OT: Saving for children’s college

[Coronita]

[quote=UCGal][quote=looking]I had heard that 529s set up by parents are counted toward the kid’s financial aid but that if the child has a 529 set up by someone else (ie. grandparent) that it doesn’t count. Does anyone know if this is true??[/quote]

It sounds like this *may* be true…
http://www.savingforcollege.com/articles/five-things-to-know-about-529s-and-financial-aid

But some school financial aid offices count 529 income that is distributed to support a kid in college.

I know in our case, it was a non-issue. My dad originally set up the 529’s… but he died and I inherited them. (Kids remained the beneficiaries.)
Also – I’m less worried about how the 529’s will effect financial aid… I’m hoping to be retired – so NO wage income to consider. That’s one advantage to being an older parent.[/quote]

Well, there’s talk they want to consider assets moving forward, like the equity in your primary 🙁

[UCGal]

If they change the rules, I’ll adjust my plans. Until they change them… I’ll keep saving in 529’s and hoping for the best.

If they look at home equity, then I can’t do anything about that.

I know the rule used to be that they considered 20% of the parents assets as available – but 100% of the kids assets. So a UGMA puts it in the 100% bucket since it’s owned by the kid.

I can only save/plan based on the rules as they exist. I haven’t figured out how to predict the future.

[UCGal]

If they change the rules, I’ll adjust my plans. Until they change them… I’ll keep saving in 529’s and hoping for the best.

If they look at home equity, then I can’t do anything about that.

I know the rule used to be that they considered 20% of the parents assets as available – but 100% of the kids assets. So a UGMA puts it in the 100% bucket since it’s owned by the kid.

I can only save/plan based on the rules as they exist. I haven’t figured out how to predict the future.

[UCGal]

If they change the rules, I’ll adjust my plans. Until they change them… I’ll keep saving in 529’s and hoping for the best.

If they look at home equity, then I can’t do anything about that.

I know the rule used to be that they considered 20% of the parents assets as available – but 100% of the kids assets. So a UGMA puts it in the 100% bucket since it’s owned by the kid.

I can only save/plan based on the rules as they exist. I haven’t figured out how to predict the future.

[UCGal]

If they change the rules, I’ll adjust my plans. Until they change them… I’ll keep saving in 529’s and hoping for the best.

If they look at home equity, then I can’t do anything about that.

I know the rule used to be that they considered 20% of the parents assets as available – but 100% of the kids assets. So a UGMA puts it in the 100% bucket since it’s owned by the kid.

I can only save/plan based on the rules as they exist. I haven’t figured out how to predict the future.

[UCGal]

If they change the rules, I’ll adjust my plans. Until they change them… I’ll keep saving in 529’s and hoping for the best.

If they look at home equity, then I can’t do anything about that.

I know the rule used to be that they considered 20% of the parents assets as available – but 100% of the kids assets. So a UGMA puts it in the 100% bucket since it’s owned by the kid.

I can only save/plan based on the rules as they exist. I haven’t figured out how to predict the future.

[an]

I personally think Coverdell is the best, but it only limit to $2k/beneficiary. That’s hardly enough to pay for college even if you star to save from day 1. I say if you want to be able to pay for their college 100%, you need Coverdell and 529 and/or custodial accounts. I prefer Coverdell AND custodial for their flexibility.

[an]

I personally think Coverdell is the best, but it only limit to $2k/beneficiary. That’s hardly enough to pay for college even if you star to save from day 1. I say if you want to be able to pay for their college 100%, you need Coverdell and 529 and/or custodial accounts. I prefer Coverdell AND custodial for their flexibility.

[an]

I personally think Coverdell is the best, but it only limit to $2k/beneficiary. That’s hardly enough to pay for college even if you star to save from day 1. I say if you want to be able to pay for their college 100%, you need Coverdell and 529 and/or custodial accounts. I prefer Coverdell AND custodial for their flexibility.

[an]

I personally think Coverdell is the best, but it only limit to $2k/beneficiary. That’s hardly enough to pay for college even if you star to save from day 1. I say if you want to be able to pay for their college 100%, you need Coverdell and 529 and/or custodial accounts. I prefer Coverdell AND custodial for their flexibility.

[an]

I personally think Coverdell is the best, but it only limit to $2k/beneficiary. That’s hardly enough to pay for college even if you star to save from day 1. I say if you want to be able to pay for their college 100%, you need Coverdell and 529 and/or custodial accounts. I prefer Coverdell AND custodial for their flexibility.

[Scarlett]

Doesn’t Coverdell have a limit for the parents income ($95K single, 190K joint)?

[Scarlett]

Doesn’t Coverdell have a limit for the parents income ($95K single, 190K joint)?

[Scarlett]

Doesn’t Coverdell have a limit for the parents income ($95K single, 190K joint)?

[Scarlett]

Doesn’t Coverdell have a limit for the parents income ($95K single, 190K joint)?

[Author]

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