<p>Does anyone know when USC mails the parents the tuition bill and does it provide instructions how to wire mail to the student's tuition account? My husband said payment is due in August. I want to make sure the savings we have get properly wired to my son's account at USC.</p>
<p>USC doesn't mail paper bills anymore, so you have to look it online at USC e.pay. As far as I know the bill for tuition hasn't been released yet, but I'm on a monthly plan so it's a bit different for me.</p>
<p>Does USC e-mail anything about the tuition bill to the parents? My husband is waiting for the tuition bill to arrive with the instructions how to wire money to pay the tuition. Thanks for any help.</p>
<p>Hope this helps a little bit,
USC-FBS</a> - sfs - e-bills and Statements</p>
<p>I think that if your student adds you on their OASIS/ePAY account as a guest with a valid email, then you should receive emails about the statements.</p>
<p>There was a session at Orientation about Paying for College where they covered this topic. Here's what I recall--but don't have my notes handy: On August 1 they will offer the option to pay the tuition bill on a monthly plan (divided into 10 payments I think). If you want this option, you must sign up for it using your s's Oasis billing account (and you pay a fee of about $85 or so to spread the payments out). The deadline for signing up for this payment plan is by August 22. Whether you decide to pay this way or pay in full--that's when year's tuition is due.</p>
<p>Madbean, do you by chance remember if you can pay by semester, and whether special arrangement needs to be done for that? And when in fact the payment is due? Since we'll be away for two weeks in beginning August, don't want to miss a deadline.</p>
<p>Payment by semester is the default way. You should have your son/daughter set up "guest" access to their OASIS account so you can access e.pay. It will allow you to see the total amount of money owed and also when it's due.</p>
<p>According to e.pay:</p>
<p>"* FALL 2008 payment deadline is 5pm PST on August 22nd, 2008."</p>
<p>and </p>
<p>"* FALL tuition and fees for students who register prior to July 18th
* should be posted to your student account by July 25th, 2008, and
* will be billed that weekend."</p>
<p>Thank you for the info 2+2</p>
<p>Thanks for alerting me about the $85. charge for the 10 months plan. Why pay extra? Banks are not giving much interest these days.</p>
<p>Does anyone know how to set up electronic transfer of the college savings funds? Does the mutual funds co. become a USC guest? I am confused. Thanks.</p>
<p>You can pay over the phone using a credit card. We've found that to be the easiest method. And we get airline miles.</p>
<p>I don't want to pay over the phone with a credit card. We have money saved in college funds. It is important that the mutual fund company transfer the money directly to USC and not to the parents or child. Anyone with a college education savings plan should make sure the money goes directly to the university.</p>
<p>
[quote]
I don't want to pay over the phone with a credit card. We have money saved in college funds.
[/quote]
There are numerous advantages to paying with a credit card, PARTICULARLY if you have the money all saved up (in fact, I would argue that paying with a credit card is ONLY feasible if you have the money in hand).[ul]
[<em>]$52000 sitting in an account paying 4% interest, paid over 10 monthly payments, will earn $953 over the course of a year. If you pay in two parts, the interest earned is only $346.
[</em>]A credit card such as AMEX Blue will pay you 1.5% cash rebate on all spending above $6k. This alone is $660, more than enough to offset the $85 convenience fee. But wait, there is more, if you order now.... oops, wrong channel. But there is indeed more. Once you hit that magical $6k limit, AMEX blue will pay you 5% rebate on gas, food and drug stores. Assuming your family spends $100/week on gas, that is $250 of rebates for gas alone, and at least that much for food.[/ul]</p>
<p>
[quote]
It is important that the mutual fund company transfer the money directly to USC and not to the parents or child. Anyone with a college education savings plan should make sure the money goes directly to the university.
[/quote]
I think that we have discussed that before, and it is my reading of the law that the above statement is incorrect. You can have the money disbursed absolutely any way you like, as long as you can document that the equivalent amount was spend on qualified education expenses. My plan is to have the money deposited in our checking account on a monthly basis, paying with a credit card, and using the 529 money to pay off the credit card.</p>
<p>To GroovyGeek: Are you 100% sure that you are not going to be taxed on the college funds savings money? My understanding is the savings plan money has to go directly to the college. If the money goes to the parent's account, then it becomes taxable income to the parents. At 28% tax bracket, I would hate to pay 28% tax on money for college which is supposed to be tax free for college.
I will have to check with our CPA about this as it would be very nice to get the benefit you are describing above, but I don't want to risk getting taxed 28%. I would greatly appreciate any info. you have about the law(s) describing how to transfer this college money without getting taxed 28%.</p>
<p>Well, I am no CPA, but I can read as well as one, so here we go:</p>
<p>1: The IRS wisdom on the subject
Publication</a> 970 (2007), Tax Benefits for Education
The most interesting part is Chapter 8
Publication</a> 970 (2007), Tax Benefits for Education</p>
<p>2: More specifically, answer to the question "Are distributions taxable"
Publication</a> 970 (2007), Tax Benefits for Education</p>
<ol>
<li>Figuring out the taxable portion of the distribution
Publication</a> 970 (2007), Tax Benefits for Education</li>
</ol>
<p>Note that this only discusses the amount of the distribution and the amount of education expenses. It does not specify the means of the distribution. A central premise of American law is that everything that is not expressly forbidden is allowed, hence the conclusion of all of the above is that the distribution method does not matter, as long as you can document the amount of qualified education expenses, and the 529 distribution does not exceed the qualified expenses.</p>
<p>Here is another opinion on the subject, not as official as the IRS'
Decide</a> where to distribute 529 funds</p>
<p>
[quote]
What difference does it make who receives the 1099-Q? Usually none, provided your beneficiary incurs sufficient qualified higher education expenses, thus keeping the distributions tax-free. However, if any portion of the distribution is taxable due to an insufficient amount of qualified expenses, the choice of recipient will make a difference.
[/quote]
</p>
<p>Hope this helps, don't blame me if you choose to take this advice as gospel and the IRS comes after you. There are clearly situations where the distribution is taxable (e.g., if your child got a full tuition scholarship), in which case it matters A LOT who receives the distribution. In the latter case I would either have the 529 rolled over to a younger sibling, or deposit it straight in the USC account. At the end of each semester the account will end up with a surplus, and your child can get a check from USC for the surplus amount. They will then be taxed, usually at a 15% rate, on the surplus. If immediate access to the money is required, it can be deposited directly into the student's bank account, with the same tax consequences.</p>
<p>Paid our son's four years at USC by credit card. We went to Paris (stayed at the Marriott on the Champs-Elys</p>
<p>Does anyone know if the e-bills for incoming freshman have been posted yet?
Ours has not...it only shows a blank page</p>
<p>Ours is blank as well. I have a vague recollection that they would be posted around July 25th. I can't remember if it was on CC or at the orientation session where I heard that - so I don't know how accurate my memory is on this one!</p>