Chen2006: 529 saving is Not good for family income less than $60,000/yr. Because more saving means colleges will give less scholarship $. For example, MIT gives ...
It is true that 529 is less useful for low income families, however, they also need to save money of kid's education. Not all universities can afford to give need-based scholarship in form of grant (don't need to pay back). What if the kid can not get into the schools like Harvard, Priceton, MIT which can provide generous package. Sometines, financial aid is just a loan package which you still need to pay back, plus intersts. It is always better to save for kids than not to in my opinion.
529 saving is Not good for family income less than $60,000/yr. Because more saving means colleges will give less scholarship $. For example, MIT gives full scholarship to students whose family income is less than &75,000.