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College and University Discussion
Reply to "What Top 30 colleges give most aid to 250k families..."
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]And I love people where Dad is over 59.5 and they have five million in 401K and claim no assets. That 401K money can be pulled penalty free. [/quote] 401k is for retirement. I believe this is classified as a "hardship" withdrawal and must demonstrate no other way to pay for education. No penalty but you have to pay income taxes. [/quote] 401Ks are not easily accessible. They should be protected, and are. Smart people save for their retirement and figure out how to pay for college as needed (if they cannot afford to save for both) However, nobody has $5M in a 401K. [/quote]
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