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]

It really depends on the school.  I went to a small, highly ranked liberal arts college with a very large endowment.  My parents made about 130k/year when I was in college.  I paid about 7k/year total (including loan amounts I took out); the remaining 30k was covered by the school's grants.   My brother was at a state school the same year and paid at least double what I paid - lower tuition, but no financial aid.[/quote]

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