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KKKF1: "have some savings/stocks, some mortgage balance. Should I pay as much as possible to the mortgage to increase my financial aid eligibility or save as much as possible to pay for my kid's college, which will be in 3 years?

Scenario 1: pay mortgage, then apply for big student loan.
Scenario 2: save, then apply for a small student loan.

Which one gives me better tax advantages? Also for student load, I heard that we can apply as parents or ask my kid to apply by herself. What are the pros and cons?"

<<<I'm very confused on what you are trying to accomplish. Is the rate on your mortgage more than you would pay on student loans? Why do you think it is better to end up with bigger student loans so you pay more interest?

I also don't think there's enough info here to help you.>>>

"I am not sure what range the student loan rate would be, but I have the impression that student loan has better tax advantage than home mortgage loan."

First, any loan that your child takes out has NO tax advantage for you.

Second, while the FAFSA does not count home equity, some private schools do, so you may not be "hiding" anything, depending upons the school or schools your child is considering.

Third, what is the obession with tax advantages? Tax deductions save pennies on the dollar. If you want a write-off, just let me know. I will establish a single member LLC to which you can money in the amount you wish to write off. When you want the write-off, just call the loan and if the borrower does not pay you back, you can have a bad-debt write-off.

Fourth, I agree with whomever wrote that too much information is missing.

Regards, JAFO
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