Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
kelly-costello-l
New Member

If my child graduated from college in 2016, can I still use her Coverdell to pay back her student loans without penalty?

 
1 Best answer

Accepted Solutions
Anita01
New Member

If my child graduated from college in 2016, can I still use her Coverdell to pay back her student loans without penalty?

The payback of student loans is not an eligible expense for a Coverdell or a 529 plan withdrawal.  Any fees paid for room and board during that last semester might qualify, though, if they were not already used for a credit or withdrawal in prior years.

View solution in original post

1 Reply
Anita01
New Member

If my child graduated from college in 2016, can I still use her Coverdell to pay back her student loans without penalty?

The payback of student loans is not an eligible expense for a Coverdell or a 529 plan withdrawal.  Any fees paid for room and board during that last semester might qualify, though, if they were not already used for a credit or withdrawal in prior years.

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v