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re: START (state college savings program)
Posted on 10/27/14 at 10:56 pm to yellowfin
Posted on 10/27/14 at 10:56 pm to yellowfin
you will have no problem spending start money even if they are on scholarship. It allows for about 12000 this semester. (room and board) dont get to focused on state match....focus on reduction of state taxes...Three kids and you put up 14400/year reduces state gross income and thus at 6% top tier yields additional savings of 864.
3
Posted on 10/28/14 at 1:47 am to breadtiger
quote:
get scholarship then you pay 10% penalty to get money not spent on qualified expenses
My understanding is if your kid gets a scholarship you can withdraw up to the amount of the scholarship without the 10% penalty. Doesnt have to be spent on qualified expenses if a scholarship is earned.
Posted on 10/28/14 at 5:21 am to breadtiger
You can also use the start $ for graduate school/law school/med school.
Posted on 10/28/14 at 6:10 am to breadtiger
I'm saving about 200k per kid, no way that's all getting tied up in start
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