Questions tagged [college]

Questions related to saving and paying for a college education

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If 529 distribution is qualified expense, should I report it in tax return?

I received 1099Q and 1098T. The withdrawal was for tuition. I am not qualified for any education credits. Can I not report this on my tax return?
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1 vote
1 answer
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Would I qualify for an automatic 0 EFC on my FAFSA?

First of all, what does it mean to qualify for 0 EFC? Does it mean that any income I have, through internships or through taxable portions of other scholarships this year, is disregarded in ...
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3 votes
1 answer
110 views

What are the tax implications for leftover financial aid and scholarship money?

Previous semester as an undergraduate student, I won a pretty big scholarship from my university. So, along with the Pell Grant and other state grants/scholarships, that amount was also applied to my ...
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27 votes
2 answers
7k views

Taking college classes to avoid student loan payments indefinitely

My sister-in-law has decided she wants to take part time college classes so she doesn't have to make payments on her private student loan and her plan is to do this until she dies. She graduated from ...
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1 vote
1 answer
357 views

All of a sudden my money supply cut off and I have no money, what do I do?

I'm done for. I said some things to my abusive manipulative father and he finally snapped. He's not paying for anything for me anymore. The only reason I still talked to him was because he was paying ...
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-1 votes
8 answers
461 views

First car out of college

I am graduating college soon with a job lined up making 100K a year at an area with relatively low cost of living. I am fortunate enough to have no debt whatsoever (thanks mom and dad!). I am ...
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1 answer
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When’s a right time for a 20 something college graduate to make their bank account independent of their parents?

When’s a good time for someone working on their masters subsidized by their parents, and income from a job that doesn’t make too much money to break the joint bank account with their parents and have ...
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1 vote
4 answers
578 views

28 yr old male. Dropout Self-Taught Programmer. Earning $20k a month. Should I go back to college? [closed]

I'm a 28 year old programmer currently living in a Balkan country. Back when I started college on computer sci my family did not have enough finances to support me plus I did not judge the university ...
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  • 129
1 vote
1 answer
101 views

Paying for College with New President

Question specifically about US economy. I have a kid in college and so far I have been paying directly for his fees. However, with the recent election victory, I am beginning to think this is a dumb ...
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0 votes
2 answers
77 views

Can I benefit from a liquidation event if I use the funds to pay off my spouse's student loans?

I am expecting some liquidity on my NSO (Non-qualified Stock Options) and ISO ( Incentive Stock Options) with current company. I have heard of 529 for college fund. Is this something I could use to ...
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0 answers
57 views

How should I record a reimbursement for college tuition?

My dad just gave me $4200 to pay for the college semester, and he expects nothing in return. I would like to correctly record this using double-entry bookkeeping. Normally, I would just pay for ...
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-5 votes
4 answers
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Should I follow Robert Kiyosaki's advice and drop out of college?

Robert Kiyosaki's books completely changed the way I look at my education. Robert Kiyosaki said that "'A' students work for 'C'" students, so I thought: what's the point in being an 'A' ...
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2 votes
1 answer
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Choosing a 529 (PA Resident)

I've spent a few hours trying to figure out which state to use for a 529 for my child's college. What I would really like is "What's the best state for me to choose?", but I'll settle for &...
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2 votes
2 answers
109 views

Multiple 529 accounts vs one generic on my name?

First time investing. Have four children 6 and under. I wish to start putting money aside for them to go to college (or other things that might come up, like marriage, etc.). One idea I have: instead ...
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0 votes
0 answers
191 views

Should I sell investments to pay for grad school?

I'm planning to attend graduate school (USA), which will cost around 200k over 3 years. I have about 200k in highly appreciated stock (basis average of 100k, long-term gain) in a personal investment ...
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  • 179
13 votes
5 answers
14k views

How do I raise 30k to keep my best friend in college? [closed]

Today, my best friend texted me and said that he was going to drop out of college because he had been denied financial aid. He is very smart (1550+ SAT) and an incredible guy, but his parents have ...
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-1 votes
3 answers
2k views

Buying new car at 18 [duplicate]

I am 18 years old and a freshman in college living at home. I have 0 expenses except $3,000 a year for college and gas for my current car. I am currently looking into purchasing a brand new honda ...
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5 votes
3 answers
426 views

Employer will refund me the cost of college, should I risk going further into debt?

I’m currently working towards paying off my debt. It’s something I despise. I had some emergency hospital bills come in this year. That and I have two new cars that I bought and they have turned out ...
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5 votes
4 answers
5k views

529 (college saving) account for multiple kids

I have a 529 account for my 3-year-old. We just discovered we're expecting another baby. Is it better to open a new 529 for the new baby or just keep contributing to one and then split it later on?
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46 votes
25 answers
23k views

My parents claim they cannot pay for my college education; what are my options?

I have divorced parents, one makes a lot more money than the other, but that one (who makes more money) claims due to court rulings he pays a lot of money to the other parent and that they are wasting ...
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0 votes
0 answers
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Beta of portfolio containing stocks and risk free assets

(c) Tilly Tiepy has an equally weighted portfolio comprising 30 stocks and a risk free asset. The average beta of the stocks of 1.2. Tilly has half the value of her portfolio in treasury (exchequer) ...
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2 votes
0 answers
34 views

Understanding the effect of parent PLUS loan on the parent's credit score

I am helping a family navigate paying for college and I have a question that I cannot seem to answer by searching this site or any of the federal sites. Suppose the mom takes out a Parent PLUS loan ...
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2 votes
2 answers
1k views

Option for health insurance coverage when going back to school in 30s

Specifically for health insurance coverage: What are ones options when going back to school full-time in their 30s? Do schools provide any sort of coverage plans, if so are how do they compare to a ...
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8 votes
2 answers
2k views

Is the child responsible for the Parent PLUS Loan when the parent has passed away?

Is the child responsible for the Direct Parent PLUS Loan when the loan is under the parent that has passed away? Specifically by the U.S. DEPARTMENT OF EDUCATION.
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4 votes
2 answers
283 views

Do I have to tell the IRS that I was a student?

I know this question seems backwards, because most people obviously want to tell the IRS that they were students so that they can get a bigger tax refund. However, my wife and I were very fortunate ...
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3 votes
2 answers
1k views

Federal Aid and Tuition Reimbursement at work

My situation is the following: my wife and I are adults who are trying to complete our first bachelor degrees respectively (we started our degrees and dropped out years ago) so far, we both have been ...
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3 votes
1 answer
6k views

Can I deposit money into a 529 and withdraw for expenses in the same year?

If I have: Spent $5k in eligible education expenses on January 1st, 2018 Deposited $5k into my 529 for 2018 on December 31st am I able to immediately withdraw that $5k to pay for the educational ...
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49 votes
8 answers
16k 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. ...
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-1 votes
1 answer
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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 ...
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4 votes
1 answer
74 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 ...
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3 votes
0 answers
105 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 ...
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1 vote
0 answers
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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 (...
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-1 votes
3 answers
201 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 ...
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2 votes
2 answers
99 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 ...
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2 votes
2 answers
131 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 ...
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5 votes
2 answers
426 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. ...
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  • 190
9 votes
2 answers
848 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 ...
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2 votes
1 answer
189 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 ...
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3 votes
2 answers
321 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 ...
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1 vote
3 answers
233 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 ...
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4 votes
2 answers
298 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 ...
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2 votes
5 answers
1k 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 ...
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3 votes
0 answers
66 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....
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10 votes
1 answer
2k 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 ...
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9 votes
1 answer
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 ...
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16 votes
5 answers
7k 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 ...
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0 votes
1 answer
131 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'...
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4 votes
5 answers
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 ...
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36 votes
10 answers
9k 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 ...
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1 vote
1 answer
66 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 ...
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