Should grandparents open a 529 savings plan to help with college costs?

With the steep cost of college, lots of grandparents feel the need to help cover some of the expenses.

One way to assist is by contributing to a tax-advantaged 529 college-savings plan. Earnings in the account are tax-free if used for qualified expenses.

But for grandparents, there can be a catch to your generosity. The Free Application for Federal Student Aid (FAFSA) looks at income and assets to determine how much parents and a student can contribute to their education expenses.

Read more here.