<p>Wow, I guess it’s kinda handy to have all the old wives’ tales in one place . . .</p>
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<p>Not true, 529’s are assessed as a parent asset, not as a student asset. Resulting assessment = 5.64%, not 20%.</p>
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<p>Both of the above comments apply only if the student limits his or her applications to FAFSA-only schools, which sounds like what this family did. I’m guessing that the students who are already in college have been covering their costs with student loans. With low income and multiple siblings, the younger kids in this family might do better to look at Profile schools, which tend to be much more generous with financial aid. If they qualify for admission, they might be able to fund their education at some of the more competitive Profile schools with nothing but grants, summer earnings, and work study, rather than relying on student loans . . . and they’ll end up paying less for their education than if they attend FAFSA-only schools.</p>