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Will my Upromise College Fund account affect the beneficiarys eligibility for financial aid?

April 26, 2017account affect Beneficiary college eligibility financial aid fund Upromise

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Will my Upromise College Fund account affect the beneficiarys eligibility for financial aid?

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If the account owner is the parent of a dependent student (who is the beneficiary on the account), a 529 plan is viewed as a parental asset and only up to 5.6% of its value is included in the “Expected Family Contributions” (EFC) formula. Note that with respect to financial aid programs offered by educational institutions and other non-federal sources, the effect of being the owner or beneficiary of a 529 plan account varies from institution to institution. For more information about financial aid eligibility, contact your tax advisor. You should also check with the schools you are considering regarding their criteria for financial aid. A helpful online resource for understanding financial aid issues is finaid.org.