The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: "higher education expenses"||Date: 9/2/2001 11:53 AM|
|Author: NickNoonan||Number: 53757 of 124827|
We have a educational IRA set up for our only child and plan to continue funding it to the max, even with the increased allowance starting in 2002. My concern is if he should receive an academic scholarship, will I be forced to give the money to an extended family member or lose it? The question gets down to what exactly is included in "higher education expenses" that is not included in a typical academic scholarship.
I would like to know that expenses not covered by a scholarship are applicable for payment with educational IRA dollars such as room & board, commuting expenses, and so forth.
If we end up with an account of $20k that cannot be used for uncovered scholarship expenses, I will feel we have done a pretty poor job in planning and maybe could have been able to retire a year earlier.
Thank you in advance for your help,
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