Question for parents with college aged students

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Urban Ag
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1:08a, 3/29/24
AG
My oldest son got in to A&M. Wife and I signed the lease on his apartment a couple of weeks ago. I can't believe what these kids live in now as compared to when we were there but that is another rabbit hole to go down.

Anyway, we did the 529 thing for our kids right after each was born. Performance has been good. We also set up trusts and funded them as best we could. Bottomline is that the money is there, plus he has worked part time for nearly two years now and has a pretty decent savings built up.

So here is my question. Are any of you considering having your kids take out student loans even if you have saved and invested and the money is there? Totally serious. In all honesty I believe that Biden wiping out student loan debt is completely immoral. But at the same time, why should we not get in on it too? My wife works with a gal that claims her students loans of $60k+ were completely wiped out. I haven't followed the topic closely but it does in fact seem that Biden wiped them out. I get it that it will work it's way through the courts. But..............

So why should my hard earned money be spent when all these others are getting their loans wiped out?

The country is in free fall under dem rule. So why not do the same? I have a moral dilemma about it but then again why should I pay that nut when everyone else is getting it wiped out?


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TA-OP
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1:20a, 3/29/24
Live in the day? If it makes more financial sense to get loans, then do so. If not, then don't. At the end of the day, it all goes back to doing the best you can for your kids.
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Urban Ag
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In reply to TA-OP • 1:27a, 3/29/24
AG
That's not the question. The question is, if our democrat overlords are just going to continue to wipe out student loans, what is the motivation for people to pay the nut on their kids to get a higher education?

The democrat party believes that all student loans should be wiped out. Ok. I very much disagree but hey, if they're offering...................
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1:28a, 3/29/24
TA-OP
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In reply to Urban Ag • 1:32a, 3/29/24
Urban Ag said:
That's not the question. The question is, if our democrat overlords are just going to continue to wipe out student loans, what is the motivation for people to pay the nut on their kids to get a higher education?

The democrat party believes that all student loans should be wiped out. Ok. I very much disagree but hey, if they're offering...................
Forgive me. I assumed you were asking honestly as a dad. I naively failed to assume you had different motivations on a politics forum.
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Urban Ag
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In reply to [removed post] • 1:35a, 3/29/24
AG
C@LAg said:
1a. Use the 529 monies to cover school costs as far as that will go.
1b. Use loans for the rest since no interest is accrued in the interim.
2. Continue investing the trust monies in higher return investments.
3. Use to investments later to pay off the loans. you might get lucky and have some/all forgiven at some point.
Yes, this is absolutely sound. Thanks.

The 529 is pot committed but you can get the money out if you're willing to take the hit, like early withdraw on a 401k or IRA (I know you know that). LOL.

But yeah, this is the overall strategy I am considering. I don't feel good about it but it is what it is.

Totally agree. Roll the dice one the loans. If whichever commie president is next wipes them out, yahoo for me. If they don't, service them on what remains in the 529 then down to the trust.

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Urban Ag
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In reply to TA-OP • 1:36a, 3/29/24
AG
TA-OP said:
Urban Ag said:
That's not the question. The question is, if our democrat overlords are just going to continue to wipe out student loans, what is the motivation for people to pay the nut on their kids to get a higher education?

The democrat party believes that all student loans should be wiped out. Ok. I very much disagree but hey, if they're offering...................
Forgive me. I assumed you were asking honestly as a dad. I naively failed to assume you had different motivations on a politics forum.
LOL. Ok.
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Gator92
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1:39a, 3/29/24
AG
I'm in a similar position, but 529 is minimal. My son is c/o 28' as well. We could fund it, but...

I'm seriously considering leaving him off my taxes as a dependent. This opens up a realm of possibilities I could gift him at a later date. I'm at a point where we are heavy on assets and limit income how we want. My income is relatively low at this point, but my debt is zero. If he's on his own, he can get federal student aid as well as low income loans. I'm still looking into it.

W/ a heavy 529, your son might have a hard time getting federal aid.

I wouldn't count on future student loan forgiveness. I believe that ship has sailed.
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TA-OP
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In reply to Urban Ag • 1:42a, 3/29/24
Urban Ag said:
TA-OP said:
Urban Ag said:
That's not the question. The question is, if our democrat overlords are just going to continue to wipe out student loans, what is the motivation for people to pay the nut on their kids to get a higher education?

The democrat party believes that all student loans should be wiped out. Ok. I very much disagree but hey, if they're offering...................
Forgive me. I assumed you were asking honestly as a dad. I naively failed to assume you had different motivations on a politics forum.
LOL. Ok.
I'm simply saying, at least for me, you do your best you can for your kids. Sometimes you make mistakes; sometimes they do. I do what I can for my kids. I also prioritize teaching them that they are their own best advocate.
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deddog
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1:45a, 3/29/24
AG
3 college aged kids (2 at A&M).
Saved for all three of them, 529 will cover their entire education.

We live frugally (our kids thought we were poor growing up).
None of our kids would qualify for any kind of federal aid (we make too much)
My kids live frugally in college as well.

I assume we will be paying everybody else's student loans at some point because Democrats **** over those who do the right thing.

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Urban Ag
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In reply to Gator92 • 1:52a, 3/29/24
AG
Gator92 said:
I'm in a similar position, but 529 is minimal. My son is c/o 28' as well. We could fund it, but...

I'm seriously considering leaving him off my taxes as a dependent. This opens up a realm of possibilities I could gift him at a later date. I'm at a point where we are heavy on assets and limit income how we want. My income is relatively low at this point, but my debt is zero. If he's on his own, he can get federal student aid as well as low income loans. I'm still looking into it.

W/ a heavy 529, your son might have a hard time getting federal aid.

I wouldn't count on future student loan forgiveness. I believe that ship has sailed.
thanks for the feedback. I get you and some of my post is just being snarky towards libs I admit.

I've been completely self employed since Jan 2021 and assets are good but I pay myself only what I have to, income is way down these days. I get it.

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HollywoodBQ
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2:35a, 3/29/24
AG
If the Dems are going to hand out free money to college debtors, I'd find out the details on what sort of means testing they'll use.

I'm sure the gal you're talking about who is claiming she got $60k in loans forgiven must not be making any money.

If she is knocking out $75k or $100k, I'm sure she's not getting her loans forgiven.

Keep in mind that starting teachers in Houston ISD are making over $60k and starting police officers back in California are making almost $100k as Rookies, if your kid is a baller after college, they'll be the Democrat definition of a high wage earner in no time, and thus, probably not eligible.

I think the loan forgiveness is targeted more at the social worker who pays $200,000 for a degree with earning potential of $40k.
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aggiez03
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3:26a, 3/29/24
AG
Remember 529s can be rolled to siblings and I think even relatives (nieces, nephews, grandkids, etc),

I can move money in my kids' 529 from one kid to another all in the website for their 529.

You could roll the dice with loans and see if they get paid off before he graduates, and then roll the money to the next kid if it does happen.


With a 529 plan, you're allowed to change the beneficiary at any time to one of your beneficiary's eligible relatives. Examples include siblings and step siblings, parents, cousins, aunts and uncles, and in-laws. Spouses of these family members are often considered eligible beneficiaries as well.
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aggiez03
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In reply to HollywoodBQ • 3:28a, 3/29/24
AG
HollywoodBQ said:
If the Dems are going to hand out free money to college debtors, I'd find out the details on what sort of means testing they'll use.

I'm sure the gal you're talking about who is claiming she got $60k in loans forgiven must not be making any money.

If she is knocking out $75k or $100k, I'm sure she's not getting her loans forgiven.

Keep in mind that starting teachers in Houston ISD are making over $60k and starting police officers back in California are making almost $100k as Rookies, if your kid is a baller after college, they'll be the Democrat definition of a high wage earner in no time, and thus, probably not eligible.

I think the loan forgiveness is targeted more at the social worker who pays $200,000 for a degree with earning potential of $40k.
True, but might be worth working part time for 6 months or go wait tables and collect cash tips if you could get a $60K loan forgiven.
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AlaskanAg99
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6:34a, 3/29/24
AG
If your kid is interested in working in oubkic service, after 10 years the debt is wiped out. This includes doctors etc so long as it's not private practice. It's a lot to ask a college kid what they want to do post grad when they're 18 but there have been longstanding rules already in place for forgiveness.

Hoping Biden/whomever is going to elimate debt 5-6 years from now is a gamble, and not sound planning.
aTm '99
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MemphisAg1
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6:44a, 3/29/24
AG
We put three thru A&M debt free. Busted our ass and sacrificed for many years to enable that.

Biden forgiving the loans of students who promise to repay them is a disgusting effort to buy votes. Shameful, and further erodes any sense of accountability in our society.

That said, why should you or anyone else fork over hard-earned coin when others are getting a free ride? I wouldn't blame you one bit if you or your kids do the same as everybody else. It would be kind of foolish to drain your account when the free-riders aren't.

It's sad that I can rationalize that, but that's where it goes when the government takes such an egregious action to cancel the debts of people who promised to repay them.
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Bird Poo
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In reply to Gator92 • 6:53a, 3/29/24
AG
Gator92 said:
I'm in a similar position, but 529 is minimal. My son is c/o 28' as well. We could fund it, but...

I'm seriously considering leaving him off my taxes as a dependent. This opens up a realm of possibilities I could gift him at a later date. I'm at a point where we are heavy on assets and limit income how we want. My income is relatively low at this point, but my debt is zero. If he's on his own, he can get federal student aid as well as low income loans. I'm still looking into it.

W/ a heavy 529, your son might have a hard time getting federal aid.

I wouldn't count on future student loan forgiveness. I believe that ship has sailed.


Are there financial planners that help in this area? I know people that funded their entire education through grants by going this route. Granted, it was UH clear lane but still. I think the max federal grant amount is $4K or 7K per year.
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MouthBQ98
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7:02a, 3/29/24
AG
They tended to forgive debt for categories of borrowers they could argue it is a benefit of service in lieu of other compensation for, but also very conveniently it is groups already heavily populated by Democrat voters or supporters, who are then free to return the favor in votes and increased ability to donate campaign funds.

To me, even though it is tempting to go along with the everyone "else is doing it, why not get my share back" rationale, it also contributes towards education cost inflation to support these efforts via participation and encourages further use of the strategy. Perhaps the worst part of it is that even while the Dems know it is self serving, they ignore that element and purposefully choose to tell themselves it is a sort of collective altruism they can take moral credit for making happen even though it is all the taxpayers and dollar holders paying for it.
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Bonfire.1996
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7:12a, 3/29/24
If your 529 plans have been in place for 15 years or more, you can take up to $35k per 529 plan and transfer to an IRA for your kids or you or your spouse, tax and penalty free.

This new rule has completely changed the game because of the contribution limits of regular IRAs and the absence of contribution limits in 529 plans. Whatever you do, make sure you leave $35k in every 529 plan you own.

My son is c/o 28 at A&M as well. My daughter will be c/o 31. We have shifted my regular monthly IRA savings completely into their 529 plans as it gets invested in the same types of funds. I will fund our IRAs at year end with bonus money. This is a once in a lifetime opportunity to goose your IRAs.
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Catag94
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7:16a, 3/29/24
AG
How about have your son join the corps where he will live in their dorms for 4 years? He will benefit in numerous ways.
Then, have him use his money first and work every summer to earn more. When that's not enough, have him take out loans telling him you will help him pay those back if he sticks it out and graduates.
Point being, he is an adult (University is adult education) and he should understand that and want to invest in that education. If he doesn't, then perhaps he doesn't want that degree bad enough.
Then, if any loans are taken, assist him in paying them back as promised.

To answer your moral question, you are either part of the solution or part of the problem. Our American freedoms and foundation are crumbling because of good people like you who eventually decide to cross the big givernment/socialism line in one way or another.
You and your son will be better for it.
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Kraft Punk
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In reply to TA-OP • 7:18a, 3/29/24
TA-OP said:
Urban Ag said:
TA-OP said:
Urban Ag said:
That's not the question. The question is, if our democrat overlords are just going to continue to wipe out student loans, what is the motivation for people to pay the nut on their kids to get a higher education?

The democrat party believes that all student loans should be wiped out. Ok. I very much disagree but hey, if they're offering...................
Forgive me. I assumed you were asking honestly as a dad. I naively failed to assume you had different motivations on a politics forum.
LOL. Ok.
I'm simply saying, at least for me, you do your best you can for your kids. Sometimes you make mistakes; sometimes they do. I do what I can for my kids. I also prioritize teaching them that they are their own best advocate.


Can you just answer the question?

Should hard working Americans take advantage of the inane socialist systems you've voted for or are those systems only for the freeloaders that your team caters to?
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Helicopter Ben
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In reply to Urban Ag • 7:29a, 3/29/24
Urban Ag said:


The country is in free fall under dem rule. So why not do the same? I have a moral dilemma about it but then again why should I pay that nut when everyone else is getting it wiped out?


Look at it this way. The government steals so much from us and gives it to the unproductive that it's just a way of getting some of that back. Would I end this if I could? In a heartbeat, yes, I would end ALL handouts. But since big daddy gubmint isn't going to stop making it rain, might as well get as much of it as you can.
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ts5641
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In reply to Urban Ag • 7:30a, 3/29/24
Regardless if you need loans they should be on your child. It's not your responsibility to pay for every penny of their schooling. My son is class of 2010. He ended up owing about $20k. He got the loans in his name and paid it off. It was a valuable lesson for him to be responsible and pay down debt before making major purchases.
We did the 529 thing as well and paid for a good chunk of our children's college expenses. But a parent doesn't need to go into debt for their children's college. JMHO.
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DargelSkout
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7:35a, 3/29/24
AG
In some dem run cities they're not prosecuting theft up to a certain dollar value. If you were in one of those cities, would you steal from a store because you weren't going to be prosecuted?
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nortex97
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In reply to Helicopter Ben • 7:43a, 3/29/24
AG
The real issue is a reliance mindset being given to the young adults involved, imho. First, it's unlikely zero interest will accrue and they will then have an incentive to 'pull for' more government hand outs in their 20's.

If the whole goal of sending a kid to college is to get a degree to work with and develop themselves into independent, responsible, thinking citizens I don't think 'take out a loan and let's hope the government 'forgives' it' is helpful, is all I am saying.
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Definitely Not A Cop
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7:44a, 3/29/24
AG
Quote:
When you saw it, you saw the real motive of any person who's ever preached the slogan: 'From each according to his ability, to each according to his need.'

This was the whole secret of it. At first, I kept wondering how it could be possible that the educated, the cultured, the famous men of the world could make a mistake of this size and preach, as righteousness, this sort of abomination when five minutes of thought should have told them what would happen if somebody tried to practice what they preached. Now I know that they didn't do it by any kind of mistake. Mistakes of this size are never made innocently. If men fall for some vicious piece of insanity -- when they have no way to make it work and no possible reason to explain their choice it is because they have a reason that they do not wish to tell. And we weren't so innocent either, when we voted for that plan at the first meeting. We didn't do it just because we believed that the drippy old guff they spewed was good. We had another reason, but the guff helped us to hide it from our neighbors and from ourselves. The guff gave us a chance to pass off as virtue something that we'd be ashamed to admit otherwise. There wasn't a man voting for it who didn't think that under a setup of this kind, he'd muscle in on the profits of the man abler than himself. There wasn't a man rich and smart enough but that he didn't think that somebody was richer and smarter, and that the plan would give him a share of his better's wealth and brain. But while he was thinking that he'd get unearned benefits from the men above, he forgot about the men below who'd get unearned benefits too. He forgot about all his inferiors who'd rush to drain him, just as he hoped to drain his superiors. The worker who liked the idea that his need entitled him to a limousine like his boss's, forgot that every bum and beggar on earth would come howling that their need entitled them to an icebox like his own. That was our real motive when we voted -- that was the truth of it but we didn't like to think it, so the less we liked it, the louder we yelled about our love for the common good. Well, we got what we asked for. By the time we saw what it was that we'd asked for, it was too late. We were trapped, with no place to go. The best men among us left the factory in the first week of the plan. We lost our best engineers, superintendents, foremen and highly skilled workers. A man of self-respect doesn't turn into a milk cow for anybody. Some able fellows tried to stick it out, but they could only take it for long. We kept losing our men, they kept escaping from the factory like from a pest hole till we had nothing left except the men of need, but none of the men of ability.
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Fins Up!
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7:47a, 3/29/24
AG
My daughter will have plenty of funds for college, from 529 and Texas Tomorrow. She doesn't start college for 8 years. Texas Tomorrow is committed for tuition. I'd like to persevere as much of the 529 for grad school if possible, but knowing we will use some of it for expenses that TT (or potential scholarships) don't cover.

My questions are:

If there is scholarship $$, can we earmark the TT for tuition and any potential scholarship balance for room, board, and other expenses?

Also, in an off campus environment, how do you pay for apartment rent from a 529? Or scholarship?

Urban presented real moral dilemma. I know my daughter will not qualify for anything need based.
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SunrayAg
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7:55a, 3/29/24
AG
Both kids graduated from A&M recently. Class of 21 and 23.

Between our college savings and them working through school, they both graduated without a penny of debt.

And **** anyone and everyone who is taking loans they plan to pay back with what the government is stealing from us on April 15th.
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HollywoodBQ
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In reply to aggiez03 • 9:18a, 3/29/24
AG
aggiez03 said:
HollywoodBQ said:
If the Dems are going to hand out free money to college debtors, I'd find out the details on what sort of means testing they'll use.

I'm sure the gal you're talking about who is claiming she got $60k in loans forgiven must not be making any money.

If she is knocking out $75k or $100k, I'm sure she's not getting her loans forgiven.

Keep in mind that starting teachers in Houston ISD are making over $60k and starting police officers back in California are making almost $100k as Rookies, if your kid is a baller after college, they'll be the Democrat definition of a high wage earner in no time, and thus, probably not eligible.

I think the loan forgiveness is targeted more at the social worker who pays $200,000 for a degree with earning potential of $40k.
True, but might be worth working part time for 6 months or go wait tables and collect cash tips if you could get a $60K loan forgiven.
Reminds me of a California Mormon guy I worked with who got divorced in Utah and worked as a ski bum for a couple years so he didn't have to pay alimony.

Also reminds me of a Texas grad I worked with back in 1994 who turned down a $40k Engineering job with BASF in Freeport and then waited tables in Austin until he found an Engineering job paying $30k in Austin.
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HollywoodBQ
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In reply to MemphisAg1 • 9:54a, 3/29/24
AG
MemphisAg1 said:
We put three thru A&M debt free. Busted our ass and sacrificed for many years to enable that.
I feel you man. I recently found out that my father-in-law things I'm broke.

I guess it's a by-product of all that frugal living while paying for my kids to go to a swanky private girls school, college and expensive airfare for family visits to the USA when we were living in Australia.

But now that the kids are out of school, it's nice to have that lower cost of living.
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No Longer Subsribed
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In reply to MemphisAg1 • 10:09a, 3/29/24
MemphisAg1 said:
We put three thru A&M debt free. Busted our ass and sacrificed for many years to enable that.
Us too. The problem was that the total cost was about three times what we estimated it would be when they were born, and that's because college costs increased at a rate much greater than the rate of inflation. And that's because government subsidies in the form of student loans and forgiveness allowed the corrupt educracy to capture greater revenues than they would have otherwise been available without government interference. It's also why we have so many degrees being granted that don't lead to real jobs, such as all the flavors of "studies" DEI degrees.
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Cinco Ranch Aggie
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10:13a, 3/29/24
AG
Use the monies you have set aside over the years for the purpose that those funds are intended.

Not to get into an election discussion, but if Biden doesn't win, who is to say that Trump won't roll back whatever insanity Biden has put into place on student loans?
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34blast
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11:56a, 3/29/24
Makes you mad as Hades to make all the sacrifices and be financially responsible, only to learn others in the same boat didn't sacrifice or be financially responsible. The government wants to bail out those who shouldn't need bailing out and don't understand fiscal responsibility. But why should I think any differently, considering our government is not fiscally responsible

I put 2 through A&M and I have 1 more year of paying for a senior next year and 529 is about empty. I'll just pay it, and move on with my life. My last one won't have to worry about any debt in his name.

I think the OP is valid. I probably would do things the same way, but makes me wonder.
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trip
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10:35a, 4/1/24
AG
I am the same as the OP. I have enough in 529 plan to pay for college for my sons. I am filling out the FAFSA forms for two reasons.
1. If by chance they want to buy my vote by paying of the loan, I will take the handout.
2. I have told my son, A and B get paid for (or grades that effort was given). I will pay off the loans after report cards. Keeps him on the hook.

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Furious
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10:50a, 4/1/24
AG
I have a daughter starting at A&M in the fall. I think you can only use 10k of a 529 to pay off student loans. I have about half her tuition in a 529 so I was planning on loans at first while 529 continues to accrue but it's a balancing act. Either way, loans make the most sense even if you can pay cash - 0% while in school and you can get 5% in a money market account currently.

The forgiveness thing I'd definitely not count on. It's a pretty bad situation to put yourself in carrying that debt load for years while hoping for a terrible Dem POTUS to forgive it.
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