Question
What is the name of your state? NJ
I am custodian of my child's escrow account, a life insurance benefit. The court told me the 2 of us have to go in when he is 18 to get the money. Why can't we access it sooner? College applications are due way before he turns 18.
Answer
What is the name of your state? NJ
I am custodian of my child's escrow account, a life insurance benefit. The court told me the 2 of us have to go in when he is 18 to get the money. Why can't we access it sooner? College applications are due way before he turns 18.
What does a college APPLICATION have to do with anything?
Answer
Colleges can require a certain percentage of all your child's(maybe parents'?) assets to pay tuition (I've heard 25-30%). Tuition will need to be paid prior to his 18th birthday. Even if he takes out student loans, some of this money is required to be used by the college. Also, he'd probably love to get a car, knowing him! I'm trying to make sure his financial aid process goes ok.
I've attended college prep classes with him, so the fact the money can be required as payment is true!
Answer
Colleges can require a certain percentage of all your child's(maybe parents'?) assets to pay tuition (I've heard 25-30%). Tuition will need to be paid prior to his 18th birthday. Even if he takes out student loans, some of this money is required to be used by the college. Also, he'd probably love to get a car, knowing him! I'm trying to make sure his financial aid process goes ok.
I've attended college prep classes with him, so the fact the money can be required as payment is true!
I have no idea what you are talking about.
Answer
You wrote, "The court told me..."
What court??
Answer
That is probably the way the "acct." is set up - that is cannot be accessed until he is 18.