Some school will figure out how to take a cut of the 529 plans to launder the money for the account holders.
The whole idea of the 529 was to “prevent” what these folks see as a benefit to a brokerage account. It sounds like these folks don’t differentiate between “college fund” and “emergency fund.”
Every parent will deal with this stuff the way they can. People need to find what works for them.
Trump’s Big Beautiful Bill set up something for newborns which allows a savings account that isn’t tied to college, right?
Where is the rule of completing in 4 years or less. Some folks work for the money to go. Weird right?
529 plans can also be used for technical and vocational schools.
529 plans have been around for “generations”? I don’t remember that...
I invested profits from real estate sales in 2009 into 529 plans and it worked well.....in order to screw the state of NY, which still allows state deductions for contributions to 529 plans, when our 529 plan was low i liquidated other savings then made contributions to the 529 in order to get the tax deduction and mitigate any taxation on the liquidated investment as well as pay less state tax to NY...
My daughter graduated from the OSU this past May, and the total cost was about $250,000 over four years...a lot of bread but she graduated with honors and enjoyed it- so it was money well spent.
I took out one loan for $20,000....not because i needed it but because of biden’s student loan forgiveness plans...if they stayed in effect i was NOT going to pay it back or pay it back at $25 a month....now that they have been reversed i will pay the loan back in full very soon...
“The accounts can be used for a range of education-related expenses, not just college tuition, like books, private K-12 tuition and more.”
Ted Cruz was in large part responsible for this...
Way back in the early 80s, it looked like saving money for college penalized you from getting a better financial aid package. I don’t know if that is still the case.
SHE CAN SAVE WHATEVER SHE CAN AFFORD-—IT DOES NOT HAVE TO BE IN ANY KIND OF PLAN.
I WOULD TELL HER TO LOOK HARD AT VOCATIONAL SCHOOLS.
ELECTRICIAN IS NEVER OUT OF STYLE
These days too many young people go off to college a patriotic Christian and come home a woke anti-American atheist.
They need to change these grant, loan, savings, etc. policies to at least also include vocational / trade schools, etc. and not just colleges and universities.
I had to pay for my own school. My kids can do the same.
Smart choice - why send people you love to corrupt indoctrination centers? This way if the schools are better in the future use the money for education - if they're not, help the kids with a down payment on a home.
Generations of parents? 529s started in the late 80s in a few states
www.wgu.edu is a great way to get a college degree.
www.gcu.edu. - Grand Canyon University in Phoenix is a very large Bibically based Christian Univarsity. Many of the graduates of a local Christian High School are attending there.
I have a granddaughter who will be starting there this fall.
The military offers all sorts of college education benefits.
We had regular Schwab accounts for our kids—only problem was that we had to file tax returns every year. Still, two used them for college, one did not. Two had money left over after college and just strolled away with it.
As far as I know only one young homeowner on my Florida street has gone to college.
In the past, parents bought apprenticeships for their children.
I am old enough to remember when people who went to college paid their tuition and living expenses. That was before all the government programs (other than the GI Bill) that induced parents to think they had to foot the freight for their spawn to go to college. Those programs (and the parents) shifted the cost of college from the student to the parents which in many cases resulted in the students treating college as if it were a country club not an educational institution.