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Questions tagged [college]

Questions related to saving and paying for a college education

43
votes
8answers
14k views

Paying off debt and living within means vs. long term planning

My husband and I are divided as to the best way to handle our current financial situation. First, a little background. We are in our high 20’s, have been married for six years and have three kids. ...
2
votes
0answers
35 views

Are federal pell grants applied on top of college scholarships?

Does the scholarship that your college provide you with include the federal pell grant or is the grant amount an additional amount to the scholarship provided by the college?
-1
votes
1answer
30 views

How to smartly enter information of the CSS Profile and IDAC form?

All need-based financial aid colleges in the USA require filling out the CSS Profile and IDOC Form to determine financial need. Hence it is in the student and his family's interest to show their ...
4
votes
1answer
55 views

How do I account for federal and state (NE) taxes to cash out a UTMA for a minor for college?

My son has lived with my mom for about 15 years as a guardian. She setup an UTMA account in Nebraska. She and her husband owned a farm and have done their taxes every year. My step dad passed away in ...
2
votes
0answers
58 views

How can I figure what fraction of college savings should be in my name vs. my child's name?

I am saving for kids' college expenses and heard (somewhere?) that one's expected contribution for college will be calculated at 100% of the child's assets and 7% of the parents' assets. (I believe it ...
1
vote
0answers
19 views

W8-BEN form for Indian student pursuing PhD in USA (NJ)

I got admitted to Rutgers as a PhD student and I'd be getting around $25.9k for my TA-ship each year. My department asked me to fill the W8-BEN form but I got stuck while filling fields 5 (SSN) , 7 (...
0
votes
3answers
153 views

Should I Invest While Attending College?

Should I invest a portion of my summer job income this summer, or should I save it all to help pay for my Freshman year in college? I figure since I'm still living at home, it would be best to utilize ...
2
votes
2answers
72 views

What should be kept for college expense tracking

Parent of a Freshman - looking at AOTC for 2017 taxes and planning for 2018, haven't gotten good advice on how to prepare for this year's taxes, getting an extension, and looking for a list of ...
2
votes
2answers
89 views

Uniform Gift to Minors Act - Which parent has tax implications?

I am looking to start a college savings fund for my daughter and am debating between the 529 and UGMA. I want to be able to save for her and if her grandparents pay for her college (very possible) or ...
5
votes
2answers
165 views

How much money from a 529 college savings plan can be applied towards rent when a university offers several tiers of accommodation?

I attend university in the United Kingdom but have a 529 college savings plan in the United States. As I understand it, money from this plan can be used to cover my off-campus housing expenses. ...
9
votes
2answers
800 views

How do Roth IRAs compare to Traditional IRAs for college savings?

I have seen some web pages and blog posts about using a Roth IRA instead of a 529 savings account to save for college costs as a way to have more flexibility with the investment and its returns. With ...
2
votes
1answer
153 views

529 College Savings Plans - How flexible is it, and can I withdraw (and pay taxes) if unused? [duplicate]

My US-born daughter has triple citizenship - Brazil, US and UK. We live in Texas and I would like to start saving for her education. My wife and I are also considering sending her to private ...
3
votes
2answers
167 views

Paying Off Student Debt Quickly

I'm 19 and transferred to a university. I left my community college with no debt. At my university due to my living situations I need to work full time. With that being said I have to have the vast ...
1
vote
3answers
188 views

Is it reasonable to purchase a home as a college student?

I'm a student the University of Louisville and I'm debating trying to buy a house in the area. Essentially, instead of paying rent, I would be paying a mortgage. I currently only have about $5k saved ...
4
votes
2answers
210 views

Will having savings and investments count against my kids' college financial aid?

I have a fairly modest income (closer to the poverty line than median income), but because we live abroad, we're able to live comfortably and save responsibly. We max out our IRA contributions every ...
2
votes
5answers
426 views

How can I pay for school to finish my degree when I can't get a student loan and have bad credit?

Situation I've been told that I've maxed out on my FAFSA student loans, and have bad credit and can't get a private loan. But I need to borrow money to go to school. Problem I need to get back to ...
3
votes
0answers
60 views

Can I take a Tuition and Fees Deduction when receiving third party assistance?

My wife and I took the Tuition and Fees Deduction in 2015 after receiving a 1098-T from her accredited University that had box 2 (Amounts billed for qualified tuition and related expenses) as $5603.80....
10
votes
1answer
638 views

Do I still need to pay college I owe money to even when they are no longer operating/shutdown?

Few years ago I attended this college in NH, USA. I owed them about $5,000 for courses and housing. Since I couldn't afford to pay for the next semester, I stopped going to that school. About 4 ...
10
votes
1answer
2k views

Would it be beneficial to not claim my daughter as a dependent so that she can qualify for a Pell Grant?

I am in the position of making enough money so that my daughter does not qualify for a Pell Grant. However, due to financial issues (primarily stemming from past medical expenses) I am not able to ...
16
votes
5answers
6k views

When paying for college, should I take out (interest-free) loans and pay them off with saved money, or use the saved money directly?

If I have money in various mutual funds / 529s / other college savings plans, would it be wise to take out interest-free loans for the duration of my education (in order to allow the money saved to ...
0
votes
1answer
108 views

Should a Low Income College Student Buy Insurance Through the Obamacare Marketplace?

I am an American college student. For 2016, I've made around $8,000 working. My parents, who are not American, and thus live and work overseas have been paying my rent which when I add the money they'...
4
votes
5answers
2k views

Should I leave my full time job to finish school quicker? [closed]

I currently have a well paying full time job as a web developer, I am also currently going to college part time taking about 6 credits per semester. At this rate it will take me much longer to finish ...
36
votes
10answers
8k views

Should a high-school student invest their (relative meager) savings?

I am a high school student, I don't really have much money, between one and two grand in my savings account. However, I have friends who are investing in both penny stocks and stocks. I do not really ...
1
vote
1answer
49 views

Is money in a UTMA considered when a student applies for financial aid?

If a student is applying to college and requesting student aid, but has a substantial amount of money in a UTMA account, can that negatively affect their chances to receive financial aid? If so, is ...
8
votes
1answer
542 views

What is a good strategy for an over-funded 529 account?

Given a situation where there is an abundance of funds in a 529 account for the current educational situation, what is a clean strategy for getting the money out with minimal taxation? This over-...
3
votes
1answer
124 views

Use IRA to pay back parents' college loan?

I know that IRAs can be used penalty free to pay for qualified college expenses for our children. We are presently in the AMT range, causing an effective 35% marginal tax rate, and would like to ...
-2
votes
1answer
144 views

Recent College grad in need of car

I am a recent college grad with a salary around 48k/yr at a very stable job. When I began college my father leased a 2013 Hyundai Sonata for me with a 208/monthly payment. My lease is about to be up ...
2
votes
1answer
144 views

As a parent of a high school student, what should my short-term cash policy be to optimize my college costs?

My daughter will be applying to colleges in 1 year. Where should I keep my money to optimize my college financial aid eligibility? (parent-plus loans? something else?) E.g., should I keep as much as ...
7
votes
5answers
2k views

College student - I'm a 'dependent' and my parents won't apply for the Parent PLUS loan or cosign a private loan

This is currently happening to a friend. She is 19 years old and doesn't qualify as an 'independent' on the FAFSA. Her parents refuse to apply for the Parent PLUS loan and also refuse to cosign for a ...
0
votes
1answer
113 views

Do I have a time limit on my financial aid if I'm only using Pell Grants

I am enrolled in an Associates of Applied Science degree at community college. My grants have been enough to pay for the credit hours, so I have not taken out direct loans. Conversation wise, people ...
3
votes
1answer
871 views

How much money should a “fully-funded” 529 account contain to pay for a student's education?

What is the maximum, reasonable amount one might put into a 529 college savings account for the benefit of a single future student? 529 accounts have maximum allowed balances between $235k and $400k ...
2
votes
2answers
322 views

College funds - is it too late to open a 529?

We are immigrated parents and our daughter will be going to college in 3 years. What's the best option if we want to start saving for her college education? I would like to have an account with high ...
4
votes
1answer
367 views

529 - Grandparent/Extended Family Contribution - New York State

My first child is due in Mid - April (!!!!). I want to set up a 529 for him and I am curious if grandparents and/or extended family can contribute to it tax free? or is it a tax write off? We live ...
9
votes
2answers
1k views

Using a Roth IRA instead of a college savings account

This might be a foolish idea, and if it is please tell me why. Last night I got the idea that it might be a good idea to invest the money that I'm saving for my children in a Roth IRA in their name. ...
3
votes
1answer
110 views

Receive Multiple Grants?

Is it possible to receive multiple grants? I was approved for a TAP grant. But is it possible to also get a Pell grant, FSEOG grant, LEAP?
4
votes
1answer
116 views

How to determine if a school is 529 eligible

How can I determine if a particular educational institution is eligible for 529 college savings plans? I found a tool which claims to tell whether schools are eligible but I am not sure if this site ...
1
vote
1answer
136 views

What can I do to pay off Summer Tuition balance?

My financial situation breaks down like this. I currently have 3 semesters to graduation but I have a hold preventing me from taking classes because I owe a balance for tuition totaling in $4,114.74. ...
6
votes
5answers
5k views

Can I pay $20 on my credit card daily?

Here's the scenario, I'm new to credit card and I'm a college student. I need to buy laptop for Fall Semester and my credit card limit is $800. The laptop that I want to buy is $700. If I purchase the ...
2
votes
3answers
142 views

College savings using plain mutual funds instead of 529 plan?

I have two young children and am thinking about how to best save for their futures. I have read a lot about 529s and mutual funds (index, tax efficient ones) and was trying to get an outside opinion. ...
2
votes
1answer
73 views

Keep in state tuition when relocating to another state

My wife and I have lived in NC state for more than 10 years. I enrolled in an online program in the state university for continuing education one year ago. And eventually I will get a degree in 3 or 4 ...
1
vote
1answer
64 views

How can I find scholarships for college in my area?

There are tons of scholarship websites listed on Google, but they don't seen to contain the same data. Is there someplace I can go to view a more comprehensive database? I'm especially interested in ...
2
votes
1answer
142 views

Does it make sense for me to start a 529 college plan for my kids

My kids are 11 and 15. I've neglected to save any money for college for them, but I want to start now. Given that I am starting out this late, does the 529 college make sense at this stage? If I ...
2
votes
1answer
68 views

Can subsidized and unsubsidized Stafford loans be repaid independently of each other?

For an undergraduate student in the U.S., Stafford loans are offered to students and may contain a portion that is subsidized and another portion that is not, both in a single year. Can the ...
1
vote
1answer
146 views

Child is on the way, invest for college and car fund options - opinions

I have a baby on the way and own my own business. Because I have my own business my income is volatile every month, and don't want to count on contributing monthly for 20 years for my child college ...
1
vote
1answer
105 views

FAFSA, internship and a new house

I completed 2 internship this year and my total income was roughly 24K. I had 7k or so withheld. I wrote checks to my parents:5k to contribute with the minimum to receive a mortgage loan required and ...
1
vote
2answers
234 views

How can I fund my US college education?

How can I fund my college education if I'm not given scholarship and family wouldn't be able to take loan? How did you do it in your time? I'd appreciate any suggestions !
3
votes
2answers
120 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
78 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 ...
3
votes
1answer
83 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 ...
7
votes
2answers
974 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 ...