@#18- Are you kidding? $64,000 is enough for just one year of some Universities in my city.

And that's pretty ridiculously expensive. $64,000 is far from being stratospherically expensive for a full 4 years of college, though, especially if this isn't just for tuition.

wth? how is 64grand a lot? my bros a freshman at UPENN and we've paid off all 4 years of tuition in advance. Yea, thats over 150k.

Curious: Did Penn offer your parents a significant discount for pre-paying all four years of tuition up front? Also, what happens to the money if your brother flunks out or wants to transfer elsewhere?

My tuition is about 8000 at Penn State per semester (if I were out-of-state, it would be over 27k a year). 64k would cover my entire college education minus books and the cost of living. Regardless of whose money it was, that really sucks.

41- And does prepaying cover his tuition even if it's raised during the four years?

To answer all of your questions, the advantage of pre-paying all 4 years is that you pay the flat rate, as in, the current tuition (times 4, of course). UPENN tells you in advance that they raise the tuition by like 2% or something each year, and obviously that adds up after 4 years, so you can avoid the extra 2% by paying it all off first. And if he flunks out or changes schools, the balance is simply refunded, no money lost.

*da bum tsh*

#20: Where do you live that parents are forced to pay for their kid's education?

That's stupid that parents are legally required to pay for college and if they can't the taxpayer has to pick up the slack. The us us system isn't great either, but at least our taxes don't have to pay for other kids higher education.

Amen

It's the kids' money, but 99.9999% of the time, it's an account under the parents' name. They kids are the ones that don't have access to it. Can you imagine them using their thousands of dollars in college funds to throw raging parties when their parents are out of town?

Ohh that sucks. Irresponsible parents! Thank goodness I don't know of such a thing...

How do you know she's old enough to have her own? It could've been what her dad had put into it over the years. She's probably not even 18 yet, which means he would have to know the password. And $64,000 is a LOT of money for college.

I kinda doubt the OP trusted their father with the account information. Odds are that the account was simply in her parent's name, or it was a joint account between OP and the parents. Either way, the OP's parents would have access to the money at any time.

or even easier, dad knows his social security number If you know someone's social security number and bank account you can get acces to it in 15 minutes