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I have heard claims, rather often, how Life Insurance, Whole and IUL, can be a better choice to save for college than a 529 plan. To date, I have never read an explanation that satisfied me as to why that is.
With all seriousness can someone explain to me in simple language how and why this could be the case?
Thanks!
This was the post I responded to.
I will reiterate: "Or there's a bank account... "
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The conversation is about what you can exclude from FAFSA. Which isn't much.
I had to look it up:
Free Application for Federal Student Aid (FAFSA)
I suspect people who use whole life insurance, to save for for their kid's college, will need lots of Federal Student Aid.