Questions tagged [college]

Questions related to saving and paying for a college education

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2
votes
1answer
46 views

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 &...
2
votes
2answers
79 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 ...
0
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0answers
57 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 ...
13
votes
5answers
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 ...
-1
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3answers
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 ...
5
votes
3answers
409 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 ...
5
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4answers
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?
45
votes
25answers
22k 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 ...
0
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0answers
23 views

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) ...
2
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0answers
28 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 ...
2
votes
2answers
501 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 ...
8
votes
2answers
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.
4
votes
2answers
261 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 ...
3
votes
2answers
660 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 ...
3
votes
1answer
4k 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 ...
47
votes
8answers
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. ...
-1
votes
1answer
70 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
70 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 ...
3
votes
0answers
99 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
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0answers
69 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
183 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
83 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
118 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
417 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
835 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
181 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
274 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
214 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
245 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
673 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
64 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
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1answer
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 ...
9
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
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 ...
0
votes
1answer
128 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
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 ...
1
vote
1answer
54 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
800 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-...
2
votes
1answer
129 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 ...
-1
votes
1answer
158 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
150 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
3k 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
118 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
2k 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
354 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 ...
3
votes
1answer
474 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. ...
2
votes
1answer
118 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
133 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 ...