There are many options to save for a child’s education including 529 and college savings plans, but many of these would most likely eliminate or reduce financial aid. If you’re worried about financial aid impact, a good way to approach the savings is to avoid savings and investment vehicles listed in college Expected Family Contribution (EFC) Calculation EFC Formula and on the FASFA form. Some ideas include:
- A cash value insurance policy
- Roth IRA or other retirement savings
- House equity (though some private colleges take this into account)
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