I don't understand why the easiest thing isn't to just pay the college directly. If you do that, then the assets are never counted against the financial aid because they don't belong to the student or the parents. In addition, you are not subject to the gift tax rules limitations.Is there a reason you're not just sending the money to the college to pay the bill directly? I don't understand why the need for the gyrations to give the money to the parents during some short window so that it doesn't count as their asset, and assuring that they spend it on college. That just adds another level of complexity to me that I would not want to deal with.
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