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Financial Planning / Paying For College


Subject:  Re: Parent vs Child Assets Date:  7/30/2001  1:33 AM
Author:  WorkingMomOfTwo Number:  4104 of 8558

I have another thought about this...

When I was attending a STATE COLLEGE in NY, my parents moved out of state. The only way for me to continue to pay in-state tuition (verses the out-of-state tuition) was to pay for at least 50% of my own support AND live in NY for the whole year (NY allowed 1-2 weeks out-of-state for "vacations"). Anyway, my parents handed over control of my UTMA and said "GOOD LUCK" before leaving the state. With a full time job in the summer and part time job during the school year to supplement the account, I was about to get my B.S. degree and only have $10,000 in student loans. If the money was in my parents name, this strategy would not have worked and who knows what would have happened!


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