NEW YORK (Money magazine) -- Q: My wife and I could use the funds in our 5-year-old son's money-losing Ohio state 529 account to pay off my wife's $25,000 Stafford loan. Any reason not to? -- Joseph Kim, Sandusky, Ohio
Pillaging your kid's account means you'll have to start from square one for saving for his education, says Kalman Chany, author of "Paying for College Without Going Broke."
Also, you'd be disallowed any Ohio state income tax deduction you took in years you funded the account (or planned to carry over for future years), which means you might have to cough up several hundred dollars.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.93%||4.15%|
|15 yr fixed||3.03%||3.12%|
|30 yr refi||4.01%||4.20%|
|15 yr refi||3.09%||3.17%|
Today's featured rates:
Better-than-expected iPhone sales and record Mac sales lifted Apple in its fiscal fourth quarter. More
The Fed official overseeing Wall Street says things need to change, and if the risky culture isn't turned around, it may be time to break up the big banks. More
In three years, all Chicago high school students will have to take a coding course in order to graduate. More
Detroit has 80,000 dilapidated properties and 100,000 empty lots. It's trying to get more people like Antjuan Wyatt to buy them. More