How do I decrease my EFC?

vballmom
Fri, 11 Jan 2008 19:15:34 +0000

A student-owned 529 will shelter assets in 2008. Student-owned 529 accounts are not counted as assets this year due to the loophole in the law. Therefore a student-owned 529 is an effective shelter for students who are going to college this fall. The law changes in 2009, which is why I asked if her child is going to college this year or sometime in the future. If the child isn’t going to college this year, then moving assets to a 529 (either child- or parent-owned) will not be any more effective a shelter than keeping the money in a cash account.