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Tuition- promissory note



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amother
Emerald


 

Post Wed, Aug 09 2017, 1:15 pm
My family doesn't exactly qualify for scholarship (we have 3 kids in school and make between 85-90K). The school has offered a tuition discount though but with the caveat that we will have a promissory note:
This means that after our kids are all out of school, we would owe the school just under $10,000 to be paid in monthly installments.

Has anyone heard of an arrangement like this?
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marina




 
 
    
 

Post Wed, Aug 09 2017, 1:20 pm
does the note specify that a court can rule against you if they bring a claim and you don't know about it and don't show up?
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amother
Navy


 

Post Wed, Aug 09 2017, 1:27 pm
My parents continued paying our tuition for several years after the last kid graduated. It was a good solution for us.
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amother
Wine


 

Post Wed, Aug 09 2017, 1:28 pm
amother wrote:
My family doesn't exactly qualify for scholarship (we have 3 kids in school and make between 85-90K). The school has offered a tuition discount though but with the caveat that we will have a promissory note:
This means that after our kids are all out of school, we would owe the school just under $10,000 to be paid in monthly installments.

Has anyone heard of an arrangement like this?


Is this not exclusive to you are is it part of the standard financial aid agreement? I think its common for schools to include language in all scholarships stating that if some day the family has money, they will pay back.
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amother
Emerald


 

Post Wed, Aug 09 2017, 9:38 pm
Ok to clarify this: what I found out is that we will actually owe a cumulative amount which would be a minimum of $60,000, and that's assuming our need for tuition discount stays exactly the same.
Sigh.
I don't know of anyone else in our school having this situation, I haven't discussed it in detail with other parents. Just found out about this policy, which is new. My friends who I have talked tuition with are either able to pay full tuition, or they qualify for the "real" tuition discount which they don't have to pay back (in other words, are poorer than we are).
The idea of basically taking out student loans for elementary and high school makes me want to shriek. How on earth are we supposed to then afford yeshiva/seminary and college, let alone then be able to retire and not be destitute? DH and I are in our mid-40's, we don't have endless time to continue working.
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amother
Emerald


 

Post Wed, Aug 09 2017, 9:39 pm
marina wrote:
does the note specify that a court can rule against you if they bring a claim and you don't know about it and don't show up?


Marina, I haven't seen the text of the promissory note yet, but have asked for a sample copy.
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