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
