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- So my day just got a little more surreal.
So my day just got a little more surreal.Follow
No free five grand for us (or for you it seems) but this morning I was going through the mail looking for an insurance statement to prove a residency requirement. Our insurance is automatically deducted from the checking (and the homeowner's comes out through the mortgage) and the statement is largely a formality so they tend to sit around in their envelopes. But, in the course of opening stuff, I discovered a check for a couple hundred bucks -- a refund for an premium deduction. Lucky break that we didn't throw it away on accident.
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
So are we wasting it on parties and women, or on college for kids?
That monster in the mirror, he just might be you. -Grover
Smasharoo wrote:
Next time, when the 529 guy asks me whether I want to send it to the school to pay the tuition (don't do this either btw, because some schools will reduce financial aid by the same amount)
Yeah...that's not how that works.
Yeah, that is how it works
Quote:
4. Requesting payment be made directly to the school.
Didn't we just suggest that you request your 529 distribution be made directly to the school to ensure proper matching? Then why would we now say this is a mistake?
Requesting the payment directly to the school could be a mistake if you are not sure how the school treats the 529 money in its financial-aid process. Schools often receive checks for outside scholarships won by their students, and they will typically reduce the student's federal and school-based grants by an equivalent amount.
You would not want the school viewing the 529 money the same way it views a scholarship and reducing your child's financial-aid package. Check with the school first and confirm its policy with respect to funds received directly from a 529 plan. You always have the option to request the distribution be made payable to you or your student. It then becomes your responsibility to pay the school.
Didn't we just suggest that you request your 529 distribution be made directly to the school to ensure proper matching? Then why would we now say this is a mistake?
Requesting the payment directly to the school could be a mistake if you are not sure how the school treats the 529 money in its financial-aid process. Schools often receive checks for outside scholarships won by their students, and they will typically reduce the student's federal and school-based grants by an equivalent amount.
You would not want the school viewing the 529 money the same way it views a scholarship and reducing your child's financial-aid package. Check with the school first and confirm its policy with respect to funds received directly from a 529 plan. You always have the option to request the distribution be made payable to you or your student. It then becomes your responsibility to pay the school.
It's like you're a professional at being wrong.
King Nobby wrote:
More words please
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