Quote:
Originally Posted by Nickshu
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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We put the money in years ago. Nice to know we are being screwed for taking personal responsibility. I don't think we qualify for a Roth. Too much income.