I am a class of 2018 high school graduate who is starting college this fall. I have a 529 plan with nearly $30,000 in it, but my school presented me with a scholarship that, after financial aid, will leave my tuition at less than $1,000 this coming school year. The scholarship recurs over four years, so if this continues and I continue to receive the amount of financial aid I am this year, I expect to have a lot of money left over in my 529. I have a couple questions:
- When and how do I withdraw money to pay for my college expenses?
- For the money that I hopefully will have left over, what kind of fees can I expect for doing a non-qualified withdrawal of what is leftover? I am from Wisconsin, for the record.