Saving for college in mutual funds that are not sheltered within a 529 or another non-assessable account can have a huge impact on your Expected Family Contribution (EFC). Mutual Funds Create a Double Assessment Mutual funds are not only assessed as an asset at 5.6% to determine your EFC but the internal capital gains, dividends, and interest income are also assessed as income at 47%--a much higher rate than the asset assessment! It’s the latter assessment, of course, that can really do serious damage to your…
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