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Mary
Is retirement-saving the only option? Is there any kind of account that is more easily accessible after college that would not be considered?
It is my understanding that assets saved in the student’s name count more heavily against them, so maybe there’s no option.
Just wanted to ask the experts here!
Thank you!
HollandOpen a taxable brokerage in your name but earmark it for the child(ren). That’s what I do.
JulieRoth IRA can be accessed for certain things like a down payment on a house up to a certain amount etc
JessicaA Roth IRA is considered a retirement account and is a nonreportable asset for FAFSA, but the principal can be withdrawn at any time and both principal and earnings can be withdrawn for qualifying educational expenses. However, this would require you to plan several years out and for the student to have income. It’s the most flexible nonreportable asset, but still not very flexible. That’s the closes solution I can think of.
Holland529 will count as a parent asset even if the student has it in their name.
MatthewContributions the last two years count for FAFSA, so the contributions wills still count.
Even when it does, the difference is only $1,400 per $10,000.
LoriUnless you are poverty level financially putting extra $$ in a savings account is not make to make much difference in financial aid amount.
Go to the FASFA estimator and run numbers, the difference is very small. Much better to plan for you personal saving needs and not worry about FASFA.
KrisParent assets are about 6%. Student assets are about 20%. This only matters at meets needs schools. Edit: and retirement accounts are excluded.
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