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Originally Posted by Slava
It does depend on how the program is set-up, but for most plans you shouldn't have this kind of hassle. The plans I set-up are not based on receipts or anything like that and you can specify how you want to have the withdrawals take place (you can take the grants first for example which has certain advantages). Basically you provide proof that the student is enrolled, say how much you want to take out, sign a couple forms and its done.
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That certainly makes more sense, but honestly, we have had nothing but the run-around as to how the monies are paid out. From what I can gather, there is no optionality as to how you receive the funds. Essentially we receive the principal payments in year 1 and the interest/investment income and grant money in the following years. That money appears to be pooled with the group, so if some of the group doesn't qualify, more is paid out to those that do. It honestly feels scam-ish to me, as they have yet to provide me with an accounting of what I can actually expect to recieve (other than the principal).