I am looking to invest money I inherited for my children's college. One graduates in 3 years the other in 5 years. I have 529 plans for each but don't know if dumping this money into the 529 plans is the route. Is there a place to invest this money that won't be looked at as (first dollar available) when applying for student aid?

YOU should hire a financial advisor and take their advice rather than ask that question on the internet.

They would have a legal obligation to act in your best interest... noone else would.