Hello! When I was very small, my grandparents paid some money into a 529 education trust for me (this is/was the MET plan if anyone is familiar with that). I was told that this was explicitly and exclusively for graduate school (there is no such stipulation in the Actual Trust that I am aware of, so I paid for undergrad myself + some scholarships, but whatever!), but I now have a full ride scholarship to grad school and Literally Don’t Need It. I believe there are two options for it now:
- give it to another immediate family member who is interested in going back to school (there is nobody in my family who is doing that)
- transfer it to an IRA
The Thing about an IRA is that 1) I don’t know anything about them and 2) I don’t Have A Job so I can’t put money into it every month or whatever. Also, I think there are different types of IRAs? help me I’m very lost and I don’t really even understand what an IRA is or does.
if anyone has any advice/thoughts/comments/compliments and/or can tell me if I have committed fraud by Having a 529 and Receiving Scholarships, that would be great. (I emailed Someone at Some Point and they were like “you’re good don’t worry about it” but I do worry about it).
further information: I think the total value of the 529 is about $2,000* which is a little less than the amount I took out in student loans ($2750, which I will probably pay off this summer, but it was too much to put on a credit card), so it would be nice to just Have this money but also if it’s too complicated I am also in a fine place to just be like “that’s okay I don’t need that money”.
*or that’s the amount that my grandparents originally put in and now it’s some other amount? I don’t understand this and I hate it