Questions tagged [college]
Questions related to saving and paying for a college education
110
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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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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-...
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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 ...
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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 ...
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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 ...
- 141
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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. ...
- 327
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141
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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?
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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 ...
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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. ...
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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 ...
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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. ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 !
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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?
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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.)
$...
- 10k
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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.
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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?
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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 ...
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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 ...
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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 ...
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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 ...
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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.
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