Deal Specialist » Child http://www.dealspecialist.com bargain-hunter, investor, productivity junkie, techie, deals Mon, 14 Sep 2009 20:01:33 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Best method for saving for child’s education with minimal impact to Financial Aid? http://www.dealspecialist.com/2009/09/14/best-method-for-saving-for-childs-education-with-minimal-impact-to-financial-aid/ http://www.dealspecialist.com/2009/09/14/best-method-for-saving-for-childs-education-with-minimal-impact-to-financial-aid/#comments Mon, 14 Sep 2009 19:56:35 +0000 Simon Eurek http://www.dealspecialist.com/?p=195

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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