22-year-old college student blows her $90,000 college fund and blames her parents

http://finance.yahoo.com ^ | 07/16/2015 | By Mandi Woodruff

[redreno]

The woman, a 22-year-old college junior named Kim, who did not give her last name on air and was allowed to use a voice disguiser to even further shield her identity, came to the three hosts with a confession: in just short three years she had managed to blow through a $90,000 college fund left to her by her grandparents. Kim has one year left of school and no way to cover her remaining $20,000 tuition balance.

The show’s hosts try to give Kim the benefit of the doubt. She’s come to them (for some untold reason — perhaps a financial aid officer would have been a wiser choice) in a time of great need and they at least want to try to help her.

[pieceofthepuzzle]

"Not EVERYONE is smart enough for college. " Smart has little to do with this, IMHO. This is about paying attention to details, and having a plan. Aside from her poor management of her college fund, the cost of higher education has become ridiculous. Tuition and room and board at lots of state schools is now in excess of $30,000/year, and is commonly in excess of $50,000/year in private schools - irrespective of whether they are thought of as top tier. So if you were setting up a college fund, or considering how much in loans you would have to take out, you should consider that it's going to easily cost $140,00+ for a state college 4 year education (when staying on campus), and easily ≥$200,000 for a private university. That's if you don't go on to graduate studies.

[Alberta's Child]

This is why I would never give a substantial amount of money to anyone who hasn't first demonstrated that they are capable and responsible enough to use it wisely.

I say good for the parents here.

[BBell]

To quote the great Rushbo:

Educated beyond their intelligence.

[Mr Ramsbotham]

No. Western society.

[Dr. Ursus]

Two words- stripper pole!

[SMARTY]

If she isn’t ‘smart’ enough to properly manage 90K-She ISN’T smart enough to pass college courses.... I am pretty sure about that.

[elpadre]

Many college students do the same with college loans only they end with large paybacks - some for the rest of their lives. I know of a multi-millionaire family who gave their daughter an expensive sports car for HS graduation did not fund her college. She has finished an expensive university with an obscenely high loan to be repaid. She should never have been approved for a loan and the parents should have paid for her education.

[Ouderkirk]

So she should go to “seeking arrangements” or Ashley Madison. She can earn the money on her back.

Because actually getting a real job is out of the question.

[DaveA37]

“What’s the average age of a college freshman? 16? 17?”........

Average ages of a high school graduate is 18-19. College “freshmen” would typically be around 19-20.

[Chode]

[outofsalt]

If only she’d had free birth control!!!

[Cowgirl of Justice]

A friend’s son, who was injured in a terrible accident when he was 16, took the settlement money that his parents had invested for him and blew through it in about a year and a half. I think it was between $500-750,000. Low life friends, drugs, alcohol. All gone. These kids have no clue on the value of money. I bet this girl’s grandparents worked almost all of their life for this money and we’re so proud to be able to give her money to acquire the tools to have a happy and successful life. Sad.

[nuconvert]

“Kim has one year left of school and no way to cover her remaining $20,000 tuition balance. “

Pick a cheaper school, get a college loan, get a job. She has several options.

[Yo-Yo]

What’s the average age of a college freshman? 16? 17?

More like 17-18 in the US.

[Opinionated Blowhard]

Kim manages to personify just about every parent’s worst nightmare — an entitled 20-something who asks for handouts rather than face the very real financial challenges of young adulthood.

Yahoo Finance just described a huge chunk of the adult population of America. Gimme gimme gimme and make someone else pay for it.

[BlackAdderess]

If her tuition is $20,000 per year she had just enough for four years plus books and a few sundries. The math is pretty simple.

[Hiddigeigei]

One can only wonder what her IQ is.

IQ intelligence and common sense are often quite different things.

[caver]

I pity the guy that ends up with this broad.

[The Antiyuppie]

“The math is pretty simple.”

No, “math is hard” apparently. But it isn’t even “math”...it’s basic arithmetic. My boss was on the phone in a conference explaining the remedial math involving points of billing yesterday to Gen-Y college graduates from third-rate colleges yesterday. He knew better than to get me involved.

[The Antiyuppie]

“IQ intelligence and common sense are often quite different things.”

I knew people with 160+ IQ’s who were utterly incapable of participating in daily life - paying bills, cashing checks, shopping for food.