Ask Terry Questions Saving for college

Saving for college

By Terry Savage on December 17, 2023 | College Savings / Student Loans

Is a joint savings account listed with mother and high school sophomore daughter a bad way to save for college?

Terry Says

It’s a TERRIBLE way — the worst way!! Assets in that account weigh 7x more heavily against you if you apply for financial aid!!
It’s a bit late to pen a 529 college savings account, but you do have at least 5-7 years to make the money grow tax-free. Go to to learn more. Or if you’re an Illinois resident, as many of my readers are, go to When you open an account, take the most conservative investment option.

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