My wife and I married last year. 2nd marriage for both of us. While I had established 529 accounts for my two children a long time ago which have grown substantially, my wife did not have one for her daughter (my step-daughter). When we completed the FAFSA recently we had to list the value of those 529 accounts. Since the beneficiary of those accounts are not my step-daughter, we can't use those monies for her tuition. Yet I think we are going to get penalized on financial aid for my step-daughter because of the significant value on these 529 accounts. Any thoughts on this? Seems like my step-daughter will come up short on financial aid simply because I saved up for her step-sisters.
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