Educational Savings Accounts

[ndws]

I think you also need to take into consideration if you plan on the edu fund to pay for the majority or not. If you have an education fund in place, you severely hamper fafsa opportuties...well, at least if the "parent" is the keeper of the fund. I think a grandparent can open a fund, and then when the question is asked if the student's parents have an education account opened for him/her, then its a loophole and doesnt' nuke your fafsa application.

We have a 2 year old we are reviewing all options with right now as well, and this is something our planner mentioned.

[Dunit35]

Originally Posted by ndws

I think you also need to take into consideration if you plan on the edu fund to pay for the majority or not. If you have an education fund in place, you severely hamper fafsa opportuties...well, at least if the "parent" is the keeper of the fund. I think a grandparent can open a fund, and then when the question is asked if the student's parents have an education account opened for him/her, then its a loophole and doesnt' nuke your fafsa application.

We have a 2 year old we are reviewing all options with right now as well, and this is something our planner mentioned.

Back in 2005, I was denied college grant money due to my father making too much, which was $50k for that year. They didn't bother to ask about the previous five years when he was barely working.

So, if finances continue the way they are for my wife and I, I expect our girls to get denied grant money also.