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Reply to "Need advice on how to save for college - financially dumb parents and tricky situation"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]When it comes time to calculate the expected family contribution 529 money will count as the kid's asset instead of the parent's, which reduces financial aid awards.[/quote]No, not the way it works now, as long as the parent's name is on the 529. It used to be an issue, but not now. Also, the 10% penalty is on [b]earnings[/b], not on the total assets withdrawn[/quote] Also, if one is a fed and the other earning enough to max out 401k, they are not going to get any financial aid anyway, so this would never be a concern.[/quote]
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