<p>Our original college savings account was joint with our daughter (not a UGMA or UTMA), but in my wife’s SS#. We created a 529 college savings account with me as the owner, and daughter as beneficiary. Withdrawals have to be for college (but can include room and board and misc expenses, as well as tuition). Gets reported as a parental asset on FAFSA, so gets the favorable treatment of the asset protection allowance, and the 6% assessment above that, instead of the 20% with no protection allowance.</p>