Don’t Let Money Get in the Way Of Your Grandchild’s Education
College expenses aren’t what they used to be. What used to be affordable to any student with a part-time summer job now can take years to pay off. If your grandkids want to go to college, the cost of education should not be a barrier to their future. Luckily there are ways that you can help ease that financial burden. Invest in a 529 savings plan. There are no limits on age, income, or monetary contributions attached to this college savings account, and contributions are tax-deductible in some states. Just like a Roth IRA, the earnings grow over time and can be used tax-free for qualifying expenses, like tuition and room and board. There are a few downsides, however. Funds from a grandparent’s 529 savings plan are considered student income and could hurt your student’s eligibility for financial aid. If you choose to fund through a parent’s 529 savings plan, which doesn’t count as student income, you lose control over the funds you contribute. Pay their tuition. Not everybody has $20,000 just lying around, but if you do, using it to pay for your grandchild’s tuition isn’t a bad way to spend it. Normally, annual financial gifts that are exempt from the federal gift tax can’t exceed
$15,000, but payments toward someone’s tuition, for any amount, are not taxed. Keep in mind, however, that the money can only go toward tuition, not toward other college expenses like room and board or textbooks. Help them find opportunities to save.
Even if you don’t have thousands of dollars to give, you can still help your grandkids look for other opportunities to save. There are thousands of available scholarships, grants, and programs to help students pay for college, and helping
them look online and in your community can go a long way.
College could be your grandchild’s first stop on the path to achieving their dreams. You can be a part of that journey by making sure
money doesn’t get in the way of that.
Inspired by Food &WineMagazine
Take a Break!
LEFTOVER CANDY SNACKMIX
This recipe fromMomofuku Milk Bar chef and “Master Chef” judge Christina Tosi makes great use of those extra Halloween goodies. It’s a quick and easy way to both elevate and get rid of unwanted leftovers.
Ingredients
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6 tbsp unsalted butter, melted
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2 cups mini pretzels, coarsely broken
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12 oz mini candy bars, such as Snickers, chopped into 1/2-inch pieces
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1/4 cup light brown sugar
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2 tbsp granulated sugar
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1/3 cup dry milk powder
Directions
1. Heat oven to 275 F. 2. In a large mixing bowl, fold together pretzels, sugars, milk powder, and butter. 3. Spread mixture on a baking sheet lined with parchment paper and bake for 20 minutes. 4. Let cool for at least 30 minutes and mix in candy bar pieces before serving.
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