| Posted By |
Message |
| Pages: [1] 2 3 4 >> |
stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
|
Free college? Cuomo budget passes
DD has 4 more years before college. If she got in (will be way more competitive now) what happens to 529 plans?!
|
Posted 4/7/17 9:48 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
|
Free college? Cuomo budget passes
I was surprised to see this passed. Does this deal apply to room and board also, as well as books? If not, maybe 529 gets used for that? If not, can't you just withdraw it? I'm not familiar with the ins and outs of a 529
|
| Posted 4/7/17 10:01 PM |
| |
|
|
|
Re: Free college? Cuomo budget passes
Posted by BargainMama
I was surprised to see this passed. Does this deal apply to room and board also, as well as books? If not, maybe 529 gets used for that? If not, can't you just withdraw it? I'm not familiar with the ins and outs of a 529
There's a penalty to withdraw from 529 if not used for college
|
| Posted 4/7/17 10:13 PM |
| |
|
KarenK122
The Journey is the Destination
Member since 5/05 4430 total posts
Name:
Karen
|
Free college? Cuomo budget passes
529 plans can be used for books and room and board. They can also be held on to for graduate studies or for vocational schools. The law states you can withdraw with no penalty if your child gets scholarships and doesn't need the money in a 529 so maybe it will fall under that category for withdrawal.
|
| Posted 4/7/17 10:36 PM |
| |
|
LittleDiva
LIF Adult
Member since 9/11 1284 total posts
Name:
|
Free college? Cuomo budget passes
How does it work if you make over $125000 or whatever it is and you have two kids in college at the same time?? Does one go for free??
Me and my husband joked that maybe we should get divorced on paper before our kids go to college.
How about offering scholarships to kids who work their butts off, regardless of what their parents income is
Message edited 4/7/2017 10:43:22 PM.
|
| Posted 4/7/17 10:42 PM |
| |
|
KarenK122
The Journey is the Destination
Member since 5/05 4430 total posts
Name:
Karen
|
Re: Free college? Cuomo budget passes
Posted by LittleDiva
How does it work if you make over $125000 or whatever it is and you have two kids in college at the same time?? Does one go for free??
Me and my husband joked that maybe we should get divorced on paper before our kids go to college.
How about offering scholarships to kids who work their butts off, regardless of what their parents income is
I really dislike income caps. If they are making it free, then make it free for all. Just because their parents make over a certain amount does not mean they are paying for college. I think it's discriminatory. I think you will have alot of people doing what you said to get paper divorces in order to get the funds.
|
| Posted 4/7/17 10:50 PM |
| |
|
pumpkinmom
LIF Adult
Member since 5/12 2911 total posts
Name:
|
Re: Free college? Cuomo budget passes
Posted by KarenK122
Posted by LittleDiva
How does it work if you make over $125000 or whatever it is and you have two kids in college at the same time?? Does one go for free??
Me and my husband joked that maybe we should get divorced on paper before our kids go to college.
How about offering scholarships to kids who work their butts off, regardless of what their parents income is
I really dislike income caps. If they are making it free, then make it free for all. Just because their parents make over a certain amount does not mean they are paying for college. I think it's discriminatory. I think you will have alot of people doing what you said to get paper divorces in order to get the funds.
I don't think divorce helped for financial aid, so probably won't work for this. I knew someone in college that was emancipated so their parent's income didn't count.
I agree, it should be free for all.
|
| Posted 4/7/17 11:33 PM |
| |
|
chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
|
Re: Free college? Cuomo budget passes
Posted by BargainMama
I was surprised to see this passed. Does this deal apply to room and board also, as well as books? If not, maybe 529 gets used for that? If not, can't you just withdraw it? I'm not familiar with the ins and outs of a 529
The money in a 529 can be used for ANY costs associated with college - room and board, books, travel expenses etc. Cuomo's plan only relates to tuition being free.
|
| Posted 4/8/17 12:33 AM |
| |
|
stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
|
Re: Free college? Cuomo budget passes
Assuming the schools will be even more competitive now
|
| Posted 4/8/17 6:27 AM |
| |
|
|
|
Re: Free college? Cuomo budget passes
Income cap is very unfair to many middle class families and two working parent households. Hopefully it's not all or none and some aide is extended to everyone within a more reasonable salary consideration. I certainly cannot afford to pay for all my kids complete tuition.
|
| Posted 4/8/17 6:46 AM |
| |
|
alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
|
Re: Free college? Cuomo budget passes
Posted by LittleDiva
How does it work if you make over $125000 or whatever it is and you have two kids in college at the same time?? Does one go for free??
Me and my husband joked that maybe we should get divorced on paper before our kids go to college.
How about offering scholarships to kids who work their butts off, regardless of what their parents income is
Getting divorced won't help. They would still use a combined income.
|
| Posted 4/8/17 7:37 AM |
| |
|
|
|
Re: Free college? Cuomo budget passes
I do not like the income cap. It is a lot more expensive to live in NYC and LI than some places upstate. I hope that changes in the future.
|
| Posted 4/8/17 8:35 AM |
| |
|
stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
|
Re: Free college? Cuomo budget passes
Posted by haveaquestion
I do not like the income cap. It is a lot more expensive to live in NYC and LI than some places upstate. I hope that changes in the future.
Being middle class sucks
In order to get any govt services in this country you either have to have little income or a lot of income
Im divorced but with ex DH DDs wouldn't qualify. Not sure if he will be working in 4 years though
And i imagine they have to have excellent SAT scores and grades
|
| Posted 4/8/17 9:01 AM |
| |
|
LittleDiva
LIF Adult
Member since 9/11 1284 total posts
Name:
|
Free college? Cuomo budget passes
The more I think about it, the more annoyed I get.
I wish they would instead invest in vocational education at the high school levels. Help those kids out. So many districts have done away with those programs because of money.
How about just free community college. Prove yourself there and then go on to get some sort of scholarship to help with the cost. I would be ok with that. But a free 4 year degree to just some people annoys me. Because we bust our butts off my kids will have student loans? We can't afford to put all our kids thru college. And now this will probably make state colleges impossible to get into
|
| Posted 4/8/17 9:10 AM |
| |
|
Maybe-Baybe
My Sunshine
Member since 7/12 3415 total posts
Name:
My only Sunshine
|
Re: Free college? Cuomo budget passes
Posted by haveaquestion
I do not like the income cap. It is a lot more expensive to live in NYC and LI than some places upstate. I hope that changes in the future.
Me either. It's like, because DH and I bust our butts, our kids won't qualify for the free tutiton.
We make over $125,000 combined (not much more) but we definitely don't have an abundance of money. We both have student loans and have to pay for daycare. Which reminds me, we don't qualify for the child care tax credit because we make "too much money". We just can't win; you either have to be lower income or rich to get ahead. 
|
| Posted 4/8/17 10:23 AM |
| |
|
PitterPatter11
Baby Boy is Here!
Member since 5/11 7612 total posts
Name:
Momma <3
|
Re: Free college? Cuomo budget passes
Posted by LastLightGlow
Income cap is very unfair to many middle class families and two working parent households. Hopefully it's not all or none and some aide is extended to everyone within a more reasonable salary consideration. I certainly cannot afford to pay for all my kids complete tuition.
|
| Posted 4/8/17 11:15 AM |
| |
|
stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
|
Re: Free college? Cuomo budget passes
Posted by Maybe-Baybe
Posted by haveaquestion
I do not like the income cap. It is a lot more expensive to live in NYC and LI than some places upstate. I hope that changes in the future.
Me either. It's like, because DH and I bust our butts, our kids won't qualify for the free tutiton.
We make over $125,000 combined (not much more) but we definitely don't have an abundance of money. We both have student loans and have to pay for daycare. Which reminds me, we don't qualify for the child care tax credit because we make "too much money". We just can't win; you either have to be lower income or rich to get ahead.
When you read the articles the whole point of this budget is FOR the middle class yet we in NYC/LI have the highest COL.
I wasn't paying attention but did any of our local elected officials advocate for the "downstate middle class"?
|
| Posted 4/8/17 11:15 AM |
| |
|
Mushesgirl
Too blessed to be stressed
Member since 4/09 6691 total posts
Name:
|
Re: Free college? Cuomo budget passes
I just want to say i CAN'T WAIT to get the flock out of this state.
|
| Posted 4/8/17 12:01 PM |
| |
|
cds58019
The loves of my life :)
Member since 6/08 4276 total posts
Name:
Candice
|
Free college? Cuomo budget passes
I haven't read too much into this, will it apply to any college? What happens if you have multiple children in college at the same time?
|
| Posted 4/8/17 12:44 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Free college? Cuomo budget passes
This is what happens when you have a liberal in office. Don't expect to see any benefits if you make any sort of money. He doesn't care about people in Long Island.
|
| Posted 4/8/17 1:10 PM |
| |
|
Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
|
Re: Free college? Cuomo budget passes
I think it's awesome this is going through. Opens up a lot of doors for people who couldn't attend. I grew up in a very poor school district so I feel for those who couldn't afford college.
I put myself through school and I would've loved to not have any loans right now. This opens up opportunities for lots of kids.
Here's your answer re: 529's:
"If your child receives a scholarship you might not need all the money you've saved up in your 529 plan for college expenses. You generally have three options at that point. The first is to earmark the 529 funds for some future use by that child, perhaps for graduate school. The second is to direct it to another family member, such as a current sibling or a future grandchild. You can make the change in beneficiary anytime before the second family member actually goes to college. The third option is to withdraw the extra funds. The earnings in your account will be subject to income tax either on your return or your child’s. Normally, there would be a a 10% additional federal tax on the earnings portion as well, which is penalty for taking a nonqualified withdrawal, but the penalty is waived when scholarships are the reason for it. In effect, the scholarships have turned your tax-free 529 investment into a tax-deferred 529 investment. Of course, many parents will still be able to use their entire 529 balance on other non-scholarship expenses such as room and board, books, and supplies, and so the scholarships received by their children will not lessen the tax benefit of the 529 plan."
|
| Posted 4/8/17 1:24 PM |
| |
|
Chai77
Brighter days ahead
Member since 4/07 7364 total posts
Name:
|
Re: Free college? Cuomo budget passes
This is wonderful!!! Finally. I do agree the income cap is discriminatory and it's unfair to compare $125k here on LI to $125k way upstate NY. We pay so much more for real estate, taxes etc. but this is a MAJOR step in the right direction!!!
I hope everyone who is motivated and capable goes out there and gets a higher education! Yay!!
|
| Posted 4/8/17 1:46 PM |
| |
|
MC09
arrrghhh!!!!
Member since 2/09 5674 total posts
Name:
Me speaks pirate!
|
Re: Free college? Cuomo budget passes
Posted by ave1024
This is what happens when you have a liberal in office. Don't expect to see any benefits if you make any sort of money. He doesn't care about people in Long Island.
Do you think conservatives care?
|
| Posted 4/8/17 2:06 PM |
| |
|
evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
|
Re: Free college? Cuomo budget passes
Posted by MC09
Posted by ave1024
This is what happens when you have a liberal in office. Don't expect to see any benefits if you make any sort of money. He doesn't care about people in Long Island.
Do you think conservatives care?
I don't think this should have passed to begin with
|
| Posted 4/8/17 2:30 PM |
| |
|
KarenK122
The Journey is the Destination
Member since 5/05 4430 total posts
Name:
Karen
|
Free college? Cuomo budget passes
While I am behind free state college for ALL, as I have stated before, I really wish he would put more effort into the lower grade academics. He holds state aid as ransom from school districts to conform to what he wants, the diploma dilemma for special needs children is a major issue and vocational training should be brought to the forefront as a viable option. He is just putting up a smoke screen making something look like its great but the rest is crumbling. He constantly puts the needs of upper NY in front of the needs of LI. I wholeheartedly wish we were a separate state.
|
| Posted 4/8/17 2:44 PM |
| |
|
| Pages: [1] 2 3 4 >> |
