Using MEC to shelter assets, pay for college

gidianmellk
Wed, 21 Jul 2021 19:39:53 +0000

I actually filled out a bunch of EFCs for schools my son is interested in with the different numbers for savings and mortgage loan, i.e., with or without cash from refi. For one school, the difference was about $5,000; for another, a couple hundred.

We could put some of the money into our IRAs, and then use it if it’s really necessary. While it would be taxed, there’s no penalty for early withdrawal for education expenses.

Thanks for all the responses; I really appreciate it.