Roth IRA Contribution or MBA Program?
Hello everyone, I'm currently working in CorpFi (in my 20's, early in career, making about 75-80k tc) and looking to make a career switch by gettingprogram. I'm trying to figure out what to do with the rest of my 529 (college fund).
Recently, there was news that a maximum of $35,000 could be rolled over from a 529 into a Roth IRA. My parents are willing to make the maximum contribution ($6500) over 5.5 years, which would be huge for me saving money as I had intended to max that out as long as I made income that qualified for a Roth.
I would have roughly ~$40,000 in the 529 after a maximum contribution of $35k to the Roth.
However, I also have the option to pursue an MBA program, a M10-15 which I am safely assuming would be ~$200k. My parents are not willing to go out of pocket or expense this program or living expenses. I would have to take out a loan in order to do this.
So, do you think it would be smarter to use that 35k to go into the MBA program and take out less in loans? Or should I take on more debt and have my parents roll over the money into the Roth? While I cannot necessarily guarantee what job I will have after an MBA, I only intend to go to a M15 program and would target recruitment for high-paying lines of finance.
If anyone needs any additional details please let me know! Feedback on this forum has been fantastic when I've asked questions in the past.