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I have 529 plans for both my kids. Lets say I save up enough for them to pay for their entire college. If an alternate family, making the same as us, saves noth

• deleted 7y ago
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• sudosteph 7y ago
  Not likely. FAFSA is almost 100% determined by your parents income from the previous year tax reports. It doesn't typically cover everything, even if you get the biggest possible grant. I got a decent FAFSA package, went to a very-affordable in-state college, but I still have loans that probably would have been avoidable if my parents had invested in a 529.
• wanderr 7y ago
  It's hard to say without knowing how much you make, or what schools your kids might go to, but it is certainly possible. Many schools use FAFSA not just for federal aid but for determining how much "need" your kids have for other assistance beyond what the federal government might offer. They look at how much they think you can afford, assume willingness to take on some amount of debt, and weigh how much they actually want your kid in their school. If you make so much that the schools are going to consider you able to pay full tuition no matter what, a 529 will only help you. If you might qualify for some aid based solely on your income, it could make a difference: https://www.reuters.com/article/us-column-feldman-529/dont-let-that-529-college-plan-hurt-your-financial-aid-idUSBRE93S0LZ20130429 https://www.reuters.com/article/us-column-feldman-529/dont-l...