My parents are immigrants and rarely take advantage of the types of accounts out there besides the 401k.
I learned about the 529 when I was in college and have since graduated and make decent money. My youngest sister is almost a decade younger than me and is a 2nd year student. She has switched majors and will likely graduate in 5 years. She gets some financial aid since my parents are lower income but she also has been working a lot. She also lives at home so no room/board costs. My family is located in TX.
I opened a 529 about 2 years ago since I read I could transfer it to relatives (e.g. future kids, siblings). It is currently only in my name as me as the beneficiary.
The 529 is with Utah529, has balance of about $5k and I'm putting in about $2.5k/annually. Her tuition will cost $12-14k her final year, I'm guessing.
Given that she likely won't get financial aid her 5th year, when should I transfer it to take advantage of her current financial aid but also pay her last year (5th year) of tuition and possibly 2nd semester of her 4th year?
Submitted January 11, 2021 at 12:03AM by nebulousdots https://ift.tt/2XvKxMu
