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Since the 529 is in the students name, they will receive less aid or scholarships. Might be something to look into.
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Chances are strong that if your children are white and you have taken the time to actually consider paying for their college, then you will probably not qualify for a dime of financial aid.
A few years ago, my girlfriend was living on her own making around $8,000 per year and she could not get a dime of help unless she was pregnant or of a different race. In fact, since she was 20, her parent's income was tacked onto hers even though her parent's income is by no means impressive.
In other words, if you spend your time watching TV and going out to eat, the goverment may take care of you (if you are lucky enough to be of some other race than white). If you actually think about your financial future, you are already screwed. At least the 529 allows quite a bit of tax free investing.
Brandon