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Recreational Mechanic
Join Date: Sep 2000
Location: Northern Colorado, USA
Posts: 3,326
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Quote:
Originally Posted by HardDrive
My daughter (only child) is 11. We've saved a bit in a 529, and God willing, should be able to pay for her college.
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Per my finiancial planner: Do a Roth for her, not a 529. Colleges are now subtracting 529's from financial aid eligibility. Parents who did "the responsible thing" and saved in a 529 are now penalized for doing so by reducing their aid eligibility.
Roth's can be used the same as a 529, don't get subtracted from grants and aid your child is eligible for (as technically you can say its for their retirement), and if they get a scholarship and don't use the money it just stays there as a retirement asset for them.
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P Cars: 2022 Macan GTS / One empty garage space ---- Other cars: 2019 Golf R 6MT / 2021 F-250 Diesel / 2024 Toyota GR86 6MT ---- Gone: 1997 Spec Boxster Race Car, 2020 GT4, 2004 GT3, 2003 Carrera, 1982 911SC, 2005 Lotus Elise and lots of other non-Porsches
PCA National DE Instructor #202106053 / PCA Club Racing / WRL Endurance Racing
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