tag:blogger.com,1999:blog-6951642.post996680742800383899..comments2024-03-05T13:32:24.601-05:00Comments on got milk?: 529 savings planUnknownnoreply@blogger.comBlogger6125tag:blogger.com,1999:blog-6951642.post-85600775308805007152008-05-04T22:58:00.000-04:002008-05-04T22:58:00.000-04:00Oh, yeah. You can get around the financial aid pen...Oh, yeah. You can get around the financial aid penalty buy asking your parents to open the 529 account. Their income and assets will not be considered toward the family contribution when James goes to college. The disadvantage is that they will be the ones who control the money, not you. I've always wondered if I might be a little bit of a control freak, but now I'm sure I am because I decided Jessicahttps://www.blogger.com/profile/15078027953947411411noreply@blogger.comtag:blogger.com,1999:blog-6951642.post-61858165818206402282008-05-04T12:38:00.000-04:002008-05-04T12:38:00.000-04:00Tuition keeps rising way faster than inflation, an...Tuition keeps rising way faster than inflation, and I'm not totally sure why. I know that the state of Michigan has but back on college funding in recent years, so schools are raising tuition to compensate. $100,000 tuition does seem crazy, but once upon a time, you could buy a gallon of gas for fifteen cents. Rising costs eventually make everything seem crazy expensive. :) That's the main reasonJessicahttps://www.blogger.com/profile/15078027953947411411noreply@blogger.comtag:blogger.com,1999:blog-6951642.post-8062441296918062322008-05-03T12:34:00.000-04:002008-05-03T12:34:00.000-04:00That's interesting. Thanks for the info. How did I...That's interesting. Thanks for the info. How did I miss the scholarship thing?<BR/><BR/>I also want to be sure James can pay for college. In NY state students were also eligible for free money that did not need to be paid back. (based on income, parents income, etc.) I was able to get between $800-3000 of free money a semester. I also had subsidized loans. I hope that still remains available.<BR/Joannehttps://www.blogger.com/profile/10557328159210112646noreply@blogger.comtag:blogger.com,1999:blog-6951642.post-78446617353056934672008-05-03T03:55:00.000-04:002008-05-03T03:55:00.000-04:00Thanks, Joanne. We did think about all those thing...Thanks, Joanne. We did think about all those things. <BR/><BR/>Actually, if he gets a scholarship, there's <A HREF="http://www.collegescholarships.org/529-savings.htm" REL="nofollow">no penalty</A>:<BR/><BR/>"Penalty-Free Withdrawals - In the event of a death, disability or scholarship of the beneficiary, money from the plan can be taken out with no penalty to the beneficiary....The beneficiary Jessicahttps://www.blogger.com/profile/15078027953947411411noreply@blogger.comtag:blogger.com,1999:blog-6951642.post-79372492485251013572008-05-02T23:25:00.000-04:002008-05-02T23:25:00.000-04:00There are pros and cons to the plan. We were so on...There are pros and cons to the plan. We were so on the fence about it and in the end decided to open a savings account instead. <BR/><BR/>If your child decides not to go to college or gets a full scholarship and would rather use the money for something other than education then you pay taxes and penalties to get the money back. It also counts against any financial aid that your child could/may Joannehttps://www.blogger.com/profile/10557328159210112646noreply@blogger.comtag:blogger.com,1999:blog-6951642.post-83924369241040771282008-05-01T22:49:00.000-04:002008-05-01T22:49:00.000-04:00You are thinking ahead! Yay you!You are thinking ahead! Yay you!Anonymoushttps://www.blogger.com/profile/13219366045767828564noreply@blogger.com