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When applying for college financial aid is it better for the student to have no assets i.e. custodial account?

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I believe it is better for a student to have a custodial account since anyone with a custodial account is eligible. Furthermore, one may allocate the account however they would like and once the beneficiary is of age, he or she gains control and can use withdrawals for anything as long as they are of age. Read more from http://www.smartmoney.com/borrow/student-loans/the-college-savings-superpage-12684/.

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