Smart guy!
For those who have not been through the process of applying for financial aid (FAFSA and CSS Profile) it is best not to have any more than 10-20K in savings when you are applying for financial aid from a school. If you have more than that saved, 1/4 of that amount is deducted from your financial aid package by the college (i.e. added to your expected family contribution). Over the course of the 4 years, the college wants to consume all that you have ‘saved’ for college.
So, its best to have nothing for them to consume.
Also, forget about the 529 plans!! This is just a scheme for the government/colleges to better track how much you have saved for that college education. If you have 100k saved in a 529 plan, the college will add 25k to your expected contribution each year when they calculate how much financial aid they give you. Its a scam. If you have money saved in a 529, cash it out during your child’s 2nd year in high school (financial aid data looks back 2 years), pay the penalties, and stick it in a retirement account so it is not visible to the financial aid people.
To anyone who has not been through this, it is advisable to pay for college financial aid accounting help, as it will save you a LOT of money. (and no, I’m not a financial aid consultant, but I do have 2 kids currently in college)
For later