<p>So you have a number of issues to examine here. 1) the specific rules governing the 529, the one you have now and others that your son could open for himself 2) Tax implications as to who makes the 529 contributions 3) How schools would look at 529s when putting together financial aid packages and whether they would look at student 529s differently from the parent’s. FAFSA is straightforward in this regard, but schools can do what they want with their own money </p>