529 College plan

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Sep 21st 2007, 10:27 pm

#16

Philgr

BE Enthusiast

Joined: Jan 2004

Location: Northern California

Posts: 872

Re: 529 College plan

Quote:

Originally Posted by Lord Lionheart

Thanks, didn't even know there was a State plan

Here's a good comparison of the State plans from a recent Money Magazine.

Sep 22nd 2007, 12:00 am

#17

Giantaxe

Lost in BE Cyberspace

Joined: Jan 2006

Location: San Francisco

Posts: 12,865

Re: 529 College plan

Quote:

Originally Posted by Bob

sod the education, go for 401K...because if you've saved for college you won't be eligible for as many loans/scholarships etc because you've got the money...

Student-owned 529's are now not counted in the financial aid formula so this can be circumvented. I guess there may be downsides to having a child owning the 529 though.

I do agree with the general premise that it's better to fund a 401(k) - also not counted in the aid formula - to the max before funding a 529 plan.