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How does putting some money in your child's name in a custodial account negate the possibility of an Ed-IRA or 529? You can invest in more than one vehicle for your child's college. Save early, save often, and get your child started saving too.

Money in a child's name does affect the need assessment, but I don't think it necessarily causes problems. It's probably a good idea for younger children -- it shelters their funds from being considered.
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