After a mess we got into this spring, I’m admitting again that knowing the right thing to do and actually doing it are two entirely different issues.
My family dodged a major financial catastrophe this spring. Our story ends well but for awhile it looked like we were totally cooked, financially. It made me realize — again — how difficult it can be to make optimal personal finance choices in one’s own family. And I have some smaller points about paying for college and recent updates to 529 college savings accounts.
How to boost efficiency in searching, applying for college scholarships You might think allowing her to fall in love with, then apply to, a private out-of-state university was the original sin. You wouldn’t be wrong. On the other hand, she has told us for at least the past four years that going to college out of state was a primary criterion. We respected that. Also in our defense, we had not been totally irresponsible with funding her 529 account, which we started when she was 1.5 years old.
Fewer Texas students seek financial aid for college after this year’s bungled FAFSA rollout Because of its prestige, it has a policy of not offering merit scholarships. That’s typical of highly selective universities in which the admission office essentially says “all of our accepted students have extraordinary merit,” so nobody gets money on that basis. Boo! She also got into University B, which offered a generous merit scholarship.
disappointed reader prompts me to explain how you can use home equity in your finances I know deep in my bones the personal finance rule for a student — and her parents — going into extraordinary debt for undergraduate education is not wise. And yet, when it came to the moment for my daughter to decide on college before May 1, we did not insist on her choosing the optimal financial strategy. We said she could choose University A.
Using a credit card to build your teen’s credit score. Also, how to invest for a grandchild. That’s a lot of conditions to satisfy. The purpose of all the persnickety rules is to make sure the 529 account is not being used as a backdoor Roth IRA funding loophole. Because we got lucky, our daughter decided to give up her dream of University A in favor of University B.
University A Roth IRA FAFSA University B University B. With University B Taylor University A. Yay University A. Texas University A University B Iras Boo!
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