Just as a heads up. Rather than contributing 100 a month and being the owner of the account you may want to consider having your parents open the college savings paln in their name and send them the money to contribute. This way it does not show up anywhere in the calculations for financial aid.
Safe Harbor
Need to have a good relationship with family to do this. [/quote]
I have the money in either Educational IRA or 529. I am pretty the money is actually in each kid’s name and I am the custodian. The idea being better tax treatment until time for withdrawal. Don’t know how this might affect the financial aid situation but I don’t think sending the money to grands would help, unless they set up a completely separate account and hang the tax advantage.
The good relationship part might be problematic as well. My side is certainly no good. My wife’s side, depends when you ask.
Interesting idea non the less; I will look into it.
