Effect of 529s on financial aid

Dana3502 · 10-23-2012, 02:05 PM

I will be filling out the FAFSA for the first time this coming January. Can anyone who has already done this fill me in on how the 529s will be added in to my assets? I have a separate 529 for each of two kids currently in high school. One is a senior. When I list my assets, will I have to include the value of the younger student's 529?

mathmomvt · 10-23-2012, 06:54 PM

Yes, both are considered your asset. You can move the money from one beneficiary to the other, so you need to mention both of them as assets.

vballmom · 10-23-2012, 09:26 PM

You report all parent-owned 529s on FAFSA. The marginal increase in your EFC due to the funds in the 529s is 5.6%.

Dana3502 · 10-23-2012, 11:13 PM

Thanks for your answers.