What if 529s are Not What Wall St. Hypes Them to Be?
What if a 529 Plan Reduced Financial Aid by MORE than it Grew in Value?
At left is a photo of the CollegeBoard's EFC (Expected Family Contribution) Calculator's data entry page. This information is for an actual family of four with an 18 year-old heading to college and a 16 year-old still at home. Below this paragraph is a Results screenshot showing this family's EFC to be $13,516. If the chosen college met 85% of Need and cost (list) $40,000 the family could expect a financial aid award on the order of $22,511.
This is calculated as follows (contact us for details):
$40,000 Price - $13,516 EFC = $26,484 Need x 85% Need Met = $22,511 Financial Aid Award Package.
Let's take a look at how this family owning a $50,000 529 Plan Could change the financial aid award picture, here.