Anyone know anything about 529 college fund plans?

DadsFordGirl · #1 09-01-2011, 12:09 PM

I posted this in the "off topic" section for a reason, so no bitching.

I've looked all over the internet and cannot figure this out.

So I have a 529 college fund my grandparents started for me. My parents always told me that if I try to take a semester off of college I'll lose my money and it will get rolled over into one of my sisters' funds, and I'll never get it back.

I've read that if I quit college completely I will lose my fund, but I can't find anything that says what will happen if I just take a semester off?

Anyone know?

Reason I want to take this semester off...
I'm currently just killing time at Ivy Tech until I am an Indiana resident so I can go to Purdue. I was born and raised in Indiana but my parents moved to Florida while I was in highschool (employment reasons.) I stayed in Indy and moved around between friends and family. However, my senior year I was accepted into Purdue but since my parents were claiming me on their taxes I was considered a Florida resident and could, in no way, shape, or form, afford Purdue's out of state tuition (60,000 a year.)
I moved to Florida for a semester, went to Valencia Community College because it was too late to enroll anywhere else. I hated Florida. I'm not a real big fan of hot weather :P

So... I will be an Indiana resident again as of January 2012. I'd really rather work full time and save up money than waste time taking classes I already took in Florida but didn't transfer.

Anyone know if I take this semester off if I will lose my 529 $$ or if I can get it back once I re-enroll?? I'm kind of thinking my parents told me I can't get it back as a white lie to keep me in school. But I can't find anything concrete that says what will happen.

Fordzilla80 · #2 09-01-2011, 12:39 PM

I can't answer your question, but...

Quote:

Originally Posted by DadsFordGirl

I hated Florida.

Welcome to my life.

DiabloBlanco · #3 09-01-2011, 12:41 PM

good old shaun, always good for some info! lol

DadsFordGirl · #4 09-01-2011, 12:42 PM

Quote:

Originally Posted by Fordzilla80

I can't answer your question, but...

Welcome to my life.

Bahaa! Thanks, lol. I just didn't cope with the heat, love bugs, horrible drivers, and the fact I couldn't get a simple ass cash register job because I'm not bilingual. Good ol' Florida...

Fordzilla80 · #5 09-01-2011, 12:50 PM

Quote:

Originally Posted by DadsFordGirl

Bahaa! Thanks, lol. I just didn't cope with the heat, love bugs, horrible drivers, and the fact I couldn't get a simple ass cash register job because I'm not bilingual. Good ol' Florida...

I can't even get more farm jobs because I don't work for 25 cents an hour.

2011FPKP4X2 · #6 09-01-2011, 06:15 PM

lol, if you don't like heat then never come to Texas. It is currently 93, and I believe the high today was around 100.

Fightinirish157 · #7 09-02-2011, 09:40 PM

Quote:

Originally Posted by 2011FPKP4X2

lol, if you don't like heat then never come to Texas. It is currently 93, and I believe the high today was around 100.

Weak sauce...its 21:40 in Arizona at its 100 outside right now, we hit 115 in my backyard today. And that is in the shade.

And to the OP I am not sure I wish I could help, I will do some google searching too!

DisturbedESV · #8 09-03-2011, 06:00 AM

I've never heard of this but is there a bank or a financial aid person at school you could ask?

Tom · #9 09-03-2011, 08:38 AM

Quote:

Originally Posted by DisturbedESV

I've never heard of this but is there a bank or a financial aid person at school you could ask?

This. A million times this.

Although I get the feeling that your parents told you what they did because they don't want you to take time off.

Superlifted06FX4 · #10 09-03-2011, 09:51 AM

Quote:

Originally Posted by DadsFordGirl

I posted this in the "off topic" section for a reason, so no bitching.

I've looked all over the internet and cannot figure this out.

So I have a 529 college fund my grandparents started for me. My parents always told me that if I try to take a semester off of college I'll lose my money and it will get rolled over into one of my sisters' funds, and I'll never get it back.

I've read that if I quit college completely I will lose my fund, but I can't find anything that says what will happen if I just take a semester off?

Anyone know?

Reason I want to take this semester off...
I'm currently just killing time at Ivy Tech until I am an Indiana resident so I can go to Purdue. I was born and raised in Indiana but my parents moved to Florida while I was in highschool (employment reasons.) I stayed in Indy and moved around between friends and family. However, my senior year I was accepted into Purdue but since my parents were claiming me on their taxes I was considered a Florida resident and could, in no way, shape, or form, afford Purdue's out of state tuition (60,000 a year.)
I moved to Florida for a semester, went to Valencia Community College because it was too late to enroll anywhere else. I hated Florida. I'm not a real big fan of hot weather :P

So... I will be an Indiana resident again as of January 2012. I'd really rather work full time and save up money than waste time taking classes I already took in Florida but didn't transfer.

Anyone know if I take this semester off if I will lose my 529 $$ or if I can get it back once I re-enroll?? I'm kind of thinking my parents told me I can't get it back as a white lie to keep me in school. But I can't find anything concrete that says what will happen.

Which Ivy Tech do you go to?

Demon-FX4 · #11 09-03-2011, 10:34 AM

Quote:

Originally Posted by 2011FPKP4X2

lol, if you don't like heat then never come to Texas. It is currently 93, and I believe the high today was around 100.

ha yall must be in a cold spell i'm in michigan and it was 97 yesterday and slowly reaching it again

2011FPKP4X2 · #12 09-04-2011, 10:50 AM

Quote:

Originally Posted by Demon-FX4

ha yall must be in a cold spell i'm in michigan and it was 97 yesterday and slowly reaching it again

lol, yea, it was kinda cool that day. The hottest I've seen it get to this summer so far has been 113.

DadsFordGirl · #13 09-04-2011, 11:08 AM

Quote:

Originally Posted by Superlifted06FX4

Which Ivy Tech do you go to?

Bloomington Campus. Do you go to Ivy Tech?

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Quote:

Originally Posted by 2011FPKP4X2

lol, if you don't like heat then never come to Texas. It is currently 93, and I believe the high today was around 100.

Haha, yeah in IN we get some nasty heat but it doesn't stay for long. Maybe a few days in a row then it cools off for a few. I can't do the whole, 100 for three straight months thing. No way. I'm a polar bear, winter is my thing, lol.

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Quote:

Originally Posted by DisturbedESV

I've never heard of this but is there a bank or a financial aid person at school you could ask?

and @ Tom, I spoke to the financial aid office at the school, they told me they can't discuss the mechanics of my fund because it's not in my control, it's in my parents' and my grandpa's control. Dumb... lol.
I just don't see how taking one semester off would cause me to lose my fund.

pooleo · #14 09-04-2011, 11:09 AM

cant you test out of classes that you have already taken if credits wont transfer

DadsFordGirl · #15 09-04-2011, 11:12 AM

Quote:

Originally Posted by DisturbedESV

I've never heard of this but is there a bank or a financial aid person at school you could ask?

and @ Tom, I spoke to the financial aid office at the school, they told me they can't discuss the mechanics of my fund because it's not in my control, it's in my parents' and my grandpa's control. Dumb... lol.
I just don't see how taking one semester off would cause me to lose my fund.

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Quote:

Originally Posted by pooleo

cant you test out of classes that you have already taken if credits wont transfer

I tested out of english comp and my SAT score opted me out of finite math. But I'm still stuck taking a few classes that didn't transfer that I'm not able to test out of, like intro to anatomy, intro to bio, sociology... bblah.