaling less than $50,000. Family income includes parent and student Adjusted Gross Income (AGI) as well as parent and student untaxed income. Income of the non-custodial parent may be considered when determining AGI. Parents and students with a negative AGI are generally not eligible for this program. Family assets include savings/checking, investments, real estate and business net worth. Home value, qualified retirement accounts and family farms not required to be reported on the FAFSA are not counted in family assets. We may ask for more information as needed to determine family qualification.
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Post by tomclen on Aug 29, 2018 11:04:46 GMT -5
Hypothetical:
1. Your school has an endowment of $1-billion.
2. Your school only earns 1 percent a year on their endowment.
That means your school would earn (if my math is correct) $10-million just in interest.
Now maybe your school doesn't have a $1-billion endowment. But many do:
The top 10 largest college endowments:
1. Harvard University: $36.4 billion
2. Yale University: $25.6 billion
3. University of Texas system: $24.1 billion
4. Princeton University: $22.7 billion
5. Stanford University: $22.2 billion
6. Massachusetts Institute of Technology: $13.5 billion
7. Texas A&M University system: $10.5 billion
8. Northwestern University: $10.2 billion
9. University of Pennsylvania: $10.1 billion
10. University of Michigan: $10 billion
University of Illinois, Urbana-Champaign has an endowment of $3.4-Billion
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WTF?
