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Grandparents recognize the value of education, and want to see their children graduate without excessive student loan debt. Here are 10 different ways a grandparent can help pay for college, and the pros and cons of each: Under a special tax-code exemption, the amount of tuition a grandparent pays the school will not be subject to gift tax.
Financial aid formulas may treat the direct payment as a dollar-for-dollar reduction in aid eligibility for the following year.
The gift-tax exclusion only applies to tuition and does not include books, supplies and room and board. Offer your grandchild a loan Pros: You can set the terms- for example, allow interest to accrue until graduation, require interest-only payments for a specified amount of time or eventually convert the loan to a gift.
Interest on the loan will be taxable to you, but not deductible by your grandchild. If you forgive the loan in your will your grandchild may end up owing income tax on the debt forgiveness.
Holidays may become awkward if your grandchild refuses to repay the loan. Your grandchild will have an incentive to graduate. Buy your grandchild U. Savings Bonds are easy to purchase at your local bank or from Treasurydirect. Savings bonds are a relatively safe investment that offer guaranteed interest if held to maturity.
Series EE and I bonds purchased after by someone age 24 or older may be redeemed tax-free when the proceeds are used to pay for higher education expenses. Interest rates have been at historic lows and are not keeping up with tuition inflation.
Set up an education trust Pros: You are able to specify your wishes in the trust agreement, and the trustee will be legally obligated to fulfill them. Legal and accounting fees to establish and maintain a trust can be high. Any income earned in the trust will be taxed at high rates.Jun 17, · This article originally appeared on GearBrain.
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