Comments on: How To Save For College: Order Of Operations For Parents

By: Robert Farrington

Robert Farrington — Sun, 28 Mar 2021 17:44:54 +0000

In reply to Ronnie G. Glad you found it useful. Check our full 529 plan guide. Find your state: 529 Plans by State.

By: Ronnie G

Ronnie G — Sun, 28 Mar 2021 12:19:13 +0000

Extremely helpful article, thank you for this information! We’re researching the best 529 option for our 1 year old now and look to open one ASAP. The tough part is picking the right one! If there’s an article on that topic, it would be super helpful as well. Thanks again, Ronnie.

By: Robert Farrington

Robert Farrington — Fri, 25 Sep 2015 15:23:37 +0000

In reply to Ned.

No, the 529 is treated individually for each student, and so the oldest child won’t be impacted by you having different accounts for each of the kids. The only situation where they would be is if you were going to have 1 529 and transfer it to each child sequentially.

Remember, a 529 is treated as a maximum of 5.64% of parental assets for a FAFSA EFC calculation, so it’s a much better method to save than anything else when it comes to financial aid.

By: Ned

Ned — Thu, 24 Sep 2015 05:27:37 +0000

Are 529’s treated differently? For example, suppose I open 3 529’s, one for each of my 3 kids. My oldest kid applies for financial aid. Will the school look at all 3 529’s as being available for the oldest kid? Seems unfair for the oldest kid to get all the money.

By: Robert Farrington

Robert Farrington — Wed, 30 Apr 2014 14:45:00 +0000

In reply to Mike GetRichWithMe. That's such a great point - the earlier you start, the better. But, you can only start early if you have your financial house in order.