Re: Burgum makes announcement about Higher ed future
Quote:
Originally Posted by
CAS4127
Thanks. Was working toward $80K, but better amp up the savings a bit.
Prep books for the standardized tests might be a good investment.
Kids with good grades who score decently on the ACT and SAT can get $1500 to $3000 per year at NDSU. Kids would have to take their math classes to have a shot at the SAT scores needed.
Update: Looks like NDSU has been seeing a lot of activity on that front because they've bumped up the SAT scores to get the $3000 per year from 1400 to 1450.
Re: Burgum makes announcement about Higher ed future
Keep the $100k and do what my parents did. Hand the kid a FAFSA and call it a day.
Re: Burgum makes announcement about Higher ed future
Quote:
Originally Posted by
tony
Prep books for the standardized tests might be a good investment.
Kids with good grades who score decently on the ACT and SAT can get $1500 to $3000 per year at NDSU. Kids would have to take their math classes to have a shot at the SAT scores needed.
Update: Looks like NDSU has been seeing a lot of activity on that front because they've bumped up the SAT scores to get the $3000 per year from 1400 to 1450.
Quote:
Originally Posted by
BisonAccountant44
Keep the $100k and do what my parents did. Hand the kid a FAFSA and call it a day.
Thanks for the info./ advice. Will definitely keep an eye on the SAT/ACT score incentive.
As for the FAFSA and keeping the $100K--can't say that hasn't crossed my mind, and depending on circumstances, that may happen. For now, save away. I always think how much my TM donations each year could help get me to $80-$100K pretty damn quickly if I put the donations in the savings rather than donating, but trying to pay NDSU/Bison Football back for what they gave me.
Re: Burgum makes announcement about Higher ed future
Quote:
Originally Posted by
CAS4127
Maybe wrong thread, but close enough. How much would need to be saved to pay for a full 4-5 yr. degree from NDSU starting in 6 years or so and going forward, including housing, food, etc.?
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It costs me, bottom line, $20K a year to send my kid to NDSU. That is with zero financial aid.
Re: Burgum makes announcement about Higher ed future
I'm similarly shooting for around $100k/kid...having multiple kids makes that a bit of a challenge. Since my folks paid for my college though, I feel like it would be a dereliction of duty for me not to be prepared to pay that forward.
Might not tell my kids that though...and let them pick a college based on the idea they have to pay for it themselves so they can make that value judgement.
Re: Burgum makes announcement about Higher ed future
Got five kids.
529s for each of em.
Small gifts from my folks, calf checks from the in-laws, and gains from the market mean that their undergrad should be taken care of (aiming for about $80k in today's dollars each).
I expect that most of their school will be paid for with scholarships - as the apples have fallen close to the tree. One or two might go to tech school.
Re: Burgum makes announcement about Higher ed future
Quote:
Originally Posted by
Bison bison
Got five kids.
529s for each of em.
Small gifts from my folks, calf checks from the in-laws, and gains from the market mean that their undergrad should be taken care of (aiming for about $80k in today's dollars each).
I expect that most of their school will be paid for with scholarships - as the apples have fallen close to the tree. One or two might go to tech school.
Curious, what will you do with the 529 money if this comes true? Despite the tax advantages, I'm not currently putting in 529s because I don't know that I want that much money tied up in a "has to be use for..." situation (as much of mine already is with retirement investments).
Re: Burgum makes announcement about Higher ed future
Quote:
Originally Posted by
mebisonII
Curious, what will you do with the 529 money if this comes true? Despite the tax advantages, I'm not currently putting in 529s because I don't know that I want that much money tied up in a "has to be use for..." situation (as much of mine already is with retirement investments).
Will I be penalized if the money in my 529 plan isn't used for college expenses?
Quote:
Yes. Whether your 529 plan is a college savings plan or a prepaid tuition plan, the money you withdraw must be used for qualified higher education expenses. These expenses include tuition, fees, books, and room and board (if the beneficiary is attending school at least half-time) for college and graduate school.
If you use the money for any other purpose, the earnings portion of the distribution will be taxable on your federal (and possibly state) income tax return in the year of the distribution. Also, you generally must pay a 10% federal penalty on the earnings portion of your distribution. There are a couple of exceptions. The penalty is usually not charged if you terminate the account because your beneficiary has died or become disabled, or if you withdraw funds not needed for college because your beneficiary has received a scholarship.
Re: Burgum makes announcement about Higher ed future
Quote:
Originally Posted by
Bison bison
Got five kids.
529s for each of em.
Small gifts from my folks, calf checks from the in-laws, and gains from the market mean that their undergrad should be taken care of (aiming for about $80k in today's dollars each).
I expect that most of their school will be paid for with scholarships - as the apples have fallen close to the tree. One or two might go to tech school.
Set up these for the grandkids. Good returns as it is pretty aggressive
Re: Burgum makes announcement about Higher ed future
Quote:
Originally Posted by
mebisonII
Curious, what will you do with the 529 money if this comes true?
Roll it over to other kids/grandkids.