Tagged Questions

Questions related to saving and paying for a college education

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3
votes
2answers
61 views

Military Separation

I am 22 years old and in the midst of separating from the Marines. I need some advice on how to manage my assets and best prepare for my future. In the last year I began playing around with ...
0
votes
1answer
45 views

Is an interest-free loan to a charity an asset when applying for financial aid

We have an opportunity to sell our house for a great deal more than we paid for it. We plan to buy another house but will have $50,000 to $100,000 left in cash. We also have children in college for ...
2
votes
1answer
40 views

Is there a standard or best practice way to handle money from an expiring UTMA account?

I have recently turned 21, and the UTMA account that held my college fund is being turned over to me. I have no serious experience with personal finance or investing, and I just don't know what to do ...
5
votes
2answers
255 views

New or Used Car Advice for Recent College Grad

I am a recent college grad living in Los Angeles with a current salary of $35,000 at one job and an internship at the other. I used to drive a great 93 Honda Accord, but after 365,000 miles (my dad ...
2
votes
2answers
152 views

Where to borrow money between college graduation and employment?

I finally finished my degree after the summer program and have my diploma and was wondering where I could borrow money while I look for a job? Job interviews are not cheap, especially if a flight is ...
2
votes
1answer
114 views

What are the pros and cons of setting up a 529 plan for myself?

I currently work full-time and I am going to graduate school part-time. I was wondering what the pros and cons of setting up a tax exempt college account for myself were (I believe it's a 529). The ...
5
votes
1answer
110 views

Saving money in college while paying for college

I am currently attending college. I am working internships while not in school and making good money compared to a typical minimum wage job while at college. I am going for my bachelor's in ...
6
votes
1answer
546 views

My parent claimed me as a dependent on their 2012 taxes. Do I have to claim their income on my FAFSA?

I'm 24 and I'm now living on my own and working. However, my parent claimed me for 2012 as a dependent. How will this affect my FAFSA? Will I have to claim my parent's income?
2
votes
2answers
85 views

How should I specify income that was saved abroad on my children's FAFSA?

I lived and worked in London (even though I'm an American) for the last 5 years, and now I'll be heading back to the states. My children are about to start college and I have money saved in an ...
4
votes
1answer
315 views

529 Plans vs Coverdell ESA

I was recently introduced to ESAs (did not know they even existed), and am trying to decide if I want to open an ESA or a 529 account. I was attracted to the ESA initially because it looks like you ...
8
votes
1answer
249 views

How to create a college savings account for a kid without his mom being able to tap into it?

I am divorced with 2 kids. My mom wants to setup a college savings account of some type for my older kid. Last time she did this, she used my kid's SSN and deposited some money. I do not know what ...
2
votes
1answer
82 views

What is a life establishment fund?

I was talking to someone regarding saving for college education. I mentioned that I was putting money into a 529 account but wasn't happy with this. My kids my not decide to go to college and ...
2
votes
2answers
96 views

Short-Term Credit for College Payments

I'm in somewhat of an odd situation w.r.t. my college tuition payments. My school bills me half of the annual tuition amount before every semester. However, my college funds are in an annunity that ...
12
votes
4answers
378 views

How will I pay for college?

The SAT is coming up soon for me and, with it, everything college. I had held the impression that I was just going to rack up student loans, go to college, and then pay them off with whatever job I ...
5
votes
1answer
336 views

Long term investing on behalf of newborn

I have some gifts from friends and family for my newborn daughter. I would like to invest these but I don't know what is the best way. 529 plans spring to mind but I don't know what the educational ...
7
votes
2answers
588 views

How to prevent college financial aid from being affected by my internship salary

I'm a student at Cornell University, which has a fairly good financial aid policy that provides me with free tuition. The yearly fees are prohibitively high for my family, essentially more that what ...
4
votes
1answer
93 views

Saving for College via Upromise, ideal 529 plan?

So I have a upromise account, had one for quite a while. I have some money sitting there now and I need to get it transferred out. I'm thinking a 529 plan, and when I go to set it up, theres a long ...
6
votes
4answers
277 views

Best way to repay parents for college

I am at a point where I can start repaying my parents for college. Is there any financially beneficial/smart way I can/should go about doing this? Or is using taxed income and mailing a check to them ...
3
votes
3answers
165 views

How can I minimize the costs of using paper checks?

I'm a college student, and much as I prefer doing my banking online, I often need to use paper checks for things like paying the rent, splitting bills with roommates, random university fees not ...
10
votes
1answer
793 views

Does it make sense to “save” for college by paying off my mortgage?

Assumptions (using round numbers): Two children start college in 12 and 15 years. Currently saving $400/month in a college savings fund earning ~2%. (Some in a taxable account, some in a Coverdell.) ...
2
votes
1answer
207 views

Can I use 529 plan funds to pay for a CLEP test? How about CLEP test preparation materials?

Can I use 529 funds to pay for a CLEP test? How about CLEP test preparation materials? Title pretty much says it all.
5
votes
2answers
80 views

In state 529 plan, out of state college?

Do you have to open a 529 plan for the state that you live in? and if you do, can your child go to college in any state and still use the money saved?
5
votes
1answer
71 views

Can I roll a College 529 education savings plan into a prepaid tuition plan?

I currently have college savings in a 529 plan (New Hampshire). Recently, Texas started the Texas Tuition Promise Fund which is a prepaid college savings plan. I would like to roll the money I have ...
9
votes
4answers
443 views

How should I save for college if I have 10 years and a lump sum of money?

I have roughly 10 years until my kids go to college. How should I save for them if I have a lump sum of money (say $10K for discussion). I ask because I've heard good things about an ESA (I think ...
5
votes
1answer
78 views

Can I personally start and use a 529 college savings account?

I am still a college student, and I am currently working. I am taking out loans for my tuition costs and paying for the rest of my expenses out of pocket (from my job). Yet I was wondering if I could ...
7
votes
6answers
646 views

What is a good 5-year plan for a college student with $15k in the bank?

I have 15K in a USA Midwest bank called TCF. I am a college student, and after working at some internships I saved up some cash. I currently have the money in a savings account called "TCF® Premier ...
14
votes
4answers
377 views

529 College Savings Worth It?

Is the 529 college savings plan a good idea, or are there better ways to save for my child's college tuition? My children are 5 and 3.
7
votes
2answers
95 views

College Planning specialists

I went to a 'free' seminar tonight regarding college planning, how to get the most financial aid possible, etc. It turned out to be a financial planner who specializes in college financial planning. ...
3
votes
1answer
76 views

Is it possible to defer income for a child's education

I have a 16 year old who will be going to college soon. I received a job offer that I have not accepted yet and it includes an annual bonus. Before accepting the offer I wanted to find out what ...
4
votes
2answers
793 views

How do (United States) 529 college savings plans work for attending college in another country?

I've been looking into 529 plans for my son (3 yrs old) but he has dual citizenship (US and Canadian). It is possible that he might attend college in Canada. I've look around for information on ...
7
votes
2answers
145 views

How should I go about investing/saving for my children's college education?

I have 2 kids (10 and 6) and I was thinking about putting money away for them (for college, for instance). I've looked at various options and the more I look, the more I am confused with the array of ...
4
votes
2answers
381 views

What are the rules on overfunding a 529 college savings account?

I read somewhere that overfunding a 529 account could be subject to taxes and a 10% penalty. Does anyone know how this works? Obviously, it is very difficult to predict the tuition costs 10 or 15 ...
4
votes
2answers
413 views

Do adult student's retirement accounts affect financial aid?

Does anybody know whether, for financial aid purposes, colleges (2 or 4 year) will look at an adult student's 401(k)/IRA/pension or other retirement assets when determining financial aid? Please ...
2
votes
2answers
72 views

What are some sites that offer decent deals on college textbooks?

Textbooks are quite expensive these days. I know of half.com, but I don't know of anything else.
3
votes
3answers
206 views

What are some ways to save for a child's education?

My brother just asked me this question: he currently has a son that is three years old. What are some ways to save for his son's education? What are the pros and cons of each way? How much should ...
7
votes
2answers
193 views

How much is college / university projected to cost in the U.S. in 18 years?

[Moderator note: A similar question was recently asked with respect to Canada. This is an important enough question warranting treatment for the U.S. as well.] How much is college / university ...
5
votes
2answers
200 views

How can a 529 plan help me save for my child's college education?

How can a 529 plan help me save for my kid's college education? Who offers 529 plans? Are there any special restrictions or conditions on these plans that I should know about?