Many of us in the same situation…thoughts @BelknapPoint @kelsmom @thumper1
@momzilla2D, I am not an accountant but I think the easiest fix is to offset the amount refunded against the fall semester.
Pitt has postponed commencement, date TBD.
Purdue cancelled commencement as well.
D will be moving out of her dorm. No word yet on partial refunds. If we get one, we’ll offset fall tuition for the 529 purposes.
We’re not using a 529, so it may be a bit of apples to oranges.
We’re expecting a R&B refund that we’re just going to hold on to for now. We’re not going to get S’s BAH for any time not on campus (approx $2700)… which we were using to booster Little S’s college savings acct. Whether the refund gets sent to Little S’s acct or used to help bankroll next semester, we’ll just have to wait and see.
Any 529 money refunded by a school can be repurposed for a 529 qualified expense that’s paid in the same year that the original distribution was taken, or as an alternative the 529 rules allow a refund of 529 money to be recontributed, without incurring tax or a penalty, to a 529 account within 60 days of the date of refund.
*Recontribution of Refunded Amounts
If a student receives a refund of qualified education expenses that were treated as paid by a QTP distribution, the student can recontribute these amounts into any QTP for which they are the beneficiary within 60 days after the date of the refund to avoid the need to figure the taxable part of the QTP distribution.*
I bet they will be, unfortunately. Graduates for full-time jobs may be asked to delay their start dates but should otherwise be fine.
Internships will be impacted.
Unfortunately I think the risk is also high for companies reneging on full-time job offers, and we saw that happen in both 2001 and 2008. Those with offers in the travel sectors (Airlines, Hotels), consulting services, and various financial industries come to mind first.
Heard back about the fridge (we emailed the school’s virus hotline). They said just empty it out and unplug it. I worry about the freezer part defrosting and making a mess, but there’s not much I can do about it in just 3 hours.
FSU just canceled all accepted student tours through May 1.
Spring break started March 14 -22 but with the ongoing coronavirus and with announcement coming from Colgate University, I had to pick up our freshman D from Colgate U. last Saturday. We emptied her dorm room in preparation for the newly extended break and the switch to online classes beginning March 30 until the end of the semester. The school is giving a 50% refund of room and meals to those meeting the guidelines set by them. Accomodations are being provided to students who are not able to leave campus due inability to travel whether domestic or International. The school administration had been actively communicating with students, parents, faculty and staff ever since the coronavirus risk was elevated. And because of the ever changing situation, messages are frequently changing and updated. That being said, I applaud the school for the efforts and work they placed to ensure the safety of everyone on campus as they transition to alternate mode of teaching.
D was so sad leaving campus and not seeing her friends and professors for the duration of the semester. This is quite a freshman experience for her. Here is a (partial) copy of what the school posted online.
Colgate University is closely monitoring the ongoing COVID-19 outbreak. Due to the rapidly changing nature of this situation, all information below is subject to modification at any time.
The University continues to remain open and operating while implementing procedures to protect the health of our community. Additional updates will be added to this page as they become available.
Given the ongoing developments around COVID-19 and its classification as a global pandemic by the World Health Organization, Colgate has updated its plan for community health and safety. Students are asked to leave campus by noon on March 22, with classes continuing via remote learning mechanisms. Special considerations are being made for students for whom this will be a challenge, with details shared below, and continuing to develop.
This decision has not been made lightly. It was made:
To return students to their homes ahead of possible additions to travel restrictions that may be declared internationally and domestically.
To reduce the risks to the Colgate community by increasing social distancing.
To provide students with the least disruptive option for completing the semester through remote learning, without the possibility of further disruption following the spring break should students remain on campus.
Globally, circumstances around the COVID-19 pandemic are rapidly developing, and the University is working quickly to respond to and adjust its own plans to best ensure the health and wellness of the Colgate community.
Monitor the information here and at colgate.edu/covid19 to remain up to date on the latest policies, resources, and information.
Immediate Guidance
The University is asking students to return to their primary residences as soon as possible and by no later than March 22, 2020. As such, the residence halls will close at 12:00 p.m. on Sunday, March 22, 2020.
While it may be tempting to remain on campus, the University encourages your departure as soon as possible before there are travel restrictions.
We recognize that you have many decisions to make and things to do as you move through this transition.
We will continue to provide support, housing, and essential services for any of our students who are unable to return home.
@Rivet2000. Just offered yesterday and they know the situation. His thinking is he is cheap labor incase they layoff others. They have a huge supply chain program so don’t think so but we will see. It’s for the summer and he can start once he’s done. Michigan gets out pretty early so we will see. He had a few other possibilities but those might be impacted. Like the students getting positions in automotive like Ford would be bad. Heard the automotive companies just shut down.
My daughter is an engineer at an office of a national firm. She’s in Florida but is moving to Colorado in May. Or WAS moving. Now her transfer is on hold. Today she left early because there is no work to do. Her boyfriend is in construction management and also has nothing to do. Not sure if they’ll have interns this summer, but I do know that when the work dries us, those higher on the food chain take it. D has required billable hours every year and she’s not going to give those project hours to an intern!
Honestly, if something happened to his offer or yesterday but they decided they couldn’t pay him. If there was a learning opportunity I would have him go for no pay. Great way to show loyalty if he could still learn something and not waste the summer. The living expenses for him are super cheap through the company. But we will see I guess
In the new proposed stimulus for the administration
“The administration would create a “small business interruption loan program” targeted at businesses with fewer than 500 employees that would cover six weeks of payroll. The amount for each employee’s wages would be capped at $1,540 per week, or about $80,000 a year.”
This is in addition to the direct cash payments, foreclosure forbearance and student loan help already in the plan or announced.
@privatebanker… Err… This is the campus and virus thread… Lol. But to note that… On the SBA site for this it states Illinois is not on this program for the virus unless something changed today. Their own sites are not up to date yet
So it appears people still are on campus and my son has meetings all day with his work for Michigan plus his conference still going on but hopefully virtual. All his meetings are virtual. His roommate left and took his microwave so when I go up this weekend to start moving him out (part 1), he wants me to bring up his old microwave from last year… What is wrong with this picture here? ?️?
Before this started my daughter had a summer internship lined up. She was scheduled for an internship day in April and already talked to her professor regarding missing an exam that day and he was fine with it. A week or two ago she was emailed that that was cancelled but they will do a virtual intern thing that day and mail her a welcome gift.
This week she got an email saying that even though the company is primarily working from home as much as they can right now they still plan to have interns start on June 1st. Today they sent her some paperwork to fill out such as a background check. I don’t know if it will happen but the company is not saying no yet. I don’t know if that is better or worse if it does’t work out.
At the moment she is still scheduled to return to live on campus mid April but we are not expecting that to actually happen. Oh well as much as I wish she was having a happy semester on campus I’m glad to have her home during this health crisis.
I am afraid to look at my 529 statement.
So it’s totally great having my daughter home. Even though she won’t be able to walk down the aisle to graduate she seems to be ok with it now. She and her girlfriend made us dinner tonight. It was chickpea curry soup (excellent) and some salads and good bread…
She was considered for the State Department Critical language learning program but it was canceled so she is figuring out her next steps. Getting a job right away might not happen due to all of this but that’s okay right now. Everyone’s healthy and we got to go move her out soon also.