Best strategy for funding college
I'm a parent and trying to figure out what's the best strategy to fund college for my son, who's now a sophomore in high school.
Background. His father and I got divorced when he was 7 yo and I just got remarried this summer, I have full custody and father doesn't visit. I make a bit over 100K/year myself.
1. I heard the step father's income will have to be reported in FAFSA. Is this correct? If that's true, there is no way he'd get any financial aid, although I think my income only is too high anyway. Not sure the step father would personally contribute for college, I really don't think so, I think husband expects me to cover my son's college, which is fair. That would be fine if he goes in state, but if he ends up going out of state, it's going to be a problem.
Anyone has any information on how parents income is considered? What about his biological father's income? His father lives out of state, son lives 100% with me.
2. I saved for his college costs through a 529 plan, which is now at a bit over 40K. Would it be a good strategy to increase contributions to this account? I know put in $500/month but I can afford to increase to $1000/month if that would be a good idea. Should I do that or save separately?