Pay off student loans after kid graduates?

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Diogenes
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Pay off student loans after kid graduates?

Post by Diogenes » Thu Jan 11, 2018 1:37 am

We have a son who is nearing college graduation, after needing a few extra semesters. We supported him with an ample 529, which only lasted him through 3 years as he attended an out of state school and didn’t pursue residency status as fast as he should have. He knew the money ran out and applied for and received various deferred student loans and a grant to fund things after that. He works part time and has for most of his college years, has his own IRA started, and now saves a small amount each month.
Although he is otherwise self-supporting and has never asked for nor expected any further help, my thought after graduation is to pay off those loans for him after the repayments start(maybe $50K) We can easily afford to do so. Still have memories of of eating cheese sandwiches while paying down my own loans.

Downsides? Pay directly to the lender, or to him?

david
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Re: Pay off student loans after kid graduates?

Post by david » Thu Jan 11, 2018 2:36 am

Your son seems responsible. Do it.
Paying him vs the loan company directly? It doesn't matter, because he seems responsible. So just ask him.

Paying these loans will take a huge burden off of him. That will allow him to possibly take early risks which could be incredibly beneficial for his career and/or get a jump start on savings.

If you think he is responsible (and I think you do), there are no real downsides (assuming you are comfortable in your retirement planning etc.)

A few other things: does he have a job lined up? is he thinking about moving back home while he looks for work/starts up? He might make different budget decisions if he doesn't have the monthly payment of a loan. If you want to nudge him towards more a economical first place, you may want to present the money later.

My personal take is that he seems responsible, cares about saving already--you should consider presenting him the money as a graduation gift and be a hero.

Whatever you do, I hope your son excels in his chosen field.

PatrickA5
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Re: Pay off student loans after kid graduates?

Post by PatrickA5 » Thu Jan 11, 2018 10:10 am

We paid off our daughters loans for her masters (around 50K). I paid directly to the lender. She was VERY thankful and it was a huge relief to her as I thought she'd have problems ever paying them off being a Special Ed teacher (at the time). She has used that degree to further her career in helping kids with Autism and is doing pretty well now. So, it wasn't a waste of money or anything. We could easily afford to pay them off.

If I'm being totally honest, her loans were stressing ME out more than her.

noco-hawkeye
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Re: Pay off student loans after kid graduates?

Post by noco-hawkeye » Thu Jan 11, 2018 10:23 am

One trick you might want to look into ASAP -

Can you do a quick contribution into a 529, get a state deduction - and use that?

I'm not sure that is possible or not, but something that might turn out to juice your own state tax load.

miamivice
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Re: Pay off student loans after kid graduates?

Post by miamivice » Thu Jan 11, 2018 10:24 am

noco-hawkeye wrote:
Thu Jan 11, 2018 10:23 am
One trick you might want to look into ASAP -

Can you do a quick contribution into a 529, get a state deduction - and use that?

I'm not sure that is possible or not, but something that might turn out to juice your own state tax load.
I'm pretty sure you cannot use 529 money to pay off student loans.

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HomerJ
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Re: Pay off student loans after kid graduates?

Post by HomerJ » Thu Jan 11, 2018 10:29 am

Diogenes wrote:
Thu Jan 11, 2018 1:37 am
Still have memories of of eating cheese sandwiches while paying down my own loans.
Maybe that experience made you wiser with money.

But that said, we paid off our first daughter's student loans.... But I would suggest letting him make payments for 6 months first, so he appreciates it more. That's how we did it and she still thanks us years later when her friends mention how they are still paying off their loans

We paid our second daughter's college from cash flow, and she never felt that pain of student loans... I'm not sure how much she appreciates how lucky she is.

masha12
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Re: Pay off student loans after kid graduates?

Post by masha12 » Thu Jan 11, 2018 10:39 am

What is wrong with eating cheese sandwiches while paying off student loans? It builds character. And will give him a sense of how decisions can have long-term effects.

That said, if he is responsible, I like the idea of having him make payments for a while. I'd say at least a year. He will appreciate your gift far more than if you cut a check before the first payment is due. Paying a little student loan interest is not the end of the world.

KlangFool
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Re: Pay off student loans after kid graduates?

Post by KlangFool » Thu Jan 11, 2018 10:50 am

Diogenes wrote:
Thu Jan 11, 2018 1:37 am
We have a son who is nearing college graduation, after needing a few extra semesters. We supported him with an ample 529, which only lasted him through 3 years as he attended an out of state school and didn’t pursue residency status as fast as he should have. He knew the money ran out and applied for and received various deferred student loans and a grant to fund things after that. He works part time and has for most of his college years, has his own IRA started, and now saves a small amount each month.
Although he is otherwise self-supporting and has never asked for nor expected any further help, my thought after graduation is to pay off those loans for him after the repayments start(maybe $50K) We can easily afford to do so. Still have memories of of eating cheese sandwiches while paying down my own loans.

Downsides? Pay directly to the lender, or to him?
Diogenes,

<< he attended an out of state school and didn’t pursue residency status as fast as he should have. He knew the money ran out and applied for and received various deferred student loans and a grant to fund things after that. >>

He needs to feel the pain of the student loan for a while. He needs to understand the consequence of spending 50K of future money. It will be good for him in the long run to learn this lesson. Wait 6 months before you pay this off.

KlangFool

Diogenes
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Re: Pay off student loans after kid graduates?

Post by Diogenes » Thu Jan 11, 2018 11:20 am

KlangFool wrote:
Thu Jan 11, 2018 10:50 am

He needs to feel the pain of the student loan for a while. He needs to understand the consequence of spending 50K of future money. It will be good for him in the long run to learn this lesson. Wait 6 months before you pay this off.

KlangFool
This seems to be a good idea. Since I think they have a 6 month grace period before interest begins accruing and payments start, I’ll probably wait a year after graduation.
Pain can be good. Funny, I still have that old letter in the safe deposit box evidencing my own final payoff from years ago.

_D_

Nutmeg
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Re: Pay off student loans after kid graduates?

Post by Nutmeg » Thu Jan 11, 2018 11:49 am

Please note that many states have laws that prevent out-of-state students from gaining in-state residency for tuition purposes after having started classes as an out-of-state student. I attended an out-of-state law school and never attempted to obtain in-state residency because I knew that that would be impossible, short of withdrawing from school, attempting to work for over a year, and re-applying for the following August. It sounds like the student didn't become financially independent of his out-of-state parents until after three years of college, so, depending on the state, it might have been almost impossible to gain in-state residency without withdrawing from college.

If the student has become self-supporting without a college degree while attending classes, he knows the value of money.

KlangFool
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Re: Pay off student loans after kid graduates?

Post by KlangFool » Thu Jan 11, 2018 11:55 am

Nutmeg wrote:
Thu Jan 11, 2018 11:49 am
KlangFool wrote:
Thu Jan 11, 2018 10:50 am
Diogenes wrote:
Thu Jan 11, 2018 1:37 am
We have a son who is nearing college graduation, after needing a few extra semesters. We supported him with an ample 529, which only lasted him through 3 years as he attended an out of state school and didn’t pursue residency status as fast as he should have. He knew the money ran out and applied for and received various deferred student loans and a grant to fund things after that. He works part time and has for most of his college years, has his own IRA started, and now saves a small amount each month.
Although he is otherwise self-supporting and has never asked for nor expected any further help, my thought after graduation is to pay off those loans for him after the repayments start(maybe $50K) We can easily afford to do so. Still have memories of of eating cheese sandwiches while paying down my own loans.

Downsides? Pay directly to the lender, or to him?


<< he attended an out of state school and didn’t pursue residency status as fast as he should have.

Please note that many states have laws that prevent out-of-state students from gaining in-state residency for tuition purposes after having started classes as an out-of-state student. I attended an out-of-state law school and never attempted to obtain in-state residency because I knew that that would be impossible, short of withdrawing from school, attempting to work for over a year, and re-applying for the following August. It sounds like the student didn't become financially independent of his out-of-state parents until after three years of college, so, depending on the state, it might have been almost impossible to gain in-state residency without withdrawing from college.

If the student has become self-supporting without a college degree while attending classes, he knows the value of money.
Nutmeg,

I disagreed. That student is not self-supporting. He borrowed 50K in order to get through the college. He spent his future money.

KlangFool

Nutmeg
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Re: Pay off student loans after kid graduates?

Post by Nutmeg » Thu Jan 11, 2018 12:22 pm

KlangFool wrote:
Thu Jan 11, 2018 11:55 am
Nutmeg wrote:
Thu Jan 11, 2018 11:49 am
KlangFool wrote:
Thu Jan 11, 2018 10:50 am
Diogenes wrote:
Thu Jan 11, 2018 1:37 am
We have a son who is nearing college graduation, after needing a few extra semesters. We supported him with an ample 529, which only lasted him through 3 years as he attended an out of state school and didn’t pursue residency status as fast as he should have. He knew the money ran out and applied for and received various deferred student loans and a grant to fund things after that. He works part time and has for most of his college years, has his own IRA started, and now saves a small amount each month.
Although he is otherwise self-supporting and has never asked for nor expected any further help, my thought after graduation is to pay off those loans for him after the repayments start(maybe $50K) We can easily afford to do so. Still have memories of of eating cheese sandwiches while paying down my own loans.

Downsides? Pay directly to the lender, or to him?


<< he attended an out of state school and didn’t pursue residency status as fast as he should have.

Please note that many states have laws that prevent out-of-state students from gaining in-state residency for tuition purposes after having started classes as an out-of-state student. I attended an out-of-state law school and never attempted to obtain in-state residency because I knew that that would be impossible, short of withdrawing from school, attempting to work for over a year, and re-applying for the following August. It sounds like the student didn't become financially independent of his out-of-state parents until after three years of college, so, depending on the state, it might have been almost impossible to gain in-state residency without withdrawing from college.

If the student has become self-supporting without a college degree while attending classes, he knows the value of money.
Nutmeg,

I disagreed. That student is not self-supporting. He borrowed 50K in order to get through the college. He spent his future money.

KlangFool
It is unclear from the information provided whether the $50K loan covered only tuition, fees and books or also covered living expenses. The student took a few extra semesters to graduate. If that means he went a fourth year plus two extra semesters, the $50K could have covered four semesters of out-of-state tuition and other costs of attending college. The OP stated that he was "otherwise self-supporting" and saves money every month, which I took to mean that he covers his living expenses.

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Sandtrap
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Re: Pay off student loans after kid graduates?

Post by Sandtrap » Thu Jan 11, 2018 12:28 pm

I have rewarded my children with a merit based system.
For education:
25 cents for silver stars. (not sure if teachers still do this)
50 cents for gold stars.
1$ for B's
4$ for A's
x for GPA depending on level.
And so forth.
Student loans paid off for graduation from trade school, or Univ., etc. plus bonus cash.
And so forth.
Other merit based compensations, also.

j

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Pajamas
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Re: Pay off student loans after kid graduates?

Post by Pajamas » Thu Jan 11, 2018 12:40 pm

Diogenes wrote:
Thu Jan 11, 2018 1:37 am
We can easily afford to do so.
Yes, then do so. There is probably little else that is so worthwhile to give someone beyond the basic necessities of life as education.

Maybe start the conversation off with his future plans and encourage him to go to graduate school if that is something he wants to do.

It is hard for me to imagine the debt burden that some young people start off with when graduating with a four year degree. It can limit their choices in life.

I agree with the poster above that it is unlikely that an enrolled student could have qualified for residency in another state. Typically one year of state residency is required before enrollment. It also sounds like your son is very responsible financially, well above average.

Also, if you haven't seen him cry in a while, you may get to! It would be funny to have a pack of tissues ready to pull out of your pocket when you tell him.

ChrisC
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Re: Pay off student loans after kid graduates?

Post by ChrisC » Thu Jan 11, 2018 1:14 pm

I'm from the school of hard knocks, plus we had three children to contend with, all of whom wound up in graduate and professional schools. We had no problem with being on the hook for their undergraduate education. Kid No. 1 went to graduate school and obtained her graduate degree with generous scholarship assistance -- nonetheless, she decided to take out a graduate student loan all on her own and finished paying it off by herself. Kid No. 2 went to graduate school and the GI Bill paid for most of his graduate education and asked us for nada; we have volunteered to help refinance his spouse's medical student loans of $300K, but no takers there, either. Kid No. 3 went to law school and financed her law school education with $185K of student debt. When she graduated we advanced her a no-interest loan to get her situated in NYC, which she paid back within a year. Two years into her work as a lawyer, we paid/refinanced her law school debt, which had an average interest rate of 7.75 percent. We dropped her rate dropped to 3.25 percent over a shorter maturity with us holding the loan paper. She is in a position to pay off this loan now, but we told her not to bother as she needs a big cushion to enhance her career choices.

My wife and I ate P&J sandwiches as undergrads, and in professional schools we moved up to 99 cent Burger King hamburgers (made available through coupon clippings from the school newspapers), among other foodstuffs. We feel obliged to pay from undergraduate educations, pay for a child's first car (a good experienced one), and contribute to their weddings and first home purchase. But we don't give them a free ride for graduate or professional schools -- this is a character building stage in their lives, and it's worked out well for us and them.

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HomerJ
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Re: Pay off student loans after kid graduates?

Post by HomerJ » Thu Jan 11, 2018 2:27 pm

Sandtrap wrote:
Thu Jan 11, 2018 12:28 pm
I have rewarded my children with a merit based system.
For education:
25 cents for silver stars. (not sure if teachers still do this)
50 cents for gold stars.
1$ for B's
4$ for A's
x for GPA depending on level.
And so forth.
Student loans paid off for graduation from trade school, or Univ., etc. plus bonus cash.
And so forth.
Other merit based compensations, also.

j
Heh

Image

Whoops... too small...

Calvin asks his dad if he could get $1 for every D, $5 for every C, $10 for every B, and $50 for every A.
His Dad refuses
Calvin says "Rats, I thought I could make an easy 4 bucks."

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Pajamas
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Re: Pay off student loans after kid graduates?

Post by Pajamas » Thu Jan 11, 2018 2:35 pm

HomerJ wrote:
Thu Jan 11, 2018 2:27 pm
Image

Whoops... too small...

Image

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Sandtrap
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Re: Pay off student loans after kid graduates?

Post by Sandtrap » Thu Jan 11, 2018 2:43 pm

HomerJ wrote:
Thu Jan 11, 2018 2:27 pm
Sandtrap wrote:
Thu Jan 11, 2018 12:28 pm
I have rewarded my children with a merit based system.
For education:
25 cents for silver stars. (not sure if teachers still do this)
50 cents for gold stars.
1$ for B's
4$ for A's
x for GPA depending on level.
And so forth.
Student loans paid off for graduation from trade school, or Univ., etc. plus bonus cash.
And so forth.
Other merit based compensations, also.

j
Heh

Image

Whoops... too small...

Calvin asks his dad if he could get $1 for every D, $5 for every C, $10 for every B, and $50 for every A.
His Dad refuses
Calvin says "Rats, I thought I could make an easy 4 bucks."
Thanks "Homer' that's a good one.
My kids should've been in sales. They'd bargain with me. Up the "ante".
j :D

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flamesabers
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Re: Pay off student loans after kid graduates?

Post by flamesabers » Thu Jan 11, 2018 3:11 pm

OP,

One consideration is the potential gift tax consequences should you and your spouse give him $50k in one year.
Pajamas wrote:
Thu Jan 11, 2018 12:40 pm
It is hard for me to imagine the debt burden that some young people start off with when graduating with a four year degree. It can limit their choices in life.
I agree, but I also think it's important for young people to learn accountability for the debts they incur. In a situation like this I think the ideal outcome would be for the son to repay his parents $50k once he starts earning a reasonable income. With this arrangement he won't get bogged down in a seemingly insurmountable pile of debt for years and years, but he'll still gain the experience of paying off his student loans.

PatrickA5
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Re: Pay off student loans after kid graduates?

Post by PatrickA5 » Thu Jan 11, 2018 3:55 pm

flamesabers wrote:
Thu Jan 11, 2018 3:11 pm
OP,

One consideration is the potential gift tax consequences should you and your spouse give him $50k in one year.
Pajamas wrote:
Thu Jan 11, 2018 12:40 pm
It is hard for me to imagine the debt burden that some young people start off with when graduating with a four year degree. It can limit their choices in life.
I agree, but I also think it's important for young people to learn accountability for the debts they incur. In a situation like this I think the ideal outcome would be for the son to repay his parents $50k once he starts earning a reasonable income. With this arrangement he won't get bogged down in a seemingly insurmountable pile of debt for years and years, but he'll still gain the experience of paying off his student loans.
I completely forgot about the gift tax return for the 50K that I used to pay off my daughters loans. Oh well, that was years ago.

I guess we could have loaned her the money, but my stress level would have been even worse than when she just owed the money to Sallie Mae. DW and I decided long ago we're not loaning family anything. Unless everything works out perfectly, it can cause a lot of grief. I'd rather just give the money if we can afford it. Or not.

TheAncientOne
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Re: Pay off student loans after kid graduates?

Post by TheAncientOne » Thu Jan 11, 2018 4:08 pm

I can see going either way on this. It sounds like he's off to a good start with his job and career so whatI think I'd do is give him $30K (the maximum you can in one year without using up part of your exemption) and let him take care of the remaining 20K himself. Sit him down and talk about the value of putting as much as possible into tax sheltered accounts starting at an early age. Try to max out your 401K before your lifestyle adjusts to your new professional salary and all that. Good luck.

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flamesabers
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Re: Pay off student loans after kid graduates?

Post by flamesabers » Thu Jan 11, 2018 4:16 pm

PatrickA5 wrote:
Thu Jan 11, 2018 3:55 pm
I guess we could have loaned her the money, but my stress level would have been even worse than when she just owed the money to Sallie Mae. DW and I decided long ago we're not loaning family anything. Unless everything works out perfectly, it can cause a lot of grief. I'd rather just give the money if we can afford it. Or not.
In my case I repaid my parents for what they paid on my tuition because I felt it was the right thing to do. I know not all parents help their kids out with paying tuition.

PatrickA5
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Re: Pay off student loans after kid graduates?

Post by PatrickA5 » Thu Jan 11, 2018 4:26 pm

flamesabers wrote:
Thu Jan 11, 2018 4:16 pm
PatrickA5 wrote:
Thu Jan 11, 2018 3:55 pm
I guess we could have loaned her the money, but my stress level would have been even worse than when she just owed the money to Sallie Mae. DW and I decided long ago we're not loaning family anything. Unless everything works out perfectly, it can cause a lot of grief. I'd rather just give the money if we can afford it. Or not.
In my case I repaid my parents for what they paid on my tuition because I felt it was the right thing to do. I know not all parents help their kids out with paying tuition.
I'm one of those "nobody helped me" types. Took me 7 1/2 years of night school while working 45-50 hours a week to finish my undergraduate. Pretty much hated every minute of it. I'd get home at 10pm every night and study and cram for the next nights tests. Be up at 7am to go to work. Get off at 5:30 to be at school at 6:00. Seven loooong years. I don't know that the experience "taught" me anything other than be resentful of how hard it was. I always said my kids were going to have the college experience and not go through what I did. First kid did just that. Second kid got married and tried to do it the way I did it, until she flamed out and quit. Third kid is a junior and doing really well.

itstoomuch
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Re: Pay off student loans after kid graduates?

Post by itstoomuch » Thu Jan 11, 2018 4:29 pm

the Proverbial answer: Depends.
There are Always a minimum of 3 questions that must be asked and answered.
1. Where are you at Now?
2. What are the alternative of choices.
3. Will the new choice be better with better outcomes?
Rev012718; 4 Incm stream buckets: SS+pension; dfr'd GLWB VA & FI anntys, by time & $$ laddered; Discretionary; Rentals. LTCi. Own, not asset. Tax TBT%. Early SS. FundRatio (FR) >1.1 67/70yo

Diogenes
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Re: Pay off student loans after kid graduates?

Post by Diogenes » Thu Jan 11, 2018 11:00 pm

The gift limit would apply if I paid the lender directly?

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CAsage
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Re: Pay off student loans after kid graduates?

Post by CAsage » Fri Jan 12, 2018 8:53 am

Of course, the gift "limit" is doubled for couples. And it really only counts against your lifetime max, so.... Pay half now, half next year?
Salvia Clevelandii "Winifred Gilman" my favorite. YMMV; not a professional advisor.

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Re: Pay off student loans after kid graduates?

Post by noco-hawkeye » Fri Jan 12, 2018 9:02 am

miamivice wrote:
Thu Jan 11, 2018 10:24 am
noco-hawkeye wrote:
Thu Jan 11, 2018 10:23 am
One trick you might want to look into ASAP -

Can you do a quick contribution into a 529, get a state deduction - and use that?

I'm not sure that is possible or not, but something that might turn out to juice your own state tax load.
I'm pretty sure you cannot use 529 money to pay off student loans.
Yeah I think thats right, after reading more. But if you are still in school maybe you can get this last semester covered?

basspond
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Re: Pay off student loans after kid graduates?

Post by basspond » Fri Jan 12, 2018 9:14 am

He sounds responsible but he also knew the extra cost of his decisions. I would recommend that you use your gift exemption to him so he can pay it off in two years. It also might make expectations if you have other children.

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Re: Pay off student loans after kid graduates?

Post by flamesabers » Fri Jan 12, 2018 9:50 am

Diogenes wrote:
Thu Jan 11, 2018 11:00 pm
The gift limit would apply if I paid the lender directly?
Here's what I found on the IRS website:
What can be excluded from gifts?

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.

Gifts that are not more than the annual exclusion for the calendar year.
Tuition or medical expenses you pay for someone (the educational and medical exclusions).
Gifts to your spouse.
Gifts to a political organization for its use.
In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.
https://www.irs.gov/businesses/small-bu ... ft-taxes#3

I think the gift limit would apply since you're paying off his student loans and not his school's tuition bill.

mak1277
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Re: Pay off student loans after kid graduates?

Post by mak1277 » Fri Jan 12, 2018 10:11 am

Probably not relevant, but I'm curious...if you have the money to pay off the loans, why didn't you just pay for the education in the first place? If there is a good reason for that decision, what has changed?

TheAncientOne
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Re: Pay off student loans after kid graduates?

Post by TheAncientOne » Fri Jan 12, 2018 10:29 am

Just to make clear on Diogenes' question, the exemption on gift limits applies only to education and medical costs paid directly to the school or health care provider. Paying a lender or credit card company doesn't count.

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Re: Pay off student loans after kid graduates?

Post by itstoomuch » Fri Jan 12, 2018 12:30 pm

TheAncientOne wrote:
Fri Jan 12, 2018 10:29 am
Just to make clear on Diogenes' question, the exemption on gift limits applies only to education and medical costs paid directly to the school or health care provider. Paying a lender or credit card company doesn't count.
Now that is a factoid important for some. Thankyou.
Rev012718; 4 Incm stream buckets: SS+pension; dfr'd GLWB VA & FI anntys, by time & $$ laddered; Discretionary; Rentals. LTCi. Own, not asset. Tax TBT%. Early SS. FundRatio (FR) >1.1 67/70yo

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Re: Pay off student loans after kid graduates?

Post by Sandi_k » Fri Jan 12, 2018 1:57 pm

IIWY, I'd pay half, and have him pay the other half. Skin in the game, but not so much as to leave him flayed. ;)

Or, as AncientOne proposed, $30k to the gift max, and let him pay off last $20k.

That seems about right to me.

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Re: Pay off student loans after kid graduates?

Post by Spirit Rider » Fri Jan 12, 2018 3:33 pm

miamivice wrote:
Thu Jan 11, 2018 10:24 am
noco-hawkeye wrote:
Thu Jan 11, 2018 10:23 am
One trick you might want to look into ASAP -

Can you do a quick contribution into a 529, get a state deduction - and use that?

I'm not sure that is possible or not, but something that might turn out to juice your own state tax load.
I'm pretty sure you cannot use 529 money to pay off student loans.
You can, but only for loans amounts representing qualified educational expenses incurred in the year of the 529 withdrawal.

For example, if loan amounts were used to pay for 2018 spring semester tuition, room & board, fees and books. You could take a 529 qualified withdrawal for those expenses by 12/31/18. You would not be able to take qualified withdrawals for any loan amounts incurred in prior years.

Not Law
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Re: Pay off student loans after kid graduates?

Post by Not Law » Fri Jan 12, 2018 4:02 pm

I would make sure there is not a government or employer loan repayment program before shelling out money. Some teachers, doctors, etc. that work in certain places have loan forgiveness programs. And some employers offer a loan repayment incentive. Good reason to wait for a year or so before making the offer.

exit_r
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Re: Pay off student loans after kid graduates?

Post by exit_r » Sat Jan 13, 2018 6:45 pm

As a student my parents split the expenses 50/50 with me through college. I worked but still needed to obtain a few student loans. After graduation the payments started, I wasn't happy but could swing the payments. After a year my parents offered to help with the payments. I was so very appreciative. They paid the loans off the next month.

My parents encouraged me to pay attention along the way, let me feel those decisions, and then paid the balances. I am thankful for each step of that process. My dad said it was the plan the entire time, they did not want me to be entitled or burdened with the debt.

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