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re: Let's Talk College Funds
Posted on 5/27/14 at 3:57 pm to CQQ
Posted on 5/27/14 at 3:57 pm to CQQ
quote:
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.
Think about your gains, though. If your account has more than a 10% growth, then you haven't lost a cent in the long run. I'm not sure what the percentages are for college funds, but that doesn't seem unreasonable.
2
Posted on 5/27/14 at 4:03 pm to Gugich22
It is my understanding that you are not penalized for getting a scholarship. The value of the scholarship can be withdrawn without penalty, although taxes on the gains will be due.
Posted on 5/27/14 at 7:02 pm to Gugich22
quote:
Think about your gains, though. If your account has more than a 10% growth, then you haven't lost a cent in the long run. I'm not sure what the percentages are for college funds, but that doesn't seem unreasonable.
True. I think that would be a reasonable expectation.
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