October 1, 2004
Saving for College and Losing Financial Aid
To the Editor:
"Prepaid-Tuition Plans Reduce Eligibility for Need-Based Aid, Report Says" (The Chronicle, August 13) properly points up an inconsistency in the way that federal law treats different kinds of savings for college. Prepaid plans are singled out so that withdrawals reduce aid eligibility dollar for dollar. No other family assets are treated in this way. ...
As college costs rise, we should be encouraging saving. It's time for the Congress to right the
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