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I am trying to save up to go back to school for an MBA. My goal right now is to enroll in a part-time program in the fall of 2016. I am going to try to complete in 3 years (maybe 4 depending on how strained I am financially and otherwise). Looking for an investment vehicle (something better than a low/no interest savings account) that will benefit from the following characteristics:
Any suggestions? (I am in Minnesota and our 529 offerings are not optimal). I was trying to read up on the T. Rowe Price 529, but I am not clear on how/if the tax advantages would apply to me. My understanding is that earnings will grow federal tax free, but will still be subject to MN state tax. I am also considering your run-of-the-mill mutual fund; maybe a Vanguard conservative growth fund? I have a Roth IRA that I max out every year that I will be using to supplement this. Also, please consider the effects of this asset on potential financial aid awards. Thank you!
- $3000 initial investment
- $20K balance by Fall 2016
- Biweekly/monthly contributions for 5 years
- Account untouched for ~2yrs.
- Biannual withdrawals ($5-10K) for 3 years
- Moderate risk/ conservative growth
- Willing to keep $3000 min balance
Any suggestions? (I am in Minnesota and our 529 offerings are not optimal). I was trying to read up on the T. Rowe Price 529, but I am not clear on how/if the tax advantages would apply to me. My understanding is that earnings will grow federal tax free, but will still be subject to MN state tax. I am also considering your run-of-the-mill mutual fund; maybe a Vanguard conservative growth fund? I have a Roth IRA that I max out every year that I will be using to supplement this. Also, please consider the effects of this asset on potential financial aid awards. Thank you!