Beach Boyd's Higher Education Scholarships

Scholarship (Higher education)

Funding

• B&T are funding this. Please do not share the dollar amounts outside the family, but feel free to share the process with others for the benefit of their families. 

• Part of this funding is through a tax saving state 529 program with a max of $12K/year per couple.

• When funds are added to the account, it lowers your state taxes for that year. When you remove funds for higher education there are no State OR Federal taxes due.

• These 529 accounts need to have a grandchild's name on them, but can be changed to another name at any time

• To be used for Elementary, Middle, High School and Collage.  

• B&T can also ‘gift’ $12k per year (without tax consequences) to other couples and those couples can fund their own 529s and get the state tax reductions.

• Oldest grandchildren will be funded first

Dispersing Funds

• Foundation will pay ⅓ of the BYU Provo going rate for a year, that includes all costs, tuition, room, board, books (if there are books in the future…), etc. 

• Grandchild does not have to go to BYU, but the foundation only pays ⅓ of BYU Provo. Example, if the ‘published’ BYU Provo cost is $21k / year, ⅓ is $7k paid directly to whatever school they go to.

• https://enrollment.byu.edu/financial-aid/cost-of-attendance

• If Grandchild earns his ⅓ through scholarships (sports or grades) they still get the Boyd Grant.

• Will pay for 4 ½ years of education

• If they don’t go to college, that money is not used for anything else, not for travel, or starting a business, etc, 

• This can be a trade school, beauty school or any kind of education that helps create more skills and earning power

• Grand child will be made aware around 14 years old so that they can earn money and have skin in the game

• There is not an age cut off to receive help

• Will do 1/3rd of 1 semester abroad

• Grandchildren enlist in the military:

  • They can go to school with the G.I. funding but are not funded from the foundation

• Step children and adopted can still benefit from this foundation.

• We do not want any spoiled ‘Trust fund’ Grandchildren. 

  • B&T, J,K,L,M,J and spouses did it on their own or with parental help and turned out great. 

  • The hardest part of all is for grandchildren to learn the same lessons financially, socially, physically etc as the parents and grandparents did because they did not have to struggle

  • Path to the promised land is through the wilderness - it involves struggles

• Missions and Scholarships spreadsheet link