- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Let's Talk College Funds
Posted on 5/27/14 at 3:48 pm to CQQ
Posted on 5/27/14 at 3:48 pm to CQQ
quote:
Seriously though, what happens when you have $100k saved for the kid and he doesn't go to in state college? Or college at all? Or he is on some sort of full ride? Can it be transferred to other kids or withdrawn?
From what I have learned, the kid doesn't have to go to an in state college, it applies for out of state as well.
The funds can also be used for graduate work as well.
Beneficiaries can be changed, so if there is money left, it can go to another beneficiary.
The money can also be withdrawn with 10% penalty.
3
Posted on 5/27/14 at 3:50 pm to 318TigerFan
quote:
The money can also be withdrawn with 10% penalty.
That's not bad at all
Posted on 5/27/14 at 3:52 pm to 318TigerFan
That's good to know. I need to do some more research on this and get it going.
The 10% penalty sucks but if you saved $100k and your kids are on full rides, I'd say you have reason to celebrate. Not only not paying for college but you just got handed an extra $90k you didn't think you'd ever have to play with.
The 10% penalty sucks but if you saved $100k and your kids are on full rides, I'd say you have reason to celebrate. Not only not paying for college but you just got handed an extra $90k you didn't think you'd ever have to play with.
Posted on 5/27/14 at 4:41 pm to 318TigerFan
quote:
The money can also be withdrawn with 10% penalty.
Taxes & 10% penalty.
But as others have said, it can be used on pretty much any "post-secondary education expense". Also, the beneficiary can be changed once a year.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News