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As college tuitions continue to rise yearafter year, financial aid and loans can be part of the overall savings strategy, but it should not be a substitute for starting to save early and often in a tax-advantaged account, like a 529 plan, said Joe Ciccariello, vice president of college planning, Fidelity Personal & Workplace Investing.
Because assets in a 529 plan are considered those of the parent and not the child, a 529 account can have a relatively small impact on financial aid, the report said. Savings accounts in the childs name may have a larger impact on financial aid eligibility.