I’ve heard that Penn only allows like 50ish??? students into Wharton undergraduate each year. Would it then be beneficial to apply undecided, and then choose a major in Wharton? Are you even allowed to do that, or do you have to decide which school to apply to in your application? Please help me … I really want to get into Wharton but I’m not sure that I have good enough AP classes/Extracurriculars! Thanks!
No, you can’t do that. If you aren’t accepted into Wharton, you can’t transfer in. It is true that they only take about 50 students/year, from all over the world, making it the most exclusive business program around. You would have to be extraordinary to be considered. Fortunately, there are a lot of other schools out there, and it is actually easier to get into the MBA programs at Wharton a few years after graduation, if you were an outstanding student in college.
Consider Different Ways to Invest for College Education
With the average cost of college level education rising approximately 6% every year, what is the best way to have the money for college exepnses when you need it? We can easily help you with different ways to invest for college education.
In fact, only 40% of students graduate in four (4) years. That means that 60% of students are taking five (5) years to complete their education.
It’s very important to plan for this major expense well in advance. On average, it costs over $6,000 per year to attend a state college. And if you attend an out-of-state college full time, there is a sur-charge of over $10,000. Private colleges can run well over $22,000 per year.
There are actually several ways to pay for your education or provide financing your child’s education:
* You can invest your money in the stock market or savings account. However, this can result in hefty tax payments.
* You can hope your child has the ability to obtain a full scholarship.
* You can take a second job when the time comes…or have the student take a part time job to help with expenses. But consider the longer time frame to graduate…and also the fact that there is a higher drop-out rate with students who have to work.
* Or you could have your child finance his/her education with student loans. But, this leaves them with a huge debt load when they are trying to start their new adult life.
Let’s consider a a couple of different ways to save up for those education expenses!
Let me explain how to have the money for college at your fingertips when you need it. Just purchase a rental property with a 15-year mortgage? I’ll use a $125,000 property for our example:
Equity will build! Even if there is no appreciation in value, you will still have this $125,000 property paid for in 15 years. Plenty for the finances needed for college.
But let’s run some figures on a modest 5% increase per year in property values. In this case, your property will more than double in 15 years. Your $125,000 investment could be worth over $250,000 when you’re ready to pay for college.
And you don’t even have to sell it! Here’s a way to take your money out of this property without paying tax on it. Simply re-finance it. A re-finance is not taxable income!!
What a great way to plan for college! You will have had renters to pay the mortgage payment…and if you re-finance for college expenses, you will still have renters to pay for the new mortgage payment.
Even with refinancing for a higher amount – consider that because the property has increased in value – so has the potential rental income!
About the Author
Pam Rumley is a veteran real estate broker in the Nashville, TN area. She is a true Exclusive Buyer’s Agent. There is never a conflict of interest regarding your real estate transaction. You can be assured of receiving 100% of her attention and loyalty – 100% of the time.
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I need an alternative student loan to pay for what the federal, perkins, and standford loans didn’t cover?
I am applying by myself because i have no kind of credit worthy co signer and i have no credit history. I am also a undergraduate in dentistry so i really need the extra money. Can anyone help me please?
try to apply for a PEL grant. its a federal grant , Im not sure how much you will be able to get but you dont have to pay it back. they are very easy to obtain.
