<p>To Groovy Geek: I am going to ask our accountant about transferring money saved specifically for college (college savings plan) to USC. I suggest you do the same because you don’t want to show taxable income if you take the money and put it into your personal account and then pay by credit card. The money saved on credit card points will far exceed being potentially taxed as taxable income from a savings account for college. Please let me know if you find any official info. which says you can do it the way you propose without getting more taxes on your income.</p>