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Old 11-11-2009, 04:41 AM
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Default What do I do about this money dillemma that is causing family problems?

I want to pay for grad school on my own and I plan to get a few loans to do that. My graduate degree is going to cost altogether with housing and books and everything about 70 grand. My parents want to pay for most of it but I don't want them to. They think it's stupid for me to go and get loans when they have an "education savings" account for me and since i'm an only child, I should use it. But I don't want to do that........
what should I do??!
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Old 11-11-2009, 04:47 AM
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Nothing to add except that the first poster had one of the best answers I have ever, ever, seen on yahoo answers in 4 years.
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Old 11-11-2009, 05:21 AM
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If they have a true educational account, (Section 529 plan or some other kind of official account) and there is no one to transfer the money to, I suggest that you use it. I realize that you want to "make you own way" but your parents would most likely lose a BUNCH of money in tax penalties if it is transferred to another type of account.
- The money you don't spend on paying student loans back, you can do things for your parents (trips, cars, things they won't buy themself).

If there is no formal education fund, you can take out the loans if you want.
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Old 11-11-2009, 05:21 AM
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Well, if they already have the money saved up, that is what you should use it for. There is no need to get loans because you'll wind up having to pay a lot more than 70 grand back in interest. I agree with your parents on this one... sorry. But, they are older and wiser, you should trust them.
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