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Foreign College and 529 Plans
Old 08-08-2006, 07:37 PM   #1
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Foreign College and 529 Plans

I have an idea for parents who have money left over in a 529 account in which the are owners. After you pay for your kids college, make yourself and/or spouse the beneficiary and go study at a foreign college.
I think you have to be at least a half time student, and the amount you can withdrawl tax free for room and board is limited if you live off campus.

You know there are some fun colleges overseas and even in the VI and Hawaii. What the heck, you could just audit the courese.

Is this doable?
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Re: Foreign College and 529 Plans
Old 08-08-2006, 09:13 PM   #2
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Re: Foreign College and 529 Plans

Sounds good to me! Cooking class and art appreciation in Italy here I come! Oh, wait... I paid cash (no 529 plan) for kids schooling. Oh well... I will file that thought in case I get with child.


Nah... I will just practice from here on out .
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Re: Foreign College and 529 Plans
Old 08-09-2006, 11:19 AM   #3
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Re: Foreign College and 529 Plans

I think it's doable (if little sailor doesn't use all the money we might ).
Over 500 schools abroad already have Federal School Code and there are even more schools which you can use (for schools without FSC, my impression is that more paperwork is required).
You might even qualify for Fiancial Aid (unlikely though)
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Re: Foreign College and 529 Plans
Old 08-09-2006, 04:55 PM   #4
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Re: Foreign College and 529 Plans

FIRE has pretty much cured me of my thirst for higher education. The idea of sitting in a classroom, listening to someone tell me what I think, and regurgitating that knowledge on their exam... for what? Another degree? A certification that could double my ER salary?

But if I remember correctly, unused 529 funds can be redirected at other family members or grandchildren. It'd make quite an impression on your kid if their untapped college leftovers went to their kid...
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Re: Foreign College and 529 Plans
Old 08-09-2006, 05:28 PM   #5
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Re: Foreign College and 529 Plans

A different slant: If we stay in Panama long enough for my 3 yo son to go to college here then he could have very inexpensive options. Florida State has a satellite school here as well as "regular" Panamanian colleges. Current tuition for state college is $60 per year so according to that calculation we have enough in his 529 plan to pay for about 9 years of tuition.

We'll keep saving in case he decides to go to a US school. :
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Re: Foreign College and 529 Plans
Old 08-10-2006, 01:00 PM   #6
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Re: Foreign College and 529 Plans

Quote:
Originally Posted by Arif
... so according to that calculation we have enough in his 529 plan to pay for about 9 years of tuition.
College was the best eight years of my brother's life...
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Re: Foreign College and 529 Plans
Old 08-10-2006, 02:21 PM   #7
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Re: Foreign College and 529 Plans

Quote:
College was the best eight years of my brother's life...
Oh my son would have gotten cut off from the breast milk long before he entered his junior year for the THIRD time. Did I mention we're only paying half?
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