Hi, I have about $50k sitting in regular saving bank accounts under their names. I know there aren’t much time left to invest and grow money for their college education but I would like to know safe and best options of what I can do now. Here are my questions
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Are there any highly yield saving or CD accounts that you don’t have to pay tax if the fund is used for education?
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I have NY 529 accounts. I could put more into their accounts but my concern is the uncertainty in the market. Any thoughts?
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They will certainly need to apply for various financial aid/scholarships. I have read somewhere that having bank accounts under their names hurt their chances of their financial aid. Is that true? If so, is it better move the fund to my accounts?
Thank you sooo much in advance for your advice!
Submitted September 01, 2023 at 03:38AM by Dakota3000 https://ift.tt/uOF9PUg
