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UCGal
Participant[quote=looking]I had heard that 529s set up by parents are counted toward the kid’s financial aid but that if the child has a 529 set up by someone else (ie. grandparent) that it doesn’t count. Does anyone know if this is true??[/quote]
It sounds like this *may* be true…
http://www.savingforcollege.com/articles/five-things-to-know-about-529s-and-financial-aidBut some school financial aid offices count 529 income that is distributed to support a kid in college.
I know in our case, it was a non-issue. My dad originally set up the 529’s… but he died and I inherited them. (Kids remained the beneficiaries.)
Also – I’m less worried about how the 529’s will effect financial aid… I’m hoping to be retired – so NO wage income to consider. That’s one advantage to being an older parent.Participant[quote=looking]I had heard that 529s set up by parents are counted toward the kid’s financial aid but that if the child has a 529 set up by someone else (ie. grandparent) that it doesn’t count. Does anyone know if this is true??[/quote]
It sounds like this *may* be true…
http://www.savingforcollege.com/articles/five-things-to-know-about-529s-and-financial-aidBut some school financial aid offices count 529 income that is distributed to support a kid in college.
I know in our case, it was a non-issue. My dad originally set up the 529’s… but he died and I inherited them. (Kids remained the beneficiaries.)
Also – I’m less worried about how the 529’s will effect financial aid… I’m hoping to be retired – so NO wage income to consider. That’s one advantage to being an older parent.ParticipantWe have 529’s set up.
What I like about them – they are owned by the parent, not the child… Heaven forbid your child turns out to be a loser… but it could happen. And if that happens, the money is still mine, and I can use it for the sibling.What I don’t like – limited investment options. We have the Nevada/Vanguard one and there is a lack of transparency into what the funds hold – you pick your risk tolerance (conservative to aggressive) and they balance it based on years till it’s needed. Vanguard 529’s also don’t interface with Quicken… (unlike other Vanguard accounts.)
Like you, we don’t plan to fund an ivy league education… We’re targeting UC or CSU schools – and at a poverty lifestyle (no funding for spring break trips, and meals will likely be raman)…
As far as the skin in the game thing… I plan on offering the same deal my parents offered me: Public school fees/books paid for and money towards (but not fully funding) rent/expenses. B average minimum or the kid is cut off. And the degree has to be something that leads to a job. (No offense to liberal arts majors – but I’m not paying for my kids to study art, english lit, history, etc… unless they fully commit to a teaching credential as well. Engineering, nursing, etc are encouraged. It’s amazing what motivation you get if you know you have to show mom and dad the report card in order for the next semesters tuition to be paid.
ParticipantWe have 529’s set up.
What I like about them – they are owned by the parent, not the child… Heaven forbid your child turns out to be a loser… but it could happen. And if that happens, the money is still mine, and I can use it for the sibling.What I don’t like – limited investment options. We have the Nevada/Vanguard one and there is a lack of transparency into what the funds hold – you pick your risk tolerance (conservative to aggressive) and they balance it based on years till it’s needed. Vanguard 529’s also don’t interface with Quicken… (unlike other Vanguard accounts.)
Like you, we don’t plan to fund an ivy league education… We’re targeting UC or CSU schools – and at a poverty lifestyle (no funding for spring break trips, and meals will likely be raman)…
As far as the skin in the game thing… I plan on offering the same deal my parents offered me: Public school fees/books paid for and money towards (but not fully funding) rent/expenses. B average minimum or the kid is cut off. And the degree has to be something that leads to a job. (No offense to liberal arts majors – but I’m not paying for my kids to study art, english lit, history, etc… unless they fully commit to a teaching credential as well. Engineering, nursing, etc are encouraged. It’s amazing what motivation you get if you know you have to show mom and dad the report card in order for the next semesters tuition to be paid.
ParticipantWe have 529’s set up.
What I like about them – they are owned by the parent, not the child… Heaven forbid your child turns out to be a loser… but it could happen. And if that happens, the money is still mine, and I can use it for the sibling.What I don’t like – limited investment options. We have the Nevada/Vanguard one and there is a lack of transparency into what the funds hold – you pick your risk tolerance (conservative to aggressive) and they balance it based on years till it’s needed. Vanguard 529’s also don’t interface with Quicken… (unlike other Vanguard accounts.)
Like you, we don’t plan to fund an ivy league education… We’re targeting UC or CSU schools – and at a poverty lifestyle (no funding for spring break trips, and meals will likely be raman)…
As far as the skin in the game thing… I plan on offering the same deal my parents offered me: Public school fees/books paid for and money towards (but not fully funding) rent/expenses. B average minimum or the kid is cut off. And the degree has to be something that leads to a job. (No offense to liberal arts majors – but I’m not paying for my kids to study art, english lit, history, etc… unless they fully commit to a teaching credential as well. Engineering, nursing, etc are encouraged. It’s amazing what motivation you get if you know you have to show mom and dad the report card in order for the next semesters tuition to be paid.
ParticipantWe have 529’s set up.
What I like about them – they are owned by the parent, not the child… Heaven forbid your child turns out to be a loser… but it could happen. And if that happens, the money is still mine, and I can use it for the sibling.What I don’t like – limited investment options. We have the Nevada/Vanguard one and there is a lack of transparency into what the funds hold – you pick your risk tolerance (conservative to aggressive) and they balance it based on years till it’s needed. Vanguard 529’s also don’t interface with Quicken… (unlike other Vanguard accounts.)
Like you, we don’t plan to fund an ivy league education… We’re targeting UC or CSU schools – and at a poverty lifestyle (no funding for spring break trips, and meals will likely be raman)…
As far as the skin in the game thing… I plan on offering the same deal my parents offered me: Public school fees/books paid for and money towards (but not fully funding) rent/expenses. B average minimum or the kid is cut off. And the degree has to be something that leads to a job. (No offense to liberal arts majors – but I’m not paying for my kids to study art, english lit, history, etc… unless they fully commit to a teaching credential as well. Engineering, nursing, etc are encouraged. It’s amazing what motivation you get if you know you have to show mom and dad the report card in order for the next semesters tuition to be paid.
ParticipantWe have 529’s set up.
What I like about them – they are owned by the parent, not the child… Heaven forbid your child turns out to be a loser… but it could happen. And if that happens, the money is still mine, and I can use it for the sibling.What I don’t like – limited investment options. We have the Nevada/Vanguard one and there is a lack of transparency into what the funds hold – you pick your risk tolerance (conservative to aggressive) and they balance it based on years till it’s needed. Vanguard 529’s also don’t interface with Quicken… (unlike other Vanguard accounts.)
Like you, we don’t plan to fund an ivy league education… We’re targeting UC or CSU schools – and at a poverty lifestyle (no funding for spring break trips, and meals will likely be raman)…
As far as the skin in the game thing… I plan on offering the same deal my parents offered me: Public school fees/books paid for and money towards (but not fully funding) rent/expenses. B average minimum or the kid is cut off. And the degree has to be something that leads to a job. (No offense to liberal arts majors – but I’m not paying for my kids to study art, english lit, history, etc… unless they fully commit to a teaching credential as well. Engineering, nursing, etc are encouraged. It’s amazing what motivation you get if you know you have to show mom and dad the report card in order for the next semesters tuition to be paid.
March 10, 2011 at 10:36 AM in reply to: The new style of single family house: what’s your thought? #675619ParticipantYou act like this is a new trend. Go to older neighborhoods back east – lots of garages in the back on the shared alley. This was VERY common in the 50’s and older homes.
The movement back to this trend is so that the curb appeal, from the street can be better because you’re not showing your ugly garage/driveway – you’re showing the house.
In other words – do you want the world to see a big, wide 2-3 car garage doors… or do you want them to see a cute house.
Here in Cali, it might not fly… we love our cars, set our identity by our cars, want our neighbors to admire our fabulous cars…
March 10, 2011 at 10:36 AM in reply to: The new style of single family house: what’s your thought? #675675ParticipantYou act like this is a new trend. Go to older neighborhoods back east – lots of garages in the back on the shared alley. This was VERY common in the 50’s and older homes.
The movement back to this trend is so that the curb appeal, from the street can be better because you’re not showing your ugly garage/driveway – you’re showing the house.
In other words – do you want the world to see a big, wide 2-3 car garage doors… or do you want them to see a cute house.
Here in Cali, it might not fly… we love our cars, set our identity by our cars, want our neighbors to admire our fabulous cars…
March 10, 2011 at 10:36 AM in reply to: The new style of single family house: what’s your thought? #676287ParticipantYou act like this is a new trend. Go to older neighborhoods back east – lots of garages in the back on the shared alley. This was VERY common in the 50’s and older homes.
The movement back to this trend is so that the curb appeal, from the street can be better because you’re not showing your ugly garage/driveway – you’re showing the house.
In other words – do you want the world to see a big, wide 2-3 car garage doors… or do you want them to see a cute house.
Here in Cali, it might not fly… we love our cars, set our identity by our cars, want our neighbors to admire our fabulous cars…
March 10, 2011 at 10:36 AM in reply to: The new style of single family house: what’s your thought? #676425ParticipantYou act like this is a new trend. Go to older neighborhoods back east – lots of garages in the back on the shared alley. This was VERY common in the 50’s and older homes.
The movement back to this trend is so that the curb appeal, from the street can be better because you’re not showing your ugly garage/driveway – you’re showing the house.
In other words – do you want the world to see a big, wide 2-3 car garage doors… or do you want them to see a cute house.
Here in Cali, it might not fly… we love our cars, set our identity by our cars, want our neighbors to admire our fabulous cars…
March 10, 2011 at 10:36 AM in reply to: The new style of single family house: what’s your thought? #676769ParticipantYou act like this is a new trend. Go to older neighborhoods back east – lots of garages in the back on the shared alley. This was VERY common in the 50’s and older homes.
The movement back to this trend is so that the curb appeal, from the street can be better because you’re not showing your ugly garage/driveway – you’re showing the house.
In other words – do you want the world to see a big, wide 2-3 car garage doors… or do you want them to see a cute house.
Here in Cali, it might not fly… we love our cars, set our identity by our cars, want our neighbors to admire our fabulous cars…
Participant[quote=enron_by_the_sea]The main issue of going with tankless is that you will probably need a bigger gas line and better venting than what you have. Which may make the installation more expensive.
Remember that now to install even a tank heater, you need a permit from the city and a visit from an inspector to make sure it is done right. If you end up doing something to the gas line to go tankless, probably another permit/inspection will be required…[/quote]
Yes. Permits are required.
And to answer brian’s question – yes we installed it outside. The big challenge was that it had to be a certain distance from operable windows – so that gases (CO) wouldn’t get into the house. So even an outside installation requires thought about “venting”.
Replacing our old tank, in it’s location, with it’s pipe runs, would have left us with the same problem. If we hadn’t had those issues (hot water pipes going through slab, exceptionally long runs from tank to sink/shower) we probably would have stayed with a tank model.
Participant[quote=enron_by_the_sea]The main issue of going with tankless is that you will probably need a bigger gas line and better venting than what you have. Which may make the installation more expensive.
Remember that now to install even a tank heater, you need a permit from the city and a visit from an inspector to make sure it is done right. If you end up doing something to the gas line to go tankless, probably another permit/inspection will be required…[/quote]
Yes. Permits are required.
And to answer brian’s question – yes we installed it outside. The big challenge was that it had to be a certain distance from operable windows – so that gases (CO) wouldn’t get into the house. So even an outside installation requires thought about “venting”.
Replacing our old tank, in it’s location, with it’s pipe runs, would have left us with the same problem. If we hadn’t had those issues (hot water pipes going through slab, exceptionally long runs from tank to sink/shower) we probably would have stayed with a tank model.
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