Does having a 529 account impact a student’s eligibility for financial aid?
A. When it comes to financial aid, ANY assets that you or the beneficiary own can affect your eligibility. But 529 plans have important advantages over many other college savings vehicles. Your 529 account is considered to be an asset of the account owner. If the parent is the account owner, this means that, on average, about 5.64% of the value of the account is considered in determining the Expected Family Contribution (EFC) calculation for federal financial aid purposes.
