529 plan confusion as related to the fafsa

Asked 8 months ago - Newburyport, MA

I have 2 kids and I have a 529 fund for each kid. Child 1 is now of college age. The fafsa takes both 529 funds together and uses that figure to determine child 1's efc. This is a rude discovery. I am now asking myself if I should just change the beneficiary of the 529 funds to child 1 and spend them down so that there is a prayer of child 2 getting some aid. (Both funds are in the parents name)

Attorney answers (1)

  1. E. Alexandra Golden

    Contributor Level 19

    Answered . This isn't a legal question and really requires knowing more about the family finances to answer. I strongly suggest finding a local financial aid counselor.

    E. Alexandra "Sasha" Golden is a Massachusetts lawyer. All answers are based on Massachusetts law. All answers are... more

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