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"GI Bill" type plan to pay for college

Plan used spring 04

"GI Bill" for Abe and Lucy to go to school
11/14/03 (for spring 04)
Variables to raise or lower benefits:   Registration bonus and monthly pay per unit: $15        Bonus per completed unit: $8
(If you change what is in these 2 boxes, it changes the entire table, examples, etc.)
Examples from 3 possible scenarios:  (just to see if the variables should go up or down; actual benefits are in the big table way below)
9 units, passable grades, parent pleasing, and pay prospects 12 units, good grades, parent pleasing, and pay prospects 15 units, great grades, parent pleasing, and pay prospects
Typical
Fall dates
First paycheck (registration bonus) 8/25 $135 $180 $225
End of first month 9/25 $135 $180 $225
End of second month 10/25 $135 $180 $225
End of third month 11/25 $135 $180 $225
End of fourth month 12/18 $135 $180 $225
When grades arrive ?12/31 $216 $576 $1,080
Total for the semester $891 $1,476 $2,205
Tuition to do it again: $83 per unit $747 $996 $1,245
Big table to figure actual benefits:  (start with your semester units in first column)
End of semester bonuses for when grades arrive:      
Semes-ter units Basic monthly pay Registration bonus Future pay prospects bonus, if completed General parent pleasing bonus, if completed Grades bonus, if completed
  (4 mos per semester)   Passable Good Great Passable Good Great Passable Good Great
1 $15 15 $8 16 24 8 16 24 8 16 24 Gray boxes=
2 30 30 16 32 48 16 32 48 16 32 48 variables from way above
3 45 45 24 48 72 24 48 72 24 48 72 that are the basis for the
4 60 60 32 64 96 32 64 96 32 64 96 rest of the table
5 75 75 40 80 120 40 80 120 40 80 120
6 90 90 48 96 144 48 96 144 48 96 144
7 105 105 56 112 168 56 112 168 56 112 168
8 120 120 64 128 192 64 128 192 64 128 192
9 135 135 72 144 216 72 144 216 72 144 216 Blue boxes =
10 150 150 80 160 240 80 160 240 80 160 240 For the example
11 165 165 88 176 264 88 176 264 88 176 264 9 units/passable
12 180 180 96 192 288 96 192 288 96 192 288
13 195 195 104 208 312 104 208 312 104 208 312
14 210 210 112 224 336 112 224 336 112 224 336
15 225 225 120 240 360 120 240 360 120 240 360
16 240 240 128 256 384 128 256 384 128 256 384
17 255 255 136 272 408 136 272 408 136 272 408
18 270 270 144 288 432 144 288 432 144 288 432
19 285 285 152 304 456 152 304 456 152 304 456
20 300 300 160 320 480 160 320 480 160 320 480
21 315 315 168 336 504 168 336 504 168 336 504
Blank rows for figuring - fill in your numbers from above:
           
           
           
Definitions, details:
Semester units - for others, like Quarter, find the ratio to make equivalent. I think Qtrs are (sem X .75).
"Monthly" = roughly 30 days. (If summer semesters shorter, like 1 momake pay per unit/semester same.)
Payments - ~on time if you give me a deposit slip; a little later if not (by money order). The big one when grades come may take a few weeks.
Registration bonus paid on receipt. (If you drop the class, you should refund the bonus, 100% if in 1st week, 50% if in second, like tuition.)
Tuition refunds should be split as paid. If I pay 1/3 tuition, you should give me 1/3 of refunds on dropped classes.
For end of semester bonuses, it might be easiest to make a copy of this with the requests circled, with notes, grades, etc.
Pay prospects and parent pleasing = the lowest if kids, parents, etc. have different opinions.
Grades: Undergraduate C = passable, B = good, A = great.
Duration: This plan would probably last through undergraduate school, but be reduced each year.
Cancellation: If you drop out of all classes before completeting the quarter or semester, the plan is automatically cancelled, at least
until you ask and parent approves of restarting.
It is OK to take time off between completed semesters.
I can cancel or change the program with a notice before the next semester's registration for any reason.
Small perks for shopping:
Ask first, but I will usually give you $20 just for finding a course you could take to start college. (Once you're in, maybe for finding new plans.)
Send me the course you're thinking about, how to sign-up, dates, how you could work it schedule-wise, transportation, costs, etc.
Small perks for dropping out before deadlines: (will save whoever is paying the tuition big bucks)
Bonus $25 Officially drop before 100% refund -  (Usually a Fri, after classes start on a Mon, I think)
Bonus $25 Officially drop before 50% refund - (Usually a Mon, 2 weeks from first day of class, I think)
                             
Planning for future semesters
If you want to change the benefits, you may want to diddle with charts and stuff.
In my case the issue was that I originally did not plan on paying the tuitions. When I went to community college, tuition was not a deal killer.
My kids needed that first semester tuition to get started. And my original version (not shown) of this plan was higher on monthly payments
and lower at the end. The most likely effect of me just paying for the first semester's tuition was probably going to be a cash crunch
when it was time for the kids to pay tuition when the second semester started.
So I made about 4 drafts of the new plans, and the chart below. It helped me gradually lower the benefits, and shift away from paying full
tuitions.
Math for the chart (values taken from the big table)
For 9 units For 12 units For 15 units
Tuitions 747 996 1245
9 / pass-able 12 / good 15 / great
  Current examples 1041 1361 2080
with formulas Cur Ex plus tuitions 1788 2357 3325
to add tuitions New $15 and $8* 891 1476 2205
to benefits New plus 2/3 tuition 1391 2143 3039
  Next $10 and $9 693 1248 1965
  Next plus 1/3 tuition 940 1577 2376
  Next next $5 and $10 495 1020 1725
For chart, paste Tuitions 747 996 1245
values only,
remove some lines,   9 / pass 12 / good 15 / great
make labels better. Cur Examples plus tuitions (fall '03) 1788 2357 3325
  New 15/8 vrbls + 2/3 tuition (spring '04) 1391 2143 3039
Select the box, Next 10/9 vrbls + 1/3 tuition (sum or fall '04) 940 1577 2376
click chart wizard, Next next 5/10 vrbls + no tuition 495 1020 1725
choose chart type The stuff in this box is linked to chart. (The labels are jammed in so they go in to chart automatically.)
as line, series
in rows. Then after Other chart items
wizard add title, etc. Title: How new GI Bill plans affect total benefits
  Bottom axis Examples (units/grades, etc.)
  Value axis Total $ per semester
*How I named the new plans you will see on the chart: The "Current examples" plan is what we are now (fall "03) doing, plus full tuition.
"New 15/8 vrbls + 2/3 tuition" is gibberish for the variables (very top of page) set at $15 / unit for reg bonus / monthly pay, and $8 for grades, etc.
Plus paying less of the tuition, 2/3. The other plans are not shown. To create them all you do is enter the new variables.