It is tough but workable.
Parents/Child need to prepare with $60,000 to $70,000.
Before 14th birthday, Parents shall contribute $30,000 to child's 529 college plan.
After 14th birthday, Parents shall stop contributing any fund to 529 plan.
At 12th grade,child shall start withdrawing money from his/her 529 Fund and attend local Community College. File his/her own income tax and document first year self-support budget. ($18,000).
At UC Berkeley freshman, child shall document rest of self-support budget.($50,000).
The budge resource: $30,000 Parent 529 trust plan, before 14th birthday.
$9,500 Federal Stafford Loan
$32,000 student W2 work from 9th grade to 12th grade.
Grade 9, $3000, (Summer work June, July, Aug)
Grade 10, $5000, (Weekend work, plus summer)
Grade 11, $6000, (Weekend work, plus summer)
Grade 12, $8000, (Weekend work, plus summer)
Freshman $10,000
Total budget: $71,500
Below is UC Financial independence requirement:
Student is self-sufficient. He has supported himself for two full years prior to the residence determination date of the term he proposes to attend the University through his own resources, such as employment, commercial/institutional loans in his name only, financial aid and saving from earnings, all of which require official documentation (note: the two years required for self-support might not coincide with the two tax years he must not have been claimed by any individual). Budget Worksheet (PDF)
To verify financial independence (self-sufficiency/ self-support), the student must document his or her income and verify that he or she was not claimed as an exemption by parents or anyone else for the two years prior to the request for residence.
The student is also required to present a budget showing how he or she is able to be supported by the funds claimed.
Self-support is defined as money which can be officially documented that the student has earned through his or her own employment, commercial loans, financial aid, savings and/ or other loans obtained with the student's own credit, without a cosigner. Parent PLUS loans cannot be considered self-support.
Loans or gifts from relatives, associates, or friends, regardless of the terms, are considered financial assistance and cannot be included as student income when determining self-support. Non-institutional loans or funds that are “gifted” to the student by a relative, associate, or friend, through a “college fund,” savings, trust, or other financial vehicle, will not be considered if the funds were established after the student’s 14th birthday.
If the student's income is a trust account established prior to the student’s 14th birthday, the student must also verify that he or she has complete control of the trust, that the funds available at the time of origination were sufficient to allow the student to be entirely self-supporting, and that the trust has been in use to support the student. Copies of yearly beginning balances, withdrawals, deposits, and ending balances of the trust account(s) will be required. Non-verifiable income cannot be considered.
选择“Disable on www.wenxuecity.com”
选择“don't run on pages on this domain”
