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(WTKR)   College student wins $1 million lottery prize, will now only have to borrow money to pay for her final semester   (wtkr.com) divider line 30
    More: Spiffy, students, lottery prize, semester, Virginia Lottery, lottery  
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3661 clicks; posted to Main » on 24 May 2013 at 9:25 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



30 Comments   (+0 »)
   
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2013-05-24 09:29:20 AM
No kiddng, subby.

Good for her.
 
2013-05-24 09:30:22 AM
Lol! I'm sending my kid off next year. Even with Scholarship money it's going to be tight!! Sheesh, it's past ridiculous!
 
2013-05-24 09:32:20 AM
Whatever college she's going to is obviously shiat when it comes to teaching math.
 
2013-05-24 09:33:08 AM
Ha. I just got some spectacular loan bills yesterday. So I'm getting a frustrated, suffocating kick...

/shiat. Now I'm sad.
//is it too early to start drinking?
///cheers!
 
2013-05-24 09:34:55 AM
I paid off my student loans last year.

/getting a kick, etc
 
2013-05-24 09:39:38 AM
She's going to community college, so I don't think she's going to be spending it all at the registrars office
 
2013-05-24 09:40:12 AM
That'll pay for a lot of morning after pills.
 
2013-05-24 09:41:53 AM

Skarekrough: Whatever college she's going to is obviously shiat when it comes to teaching math.


Odds that she would receive a big payout before buying ticket: 1 in 1,285,200
Odds that she will receive a big payout after buying ticket: 1 in 1

Do you like that math?  I'm sure she does.
 
2013-05-24 09:45:56 AM
"She had a choice of taking the full $1 million over 25 years or a one-time cash option of $642,000 before taxes. She chose the cash option."

So either $40,000 a year for 25 years or $642,000 initially (pretax ofcourse)? Seems like even with the initial tax hit, if you took the lump sum and invested it, it would be worth well over $1 million after 25 years... right?
 
2013-05-24 09:47:33 AM
That's great. She could have had a nice supplemental income of about 30k a year. I'm sure she will spend her lump sum wisely.
 
2013-05-24 09:51:37 AM
Currently drowning in student debt so I'm getting a kick . . .
 
2013-05-24 09:53:25 AM

Skarekrough: Whatever college she's going to is obviously shiat when it comes to teaching math.


Chance of winning:
[Number of tickets] / [total amount of possible combinations]

(1 / [total amount of possible combinations]) is an infinite times more than (0 / [total amount of possible combinations]) and therefore buying one ticket is the smartest thing you can do.
 
2013-05-24 09:57:41 AM

DerAppie: Skarekrough: Whatever college she's going to is obviously shiat when it comes to teaching math.

Chance of winning:
[Number of tickets] / [total amount of possible combinations]

(1 / [total amount of possible combinations]) is an infinite times more than (0 / [total amount of possible combinations]) and therefore buying one ticket is the smartest thing you can do.


encrypted-tbn3.gstatic.com
 
2013-05-24 09:58:04 AM
Why couldn't I have won that money back in the day?  That would have been fun to watch!

I can just hear the reunions now...."Remember those three semesters you spent all that money?  That was f***ing an awesome time!How's the rehab going?"
 
2013-05-24 10:01:39 AM

pseudoscience: "She had a choice of taking the full $1 million over 25 years or a one-time cash option of $642,000 before taxes. She chose the cash option."

So either $40,000 a year for 25 years or $642,000 initially (pretax ofcourse)? Seems like even with the initial tax hit, if you took the lump sum and invested it, it would be worth well over $1 million after 25 years... right?


I could dump that money as principle into a pool of tax-free municipal bonds and get about $30k a year tax free. Which, when combined with other income, would be better off than $40k a year in an annuity that evaporates in year 25. If I wanted to more actively manage the funds I could do covered call options for taxable 12-15% returns.
 
2013-05-24 10:03:07 AM
As a guy paying $1,600/mo in student loan payments, allow me to be the first to say:

cdn.uproxx.com
 
2013-05-24 10:09:50 AM

Marcintosh: Currently drowning in student debt so I'm getting a kick . . .


*awkward too-long internet hug*

I know that feel...
 
2013-05-24 10:19:16 AM

that was my nickname in highschool: As a guy paying $1,600/mo in student loan payments, allow me to be the first to say:

[cdn.uproxx.com image 650x365]


PhD?  JD?  Med School?  $691.03/month for me, but I'm ahead on them for now.
 
2013-05-24 10:22:31 AM
I finished undergrad in four years at a well-known public university in 1999.  The in-state tuition for four years came to about 14,000 dollars.  (Again, that is the total for four years and only once did I take a summer class.)   With a small academic scholarship, various jobs paying anywhere from 8 to 10 dollars an hour, and summers free to work extra, I didn't need any loans.  I even had a nice studio apartment within walking distance to campus that cost 315 dollars a month.    I didn't have any online classes, only had a small handful of part-time lecturers (who were usually very good), and maybe two teaching assistants.  The vast majority of classes were small and taught by full-time faculty.

Based on the same university's current tuition rates posted online, that same degree would cost just under 40,000 dollars assuming no future increases.   The apartment I had probably costs around 500 a month today.  The jobs I worked back then probably pay two dollars more an hour, if that.    In other words, in comparison to my experience, most young adults entering college straight after high school are taking a huge financial gamble.
 
2013-05-24 10:27:04 AM

47 is the new 42: PhD?  JD?  Med School?  $691.03/month for me, but I'm ahead on them for now.



JD.  Employed, thank god.  Love the work, and that number includes my wife's loans, but she's home taking care of our daughter.  So I can't complain, but that doesn't mean it doesn't hurt!
 
2013-05-24 10:46:45 AM

that was my nickname in highschool: As a guy paying $1,600/mo in student loan payments, allow me to be the first to say:
[hugemistake.jpg]


megarian: Marcintosh: Currently drowning in student debt so I'm getting a kick . . .

*awkward too-long internet hug*
I know that feel...


Group hug!
/$1300/mo
 
2013-05-24 10:54:14 AM

that was my nickname in highschool: 47 is the new 42: PhD?  JD?  Med School?  $691.03/month for me, but I'm ahead on them for now.


JD.  Employed, thank god.  Love the work, and that number includes my wife's loans, but she's home taking care of our daughter.  So I can't complain, but that doesn't mean it doesn't hurt!


JD....

This JD has considerable debt as well...

www.bachecaannunci.it
 
2013-05-24 11:32:05 AM

Half Right: that was my nickname in highschool: As a guy paying $1,600/mo in student loan payments, allow me to be the first to say:
[hugemistake.jpg]

megarian: Marcintosh: Currently drowning in student debt so I'm getting a kick . . .

*awkward too-long internet hug*
I know that feel...

Group hug!
/$1300/mo


My monthly payments take up one entire monthly payment at one of my jobs.

Well, I exaggerated...I have ~$130 left over from it.

Goddamnitsomuch.
 
2013-05-24 11:56:53 AM

Skarekrough: Whatever college she's going to is obviously shiat when it comes to teaching math.


That's what I was thinking. Giving up thirty something percent to get the lump sum, and then taxes gotta come out, too? Screw that.
 
2013-05-24 11:58:12 AM
Shiat, after taxes she's only good to Junior year
 
2013-05-24 12:20:42 PM
LOL! Subby is right!!!!!We got to get the  goverment to do something about how exspensive  colledge is!
 
2013-05-24 01:26:39 PM
Jazlyn Leak is about to learn a whole lot about money the hard way.

1st being: ~300K$ really isn't shiat.  I mean as far as "wealth".

Winning money like that is almost a curse for most people.  It's just enough to give them a taste of being wealthy and then *poof* it's gone.
 
2013-05-24 02:15:33 PM

IRQ12: Jazlyn Leak is about to learn a whole lot about money the hard way.

1st being: ~300K$ really isn't shiat.  I mean as far as "wealth".

Winning money like that is almost a curse for most people.  It's just enough to give them a taste of being wealthy and then *poof* it's gone.


If getting 300k for nothing is the hard way... sign me the fark up
 
2013-05-24 02:18:18 PM
So how are you guys as students getting loans so large? My youngest is going to a real college and I just had to sign up for the ever so convenient Parent/Student Loan. My son can only borrow a set amount I am told, and guess who gets to make up the difference. So soon I will have massive student loan debt and I am not even the student.

/Rugrat better remember this when picking out my old folks home.
 
2013-05-24 02:25:41 PM

boarch: IRQ12: Jazlyn Leak is about to learn a whole lot about money the hard way.

1st being: ~300K$ really isn't shiat.  I mean as far as "wealth".

Winning money like that is almost a curse for most people.  It's just enough to give them a taste of being wealthy and then *poof* it's gone.

If getting 300k for nothing is the hard way... sign me the fark up


The lesson being the hard way, ie; having a windfall and losing it all.
 
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