Through an inheritance and the help of my parents I was able to get through my first 3 years of college without taking on any debt. For my final semester I would have needed to take out $10,000 to cover it. Instead my parents gratefully said they would pay it so I wouldn't have the burden of any loans, as long I paid them back the $10,000 to use towards my sisters college education. She will be a freshman in college in 2020.
I have the money to pay and that's not the issue. The question I have is whether or not it would make sense to put the money in a 529 plan and hopefully grow that money further? Would there be any other benefits to this? Or would it make more sense to just write a check when that time comes? The other question I have is whether there are any tax implications or benefits on repaying a $10,000 informal loan. Thanks.
Submitted August 31, 2018 at 11:24AM by xx2nd2nunxx https://ift.tt/2LIvmqX
