You thought you were doing the right thing. You opened up a savings account in your child’s name when she was a baby. You’ve been diligently socking money away for years. Birthdays, holidays, bonuses… You’ve stashed all of that money in your daughter’s account in anticipation of college tuition bills, which will be here before you know it. While paying for college won’t be easy, with that savings account and some financial aid, you just might be able to swing it. You give yourself a pat on the back. Then comes the bad news from the college aid office. You don’t qualify for any financial aid. “How could that be?” you ask. While you’re not poor, your income is moderate and you certainly can’t afford to pay for college out-of-pocket. You must qualify for some assistance. Unfortunately, you’re informed, the balance in your daughter’s savings account put you out-of-range for any need-based aid. “It’s too bad,” the aid officer lets slip. “If only the money were in your account instead of your daughter’s, you would have had some eligibility.”
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