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GoSox Dad, Southborough, MA Preschool, K-5th Grade
 Comments In Start a College Savings Plan Saving for college is a great idea, but 529 plans are probably not the best vehicle. All the money in those plans counts as money/income that you have available to spend on college and thus reduces the amount of financial aid you'll qualify for. If you instead open a uniform gift to minor account (UGMA) in your child's name (or each child), the money "belongs" to your child and does not count as money that you - the parent - have available to spend on education. You can still invest it in anything you want - mutual funds, etc. - and get the same earnings you would in a 529.
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