The money is in each kids name but the problem is that when it comes to fin aid it can be counted as an asset which works against you.
Now if it it is grandma and grandpa name it does not count as an asset. Als remember to get all money out of the kids name before applying for financial aid. The formula for financial aid requires th kids to contribute roughly 30% of their saving vs 6 % of the parents. By dimply moving he money around their is a good opportunity to get more aid in either to form of subsidized loans vs unsubsidized or grants. You can google The Common Manual for the specifics. It is the guide to financial aid. probably over a 1000 pages.
