Reply to Answer provided: How will a 529 plan affect my child's chances to qualify for financial aid?

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Reply to "Answer provided: How will a 529 plan affect my child's chances to qualify for financial aid?"

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[quote=Anonymous][quote=Anonymous]guess what, if you're middle class or more, you're not gonna get that much financial aid anyway.    people have this misconception that a school or the gov't is going to pick up 50% or more of someone's tuition and that might be jeopardized if they actually save for college in a 529.  Um, no.

If you have the average HHI income in this area or more, (say 100k) you are not going to qualify for aid packages, so you need to save.  And most kids don't get academic or athletic scholarships unless the school is private anyway, in which case it's more expensive than what you'd pay at a state school anyway.

Just save people.[/quote]

And if you do get aid, it will likely be in the form of a subsidized loan. Sure it's better than an unsubsidized loan, but it's still a loan and expensive to pay off.

I was offered merit scholarships by 3 different state schools, so I don't think it's fair to say only private schools offer those type of scholarships though. Anyone accepted into the honors program at my state school got a partial tuition scholarship, and I think a lot of other state schools do something similar. [/quote]

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