<p>It worth investing in the book "How to Pay for College without Going Broke 2008" by the Princeton Review. While abit complicated if you don't understand your income taxes, it is written in the simpliest terms possible. Examples, includes FAFSA and CSS forms are included. The book explains how calculations are figured etc. Its the best money you will spend and you will learn something about the process and how you should be "naming" you college accounts, etc.</p>
<p>wait... what about 529s "not counting"? Are people saying you don't have to report them as assets/that they don't count as parent assets? I thought FAFSA specified that they count as parent assets. The 529s are the only assets my mom has, so if they do not legally need to be reported, that would be good to know!</p>
<p>Due to a temporary loophole, child-owned assets in a 529 don't get listed on the FAFSA for the upcoming 2008-9 school year. Parent-owned assets in a 529 do get listed for the upcoming year. It's more common for 529 assets to be in the parent's name; usually you would only have child-owned assets in a 529 if the parent started saving in a custodial account before the whole 529 program was created, and then the money was moved over to a 529 later.</p>
<p>As Muffy said, child-owned assets in a 529 will need to be listed on the FAFSA next year (2009-10), when they will be assessed at the parent's rate of roughly 5 and a half percent.</p>