There's pros and cons to either way.
I'm sure people are concerned about FAFSA and that 529's from non-parents are considered "student income" for the following year. And student income is counted more heavily than any other student or parent money. A parent owned 529 is a parent asset and only counted "towards college cost" at about 5.56% right now. BUT (that's a big but) if the student doesn't use the money until his later years, it doesn't get counted until later years. So for example, he could use it at the beginning of his senior year and is not counted at all.
A monkey wrench is if a private college financial aid application asks (as my son's college does) if a 529 plan exists, owned by any non-parents with the student listed as the beneficiary.....and it's honestly answered, then (sound of the buzzer), they count it however they want to in their private college-ness.
A trick there is to list yourself as the beneficiary (which is legal) and at the point you're ready to give the funds to the student, change the beneficiary and give the funds to the student. BAM....he gets around all the private college stuff without even lieing.
Of course the kicker anyways is that if you have any money, the only "aid" you're likely to get is high cost loans with front end loads (like staffords). So yay. You get sucky loans for all this work.
Wanna get more money? Have the kid go to a high school with a crew team (those long skinny rowing boats) and go to a college with a crew team. It is the easiest team to get on and get a scholarship for. My sons friends who are on the team get 50% of their total cost paid.
