Every argument has two sides and the 529 Plan is not without scrutiny. The 529 Plan can disqualify you from college financial aid. Also, we have been led to believe, the government was acting in our best interest, when this plan was created.

The 529 Plan can prevent your child from receiving financial aid. The money inside these plans must be reported on your financial aid forms. People may actually disqualify their kids from scholarships outside of financial aid, based on funds in the 529 Plan.

The government has allowed the 529 Plan to become part of law. However, should there be full disclosure, concerning the economic consequences of putting money into the plan? Some parents do not fully understand, that they are self-insuring their child's college education. The government is attempting to take the burden off the state and itself, and not aid in your children's college education. People have been brainwashed or maybe they never thought about it this argument.

The 529 Plan can be scrutinized. On the one hand, it is great that you have saved for college, but you and your child may have to pay more, than without it. The notion that the government passed the plan into law, in your best interest can be questioned. If you can pay for college with the 529 Plan in full, you win.

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