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529 Plan for Grad School
Posted on 4/20/16 at 12:42 pm
Posted on 4/20/16 at 12:42 pm
I am strongly considering applying to medical school and enrolling in the next 1-3 years. I'm a LA resident and New Orleans/Shreveport would be top choices. I have some money sitting idle in checking account, and am thinking of doing something other than 401k contributions as my employer recently cancelled matching.
-Any suggestions on plans? Reading some posts here, sounds like LA START was great but may have been affected recently due to state budget.
-Is it easy to pass on to sibling/children/niece or nephews (in the event I decide against going to school)?
-As long as I withdraw for educational expenses, any downside to investing and withdrawing in such a short timeframe?
Thanks
-Any suggestions on plans? Reading some posts here, sounds like LA START was great but may have been affected recently due to state budget.
-Is it easy to pass on to sibling/children/niece or nephews (in the event I decide against going to school)?
-As long as I withdraw for educational expenses, any downside to investing and withdrawing in such a short timeframe?
Thanks
1
Posted on 4/20/16 at 7:59 pm to redbaron
"investing" implies a longer period of time than 3 yrs. The downside of investing in your situation is that you could lose money. You should just put the money in a savings account...1% deals are out there. If you want to run the money through the 529 to get the state income tax deduction, only put the money in a Money Market fund with no risk. (I'm not a LA resident so check the tax info)
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