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][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are in an interesting (99 percent good!) situation. My in-laws are putting 10K per year into each of our two children's 529. They (in-laws) are the account owners. Because of this, [b]and because we are not wealthy (making about 125K per year, mostly my salary, until my husband picks up more projects) we are not really in the position of saving for our own retirement and also saving for college[/b], so this pure relief to us. I'm very thankful and we trust them fully. However, if you didn't trust your in-laws' financial decisions, or if they were the type to make strings-attached gifts, this could be a big concern, where you'd basically start an account for a child but maybe not need it all, and then, you get a penalty and taxes on the earnings. I wonder if there are people in this situation, where parents or in-laws are saving, but at the same time, the child's parents are not fully confident that the grandparents won't withdraw for other purposes, etc. I'm glad we are not in that situation, but sometimes, even though I fully trust my in-laws, I think we should also be saving. Unfortunately, we don't have any room to save after our modest mortgage and bills and paying into retirement savings (which we are not close to maxing out - just doing the best we can).  So again, huge relief that the grandparents on DH's side are very wealthy and very generous. Wish we had more money, though. (Doesn't everyone?) [/quote]

I'm the pp, and this is what I'm talking about.  You can save for college...what about the bottom half making 40K HHI?  You don't need to pay for private school.[/quote]

...forgot to bold what my reference was to....[/quote]

What are you talking about when you say "this is what I'm talking about?" Are you the PP talking about not taking scholarships from the bottom half? Don't you think maybe you have someone else to pick on when you say I can afford to save for college? In fact, we would really struggle to do so and meet all of our other financial obligations (which, I assure you, are NOT extravagant in the least). I work my ass off, and no, my kids do not go to private school. What an odious prick you are to make such assumptions and to use me to score a point. And how off base. Did you read where I said 125K? Do you seriously think one affords private school in this town making that? Anyway, I was just sharing an observation. Go find another example and another random person to insult. Or rather, don't, and be nice for a change. [/quote]

I'm actually not an odious prick.  With $125K HHI, you are very wealthy.  We've discussed this on DCUM ad nauseum, about how that may not feel wealthy, but in comparison it is.  And, when I said private school, I meant private college.  State colleges are obviously more affordable.  But, hopefully you've got it covered with inlaws.  However, there are many people in your income bracket (but perhaps not you), who say they can't save for college and don't, and take money from more deserving students.  I'm sorry my post was abrupt, but a shift in thinking needs to occur, especially as the income gap widens.  [/quote]

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