The most popular way to save for college is the Section 529 College Savings Plan. But financial planner Michael Smith makes the case for why 529 plan might not be the best choice. The reasons are that 529 plans lack flexibility, have higher expense ratio fees and is vied as child’s asset by some schools when obtaining the financial aid package. Alternatively, you can invest the college fund in an outside low cost index fund that’s considered as parent’s asset or discuss with your child about choosing a lower cost school. (forbes.com)
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