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529 Accounts May Affect Prospects for Need-Based Financial Aid

2 December 2012 48 views No Comment

“A grandparent-owned 529 is not reported as either a parent or student asset on the Free Application for Federal Student Aid. That’s a big loophole because parents are expected to contribute up to 5.6 percent of their assets toward college bills, according to the federal financial aid formula, and students are expected to contribute 20 percent of assets,” Tulsa World reports.

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