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2BEANS
wow time is going fast.
Member since 9/07 16106 total posts
Name:
Tina
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? re: 529 college fund
DH and I sat with a financial planner this past weekend and were discussing a few things. One thing was the 529 plan for our dd.. she said she didnt recommend b/c you can only use the funds to pay for college tuition. If your child gets a scholarship, the money is then lost and can not be used.
There was another savings she mentioned for college alot like 529 but you can use for other exspenses if they get a scholarship, like books, dorm fees, etc. Plus if that child choose not to attend college you can transfer the funds saved to another child.
Now my question is those who have the 529 have you heard about this or she trying to hoax me into another plan that may not be good? Does anyone else have this savings that she mentioned, i cant remember the name of it.
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Posted 7/2/08 8:24 AM  |
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Long Island Weddings
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Suzanne
May the Force Be With You!
Member since 5/05 2083 total posts
Name:
Suzanne
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Re: ? re: 529 college fund
My financial planner told me the 529 plan can be used for anything for college - boarding, equipment, books, etc. I t can also be taken out of you decide not to use it but will be taxed when you do.
I found this helpful info:
529 Plan Info
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| Posted 7/2/08 8:30 AM |
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JenBenMen
party of five
Member since 9/06 11343 total posts
Name:
Jen
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Re: ? re: 529 college fund
Posted by Suzanne
My financial planner told me the 529 plan can be used for anything for college - boarding, equipment, books, etc. I t can also be taken out of you decide not to use it but will be taxed when you do.
I found this helpful info:
529 Plan Info
I was just about to say the same thing. You can use it for college-related things like computers, books, supplies etc
Also, if you have more than one child you can use the $$ accumulated for a child who perhaps doesnt receive the scholarship
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| Posted 7/2/08 8:31 AM |
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MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
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Re: ? re: 529 college fund
and the money isnt "lost" you just have to pay taxes on it if your kid doesnt go to school or gets scholerships - PLUS you can use the money for yourself too if you ever wanted to go back to school.
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| Posted 7/2/08 8:32 AM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: ? re: 529 college fund
And the money can be switched to another child. And also as stated above used for books, room, etc.
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| Posted 7/2/08 8:34 AM |
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2BEANS
wow time is going fast.
Member since 9/07 16106 total posts
Name:
Tina
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Re: ? re: 529 college fund
Thanks!! I knew what she saying couldnt be right about the 529 b/c i know a bunch of moms/dads have it here for their children and wouldnt get anything that wasnt looked into.
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| Posted 7/2/08 8:35 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: ? re: 529 college fund
Message edited 2/24/2022 8:19:24 PM.
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| Posted 7/2/08 8:36 AM |
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karacg
Babygirl is 4!
Member since 5/05 17076 total posts
Name:
Kara®
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Re: ? re: 529 college fund
Also it is my understanding that the 529$ can be used for any type of education -- private H.S., vocational training, Continuing Ed.....
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| Posted 7/2/08 8:49 AM |
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krashnburn
I am Batman!
Member since 5/05 4093 total posts
Name:
I'm Batman, I tell you!
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Re: ? re: 529 college fund
I believe you can also transfer the money to yourself if you decide to go back to school.
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| Posted 7/2/08 8:52 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: ? re: 529 college fund
You can also roll a 529 from kid to kid...Not all 529's are equal. Each state has a different finacial compnay that runs it. Some are rated much higher than others, and you don't have to live a particular state to use their plan. There are tax benefits to using your own state's plan in many cases though.
Message edited 7/2/2008 9:08:17 AM.
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| Posted 7/2/08 9:06 AM |
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Lillykat
going along for the ride...
Member since 5/05 16253 total posts
Name:
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Re: ? re: 529 college fund
With a 529 you can use the money to pay college related expenses as well such as books etc. It can be used for higher education as well - so if they go to graduate school, or can be transferred to another child, or yourself. Otherwise you can take the money out there are just tax consequences.
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| Posted 7/2/08 9:30 AM |
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curliegirl
He's here!!!!
Member since 3/06 10128 total posts
Name:
Gina
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Re: ? re: 529 college fund
Posted by karacg
Also it is my understanding that the 529$ can be used for any type of education -- private H.S., vocational training, Continuing Ed.....
ooooo, is this true?
I have a 529 and I don't even know!!!
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| Posted 7/2/08 9:57 AM |
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