Hi Jean – I know you have many questions to answer. Sorry to repeat my question again but I’m really desperate for an answer. Should I change the name on my three kid’s 529 College Accounts to my mother’s name so that $4,000 a piece is not considered with the financial aid or scholarships they may receive? We wanted that money to be for books and spending money spread out over time. We will not have extra money to send them when they are in college. This was a little cushion we thought would help. They are 16, 13, and 9. And…if we change the name to my mom rather than us (the parents) are we going to be penalized? Thanks Jean!
Don’t worry, you’re fine. A 529 is always considered a parental asset as long as your child is still a dependent on your tax returns. If your child becomes independent, only then is it treated as the asset of the child. And unfortunately, though $4000 is a very nice sum of money, it isn’t going to make a big difference where financial aid is concerned. College tuitions are just too high.
On Today’s Money 911 we answered viewers questions on refinancing a home, self employment tax rates and the best way to increase your credit score when paying off credit cards. To learn more check out the video clip below.
On Today’s Money 911 we talked about ways to save above and beyond a 401(k) and if closing a credit card will hurt your credit score. To learn more watch the video clip below.
On Today’s Money 911 we talked about changing beneficiaries after a divorce or marriage and how to build credit so you can purchase a future home. To learn more watch the video clip below.
On Today’s Money 911 we talked about who to call first if you’re years behind on your taxes and if credit cards could lead to future debt problems. To learn more check out the video clip below.
Jean – On the Today show, you mentioned financial aid for college students that everyone, regardless of income, should apply for. What was it and is there a website? Thank you – Karen
Hi Karen –
Most everyone — unless you know for certain you will not qualify for financial aid — should fill out the FAFSA, the Free Application for Federal Student Aid. It’s not fun. But I recently finished a column for the Daily News about how to make it a little easier, you can check it out here. Good luck.
This morning on Today I spoke with Ann Curry and Consumer Reports’ Mandy Walker about five ways you can stick to a debt diet. Check out the video clip below to learn more.
Why would the Visa Credit Card people at my bank tell me the reason they cannot reduce my interest rate is due to the “Credit Bureau Act of 2009″?????? What exactly is this? Is this just a put off tactic or is there something to this? I’ve never heard this mentioned by advisors who say to ask for a reduction and give examples of people who get it. Thanks for your help.
Hi Betsy,
You’ve got me. The Credit Card Act of 2009 may be what they’re referring to, but I don’t know of anything in it that would prevent them from reducing your original interest rate. It prevents them from raising your interest rate on new purchases unless you pay 60 days late. What it doesn’t do is force them to reduce your interest rate. That they don’t have to do unless they feel like it and often they don’t feel like it unless they think they’re going to lose you as a customer. Here’s what to do: Call customer service back and ask again. If they say no, speak to a supervisor. And if that supervisor says no, speak to his or her supervisor. If you still strike out, look for a cheaper card to transfer your balance to (go to lowcards.com to find one). But don’t close the old card unless the annual fee is ridiculous. Closing it will take your credit score down.
Hi Jean – I know you have many questions to answer. Sorry to repeat my question again but I’m really desperate for an answer. Should I change the name on my three kid’s 529 College Accounts to my mother’s name so that $4,000 a piece is not considered with the financial aid or scholarships they may receive? We wanted that money to be for books and spending money spread out over time. We will not have extra money to send them when they are in college. This was a little cushion we thought would help. They are 16, 13, and 9. And…if we change the name to my mom rather than us (the parents) are we going to be penalized? Thanks Jean!
Jean – On the Today show, you mentioned financial aid for college students that everyone, regardless of income, should apply for. What was it and is there a website? Thank you – Karen 
Why would the Visa Credit Card people at my bank tell me the reason they cannot reduce my interest rate is due to the “Credit Bureau Act of 2009″?????? What exactly is this? Is this just a put off tactic or is there something to this? I’ve never heard this mentioned by advisors who say to ask for a reduction and give examples of people who get it. Thanks for your help.
