What effect does having a CollegeAmerica account have on the beneficiary s eligibility for federal financial aid?
CollegeAmerica accounts may affect a beneficiary s ability to qualify for federal need-based financial aid. However, federal law provides that, as of July 1, 2006, a 529 account, such as a CollegeAmerica account, will be regarded as an asset of the account owner (unless the account owner is a dependent student) for federal financial aid purposes. Please note: Effective July 1, 2009, a 529 account will be regarded as an asset of the student if the student is an independent student and an asset of the parent if the student is a dependent student. An independent student generally includes an individual who: • is age 24 by December 31 of the award year, • is an orphan, in foster care or a ward of the court (other rules may apply), • is an emancipated minor, • is a war veteran, • is a graduate or professional student, • is married, • has legal dependents other than a spouse, • is homeless (other rules may apply), or • has special and unusual circumstances which can be documented to his or h
CollegeAmerica accounts may affect a beneficiary s ability to qualify for federal need-based financial aid. Effective since July 1, 2009, a 529 account, such as a CollegeAmerica account, is regarded as an asset of the student if the student is an independent student and an asset of the parent if the student is a dependent student. An independent student generally includes an individual who: • is age 24 by December 31 of the award year, • is an orphan, in foster care or a ward of the court (other rules may apply), • is an emancipated minor, • is a war veteran, • is a graduate or professional student, • is married, • has legal dependents other than a spouse, • is homeless (other rules may apply), or • has special and unusual circumstances which can be documented to his or her financial aid administrator.
CollegeAmerica accounts may affect a beneficiary s ability to qualify for federal need-based financial aid. A 529 account, such as a CollegeAmerica account, is regarded as an asset of the student if the student is an independent student and an asset of the parent if the student is a dependent student. An independent student generally includes an individual who: • is age 24 by December 31 of the award year, • is an orphan, in foster care or a ward of the court (other rules may apply), • is an emancipated minor, • is a war veteran, • is a graduate or professional student, • is married, • has legal dependents other than a spouse, • is homeless (other rules may apply), or • has special and unusual circumstances which can be documented to his or her financial aid administrator.
Related Questions
- How does being the beneficiary of a T. Rowe Price College Savings Plan account affect a beneficiarys eligibility for financial aid?
- What effect does having a CollegeAmerica account have on the beneficiary s eligibility for federal financial aid?
- What effect does having a CollegeAmerica account have on the beneficiary’s eligibility for federal financial aid?
