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31 votes
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What are things to think about when paying for/taking out a loan for graduate school?

This is primarily opinion based but will answer some factual parts of your question. Aren't there always risks with debt/spending money? Of course. People plan all types of contingencies but ...
Pete B.'s user avatar
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20 votes

529 (college saving) account for multiple kids

With that close an age gap it would probably make sense to use separate 529s. Technically you can transfer funds and even change the beneficiary from one sibling to another, but if both are in college ...
D Stanley's user avatar
  • 137k
10 votes
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Financing kids' college with bonds

Could I buy 10 year treasuries? Sure Would that be a good choice? Well it would be safe (meaning you would definitely get exactly the yield you bought into) but college costs have risen much more ...
D Stanley's user avatar
  • 137k
9 votes
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529 (college saving) account for multiple kids

In my opinion, this is probably a personal choice. With no extra paperwork, you and your spouse can each gift $15000 per child. Unless you are planning to gift more than $30K combined, one acct, to ...
JTP - Apologise to Monica's user avatar
7 votes

529 (college saving) account for multiple kids

Separate accounts may be better if you live in a state where 529 contributions are deductible from your state income taxes. OP did not list a state, but you may need separate accounts to claim the ...
wrschneider's user avatar
6 votes

What are things to think about when paying for/taking out a loan for graduate school?

People always say it's worth it to spend $/take out a loan for an education because it's invaluable or will pay off in the end. You are right to be skeptical of this advice. But isn't this kind ...
quid's user avatar
  • 49k
5 votes

Educational Savings Program vs. Individual Investment Plan

Michigan's 529 plan offers a wide variety of investment options, ranging from a very conservative guaranteed investment option (currently earning 1.75% interest) to a variety of index-based funds, ...
Ben Miller's user avatar
  • 116k
5 votes

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

I would go here and play with the FASFA financial aid calculator to see if you qualify for grants, which is probably your ultimate objective. It would seem to me that qualified retirement ...
Pete B.'s user avatar
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5 votes
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Is money in a UTMA considered when a student applies for financial aid?

Yes, it's considered the students asset, regardless of the custodian aspect. I don't know how you'd propose to put it in a retirement account, even with the earned income to facilitate this, the ...
JTP - Apologise to Monica's user avatar
5 votes
Accepted

What is a good vehicle to do ad-hoc savings for kids' college?

Like most US states Maryland has two different 529 options. The prepaid college trust The College investment plan Instead I would like to sock away money on an ad-hoc basis as I can afford it. The ...
mhoran_psprep's user avatar
4 votes

Is a technical Masters degree in a high-paying employable field worth it?

Rule of thumb: in the USA, a student who's qualified doesn't pay (other than time and effort) to receive a graduate level degree. (This does not consider "professional" degrees such as JD, MD, OD, ...
Ben Voigt's user avatar
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4 votes

What are things to think about when paying for/taking out a loan for graduate school?

If you're paying for (out of savings or via a loan) a graduate degree in math or a related subject, rather than getting paid to do it, you're being conned. The norm for these kinds of programs (always ...
R.. GitHub STOP HELPING ICE's user avatar
4 votes

529 (college saving) account for multiple kids

Are there different people that would be interested in contributing for different kids? This is generally only an issue if your first kid is from a prior marriage/ relationship. If there is a group ...
Justin Cave's user avatar
  • 27.3k
4 votes

Financing kids' college with bonds

This may not be an answer, but it's more than a comment: Have you looked at the related questions? What is the best approach to save money for College for three kids? College funds - is it too late ...
keshlam's user avatar
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3 votes

Multiple 529 accounts vs one generic on my name?

From my reading of the Utah 529 Plan - My529.org I don't think you can consolidate your children's 529 into a single account. Normally each account has to have only one beneficiary (child). As ...
Morrison Chang's user avatar
3 votes
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Is a technical Masters degree in a high-paying employable field worth it?

You are ignoring that a degree opens the door to significantly higher salary, interesting jobs, international travel, etc. Money is not the only consideration, some people would find it boring to ...
Aganju's user avatar
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3 votes
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Can your kids take over your 529 plan and use it for their own kids?

From IRS Publication 970 Tax Benefits for Education Note: Qualified tuition programs (QTPs) are also called "529 plans." Changing the Designated Beneficiary There are no income tax ...
mhoran_psprep's user avatar
3 votes

Am I better off with NY's 529 plan? (Maryland resident)

I think it's hard to argue with a guaranteed ~5% savings on the portion that could be deducted, but to save 70k per child you'll be contributing far more than $2,500 per year. So in that case I ...
briantist's user avatar
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3 votes
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State tax deduction of 529 account deposits?

The way deductions work normally does not take into account what account the transaction was made using. I.e. you report your gross income, your deductions and they subtract the deductions from the ...
Xalorous's user avatar
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3 votes
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Do banks offer any Savings Account or Savings fund for specific reasons?

I'm not aware of banks offering savings account for specific reasons, other than certain accounts for college funds, as the number of reasons someone might want to open a savings account is almost ...
BobbyScon's user avatar
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3 votes
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As a new grad nurse entering their new job in the ICU making $40 an hour, how should I approach a vehicle?

I'll keep my answer pretty short: Of course it is important to keep detailed tabs on your income/expenses, but I think that this boils down to a rather simple question: How much are you willing/able ...
GP_Development's user avatar
2 votes

Do banks offer any Savings Account or Savings fund for specific reasons?

In the United States there are some specific savings accounts, some of which have rules from the federal government (education) and some that are setup by the bank/credit Union. Some institutions ...
mhoran_psprep's user avatar
2 votes
Accepted

what are the benefits of setting up an education trust fund for children?

Well, first off, if your children are NZ citizens, they can borrow money at 0% interest for tertiary education and I don't see any benefit to not taking free money. A saving account is your money, ...
Rupert Morrish's user avatar
2 votes

Will one’s education loan application be rejected if one doesn't have a payslip providing collateral?

A bank can reject a loan if they feel you do not meet the eligibility criteria. You can talk to few banks and find out.
Dheer's user avatar
  • 57.1k
2 votes

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

Can someone provide any helpful tips on how to manipulate the input without actually doing anything illegal? The key is to start several years before the form needs to be filled out, some would say ...
mhoran_psprep's user avatar
2 votes

new york state 529 k-12

According to the information you quoted. If you use money from a New York state 529 plan for nonqualified expenses, then they want you to repay them for the state tax break. For example if you pull ...
mhoran_psprep's user avatar
2 votes

Choosing a 529 (PA Resident)

The first thing to consider is state income taxes. Some (many/most) states give a state income tax break for contributions to their 529 plan. Some states allow the deduction even if the 529 plan is ...
mhoran_psprep's user avatar
2 votes
Accepted

Multiple 529 accounts vs one generic on my name?

Morrison Changs's answer is very good I would like to add a few additional points. You have 4 children 6 and under. One main benefit of many 529 plans is that they have an age based plan where the ...
mhoran_psprep's user avatar
2 votes

What is a good vehicle to do ad-hoc savings for kids' college?

What is your debt level like? Given some statements you made, you might be better off attempting to free up cash flow (reduce expenses such as consumer debt) so you can cash flow college. If your ...
Pete B.'s user avatar
  • 76.7k
2 votes
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How soon can I use 529 for paying college

You can deduct up to $4,000 of contributions from your state (not federal) taxes in Georgia. So that would save you $230 if you're in the highest Georgia tax bracket (5.75%) I can't find anything on ...
D Stanley's user avatar
  • 137k

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