Question on refi

[MadeInTaiwan]

[quote=Raybyrnes]MadeInTaiwan

Just as a heads up. Rather than contributing 100 a month and being the owner of the account you may want to consider having your parents open the college savings paln in their name and send them the money to contribute. This way it does not show up anywhere in the calculations for financial aid.

Safe Harbor

Need to have a good relationship with family to do this. [/quote]

I have the money in either Educational IRA or 529. I am pretty the money is actually in each kid’s name and I am the custodian. The idea being better tax treatment until time for withdrawal. Don’t know how this might affect the financial aid situation but I don’t think sending the money to grands would help, unless they set up a completely separate account and hang the tax advantage.

The good relationship part might be problematic as well. My side is certainly no good. My wife’s side, depends when you ask.

Interesting idea non the less; I will look into it.

MadeInTaiwan

[HLS]

MIT
You have earned my respect for the wisdom of the statement
“I have little confidence in my ability to sort out all the investment strategy and timing”

If you wanted a new 30 YR loan without taking cash out, it would cut your payments over 50%.

It’s a personal decision as to whether you want a higher payment for 10 years or a lower payment for 30, with access to the extra cash now, and hopefully paying back in cheaper inflated dollars.

A $500 payment 10-20 years from now will probably not seem like much. (It doesn’t even seem like much today) Even a Wal-Mart greeter could afford that payment. 🙂 HLS

[HLS]

MIT
You have earned my respect for the wisdom of the statement
“I have little confidence in my ability to sort out all the investment strategy and timing”

If you wanted a new 30 YR loan without taking cash out, it would cut your payments over 50%.

It’s a personal decision as to whether you want a higher payment for 10 years or a lower payment for 30, with access to the extra cash now, and hopefully paying back in cheaper inflated dollars.

A $500 payment 10-20 years from now will probably not seem like much. (It doesn’t even seem like much today) Even a Wal-Mart greeter could afford that payment. 🙂 HLS

[HLS]

MIT
You have earned my respect for the wisdom of the statement
“I have little confidence in my ability to sort out all the investment strategy and timing”

If you wanted a new 30 YR loan without taking cash out, it would cut your payments over 50%.

It’s a personal decision as to whether you want a higher payment for 10 years or a lower payment for 30, with access to the extra cash now, and hopefully paying back in cheaper inflated dollars.

A $500 payment 10-20 years from now will probably not seem like much. (It doesn’t even seem like much today) Even a Wal-Mart greeter could afford that payment. 🙂 HLS

[HLS]

MIT
You have earned my respect for the wisdom of the statement
“I have little confidence in my ability to sort out all the investment strategy and timing”

If you wanted a new 30 YR loan without taking cash out, it would cut your payments over 50%.

It’s a personal decision as to whether you want a higher payment for 10 years or a lower payment for 30, with access to the extra cash now, and hopefully paying back in cheaper inflated dollars.

A $500 payment 10-20 years from now will probably not seem like much. (It doesn’t even seem like much today) Even a Wal-Mart greeter could afford that payment. 🙂 HLS

[HLS]

MIT
You have earned my respect for the wisdom of the statement
“I have little confidence in my ability to sort out all the investment strategy and timing”

If you wanted a new 30 YR loan without taking cash out, it would cut your payments over 50%.

It’s a personal decision as to whether you want a higher payment for 10 years or a lower payment for 30, with access to the extra cash now, and hopefully paying back in cheaper inflated dollars.

A $500 payment 10-20 years from now will probably not seem like much. (It doesn’t even seem like much today) Even a Wal-Mart greeter could afford that payment. 🙂 HLS

[Raybyrnes]

The money is in each kids name but the problem is that when it comes to fin aid it can be counted as an asset which works against you.
Now if it it is grandma and grandpa name it does not count as an asset. Als remember to get all money out of the kids name before applying for financial aid. The formula for financial aid requires th kids to contribute roughly 30% of their saving vs 6 % of the parents. By dimply moving he money around their is a good opportunity to get more aid in either to form of subsidized loans vs unsubsidized or grants. You can google The Common Manual for the specifics. It is the guide to financial aid. probably over a 1000 pages.

[Raybyrnes]

The money is in each kids name but the problem is that when it comes to fin aid it can be counted as an asset which works against you.
Now if it it is grandma and grandpa name it does not count as an asset. Als remember to get all money out of the kids name before applying for financial aid. The formula for financial aid requires th kids to contribute roughly 30% of their saving vs 6 % of the parents. By dimply moving he money around their is a good opportunity to get more aid in either to form of subsidized loans vs unsubsidized or grants. You can google The Common Manual for the specifics. It is the guide to financial aid. probably over a 1000 pages.

[Raybyrnes]

The money is in each kids name but the problem is that when it comes to fin aid it can be counted as an asset which works against you.
Now if it it is grandma and grandpa name it does not count as an asset. Als remember to get all money out of the kids name before applying for financial aid. The formula for financial aid requires th kids to contribute roughly 30% of their saving vs 6 % of the parents. By dimply moving he money around their is a good opportunity to get more aid in either to form of subsidized loans vs unsubsidized or grants. You can google The Common Manual for the specifics. It is the guide to financial aid. probably over a 1000 pages.

[Raybyrnes]

The money is in each kids name but the problem is that when it comes to fin aid it can be counted as an asset which works against you.
Now if it it is grandma and grandpa name it does not count as an asset. Als remember to get all money out of the kids name before applying for financial aid. The formula for financial aid requires th kids to contribute roughly 30% of their saving vs 6 % of the parents. By dimply moving he money around their is a good opportunity to get more aid in either to form of subsidized loans vs unsubsidized or grants. You can google The Common Manual for the specifics. It is the guide to financial aid. probably over a 1000 pages.

[Raybyrnes]

The money is in each kids name but the problem is that when it comes to fin aid it can be counted as an asset which works against you.
Now if it it is grandma and grandpa name it does not count as an asset. Als remember to get all money out of the kids name before applying for financial aid. The formula for financial aid requires th kids to contribute roughly 30% of their saving vs 6 % of the parents. By dimply moving he money around their is a good opportunity to get more aid in either to form of subsidized loans vs unsubsidized or grants. You can google The Common Manual for the specifics. It is the guide to financial aid. probably over a 1000 pages.

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