south central WI | johnwayne360 - 1/4/2025 17:45
college saving plans influence your ability to get college loans and grants.
529 plans: No affect on merit based scholarships, minimal on need based FAFSA money according to a quick search.
I put away something like $125 a month per kid in a 529. Only 1 kid went/is going, and he will almost pay his whole way in scholarships and grants he won. It's nice to have money there in case they go, and it's under my control if they decide not to. I will take a small tax hit on the money if I cash it out, but it beats not having any money available. $125/month is easy to blow on things and not notice it, but adds up quick after 18 years. |
New Dad: Tax Savings and College Investing Ideas
